Selling your car is never easy. Here, one isn’t just referring to the emotional bond one develops with an asset owned for years. It’s about being aware of the market realities to ascertain you get the best deal without any pre- or post-sales hassles.
Accordingly, keep certain points in mind before selling your car.
1. Know your vehicle’s intrinsic value and market conditions
Understand the value of your used car based on the current market conditions. Knowing its true value before negotiating with prospective buyers will help you realise a better price. For this, check portals selling used cars, which will give a fair idea of the average price to expect. You can then visit organised or branded used-car dealers to check the price difference.
You could also opt for free doorstep evaluation of your vehicle by a full-stack car portal. This can be scheduled as per your convenience at the home or workplace. Also, note that year-ends are not the ideal time to sell because lower prices prevail. Selling a car during summers or earlier will ensure better price realisation.
2. Keep documents ready and transfer your NCB
Before the sale, make certain all the relevant documents are handy. If the car was bought via a loan that is now paid off, keep the lender’s NOC (no objection certificate) ready. If some amount is pending, clear this before selling the car. Additionally, registration and pollution control certificates, valid insurance policy and service history documents will be required.
Then there is the transfer of ownership. This is essential to prove you no longer own the car, in case there is any mishap or misuse of the vehicle. The RC transfer must be done through the RTO or Regional Transport Office.
If you have been a disciplined driver, your car insurance policy will have accumulated a No Claim Bonus (NCB). This offers a discount on the total annual insurance amount payable for not making any claim. You can then seek an NCB transfer letter to preserve this bonus for the insurance you pay when purchasing a new vehicle.
3. Inspect, service and clean your vehicle
Get the car inspected, serviced, and cleaned through an authorised service centre. This will help fix minor glitches, dents or any other problem that can impact the car’s market value. Servicing before sales will help when potential buyers take a test drive for a final decision. Though this will cost some money, the car will run smoothly, enhancing the chances of its sale.
Be it people or cars, first impressions count. An excellent first impression can help you obtain a better price. However minor dents, scratches or other visible marks on the exterior can impact the buyer’s willingness to purchase your vehicle. If your car has these issues, do spend some money in giving it a makeover. The money you spend here can be later recovered through the higher price realisation.
4. Take care of the Interior
Likewise, the interiors are equally important in helping you quote a higher price. If the floor mats are worn out, replace them with new ones to give the interiors a neat look. Similarly, soiled seats and stale odours could instantly put off potential buyers. Even if the sale is not immediately jeopardised, the price will be affected. Therefore, during servicing, have the car vacuumed and dry cleaned to give the entire interiors a fresh, lustrous look. Using the right car air freshener can augment the charm of the interiors. Prospective buyers will then be more receptive to paying a higher price.
5. Choose your Sales Platform
Be clear about the sales mode. Nowadays, cars can be sold via various avenues – a dealer, a portal or directly to a buyer. Each has pros and cons. Selling directly could help you realise a higher price but you will need to get all the paperwork done yourself, together with the buyer. Conversely, selling it through a portal means you won’t have to worry about managing paperwork hassles thanks to their end-to-end service. Go by what suits you.
6. Transfer ownership only after receiving full payment
The final point – never transfer the ownership of your car until you have received the full payment. Although this seems like a self-understood point, it needs mentioning as there are instances where people have been duped by unscrupulous elements. For cheques, DD or online transfers, wait until the bank confirms the amount has been duly credited to your account.
Through the above points, prospective car sellers will be well placed to receive a higher price for their used car without worrying unduly about multiple hurdles.
(Niraj Singh is Founder & CEO, Spinny.)
