Winning a car as a giveaway is a wonderful feeling. If this is your first car, then congratulations! We are sure you will cherish every moment of it; maybe you’re already driving to the Autobahn as we speak. But perhaps you already have a nice car. Maybe you entered just to feel the rush of winning. Maybe you want a nice cash injection.
Like how there are best ways to go about winning a car, there are several aspects you may want to consider before putting your new vehicle on the market.
The very first thing you should do is sit down and think carefully if you do indeed want to sell. This would be an excellent opportunity to write down some pros and cons of each option. Based on the weight of the pros or cons, you can decide if it will be worth keeping or selling the car you just won.
One of the most accessible and convenient options you can approach if you want to sell your car is to trade it in at a dealership for cash. Most dealerships will be open to trading the car considering the car is fairly new and in fresh condition.
Online Marketplaces
You can sell your newly won car online by using social media platforms. On Facebook, there are multiple categories of car dealerships where people upload images of the cars they wish to sell. Simply by clicking on the “Marketplace” button on Facebook and searching for cars, anyone is able to see all the available cars and purchase them.
It is important to remember Facebook will start showing cars to people located in the same area or city. Even though social media opens a vast number of audiences, including international audiences, it is recommended to stick with locals. Targeting individuals within the city of residence is ideal to avoid the additional hassle of international transactions and legal requirements.
One of the greatest benefits of choosing an online marketplace for selling your car is you can sell your car from your home. If you do not wish to leave your house or do not wish to interact with interested buyers physically, the whole process can be done at your convenience by taking a step-by-step approach to sell through an online marketplace.
Another option that may require additional cost is to hire an agent. The agent will be given the responsibility to reach the buyers and promote the product. Considering agents have established networks and processes, this can reduce your effort significantly in exchange for a commission given to the chosen agent.
Legal Considerations
Take time to familiarise yourself with the legal aspects of selling your car. Consider creating a contract for selling the car that includes a few terms and conditions. All the potential buyers can review the terms and conditions to understand if they would be interested in purchasing your car. You can choose to formulate the terms and conditions as you desire based on your wants and needs. If you want to sell the car, keep the terms and conditions more flexible. This is more appealing to the buyers.
A legal consultant can be consulted to learn all the necessary and most important legal steps that need to take place. Consultants have years of experience and knowledge in their field. A consultant can guide and shape your selling point to ensure you get a buyer and are successful at selling your car.
While preparing the documents of the car, you should scan a copy of each important document to ensure you have records. Following is a list of documents you may want to prepare in order to sell your car:
- Vehicle title or ownership certificate
- Vehicle registration
- Warranty documents
- Vehicle inspection report
- Owner’s manual
- Original purchase documents or sales contract
Taxes and Fees
It is inevitable that you will have to pay taxes and fees during the process of selling your car. Tax percentage may vary from country to country therefore, it is advised to look at the tax requirements by consulting with a legal expert.
If you are looking into hiring an agent, dealer or consultant, it is also important to keep track of their fees and commissions. Hiring multiple individuals may result in less profit earned from the sale. Nevertheless, if you want to avoid paying any middle person, always remember that you can take the initiative by yourself and do your own research to sell your car. This would help you increase your personal knowledge and experience in selling cars. You have all the resources available to you that can help you understand your options and sell your car to a buyer online.