6 Important Points to Consider When Selling a Car

Purchasing a new car can be an intensive process, but as you decide to make your big purchase, you must think some way out for your old car. Some worth considering options are trading in your vehicle at the dealership or more viable option like selling the car directly to an individual.  If you are all set to sell your car privately, just take care of a few things: (1) – research the market value of your property, (2)- choose the right channel of advertisement, (3)- arrange for test drives after you’ve sorted out the genuinely interested buyers. Also, keep yourself updated about the car insurance online as you transfer ownership. So, if you plan to sell your car, here are seven points to keep in mind.

1. Transfer of Liability

Auto insurance is a must-have product when you own a car and operate it frequently. Even though it is used rarely, it is advisable to get your vehicle insured against any unforeseen event.  When you plan to sell a vehicle that is registered in your name, there are some needful things to consider. As long as you own the car that is registered in your name, you are obliged to keep a certain amount of liability insurance on your vehicle. All important details regarding your insurance are available with your service provider.  And today, the documentation and renewal system are easily done through electronic record keeping format as practised by a majority of insurers, mainly Tata AIG Car Insurance.

The best time to ask for the cancellation of coverage is when you finalize a deal and the buyer hands over the cash. After you have got your payment receipt, sign the bill of sale. After signing it, you can transfer the ownership to free yourself from the responsibility of ensuring the car any longer.  Ensure that you have called out for the release of liability to not become liable for an accident post-sale. However, it is expected from a policyholder that he/she is aware of such details whether they bought car insurance online or not. Your insurer must know about your move to sell a car and the cancellation of coverage either by phone or in writing.

2. The Condition of the Car

The way you have kept your car speaks volume about the condition and the return it offers as no one would seem interested in buying a defunct vehicle. Ensure that the car is well serviced with its interior thoroughly cleaned and the exterior professionally washed and cleaned. The better the condition of the vehicle, the higher are the chances of fetching a good price. And all the while you must have ensured your vehicle’s upkeep and safeguarded it against unforeseen liabilities. Come to think of it, the most preferred products like Tata AIG Car Insurance strike our mind.

3. Advertising your Car

Another important point to consider is the promotional aspect of selling as to where you will advertise your car and how to go about it. There are so many buying-selling platforms online in India where you can list your used vehicle for sale to get as many eyes as possible.

4. Financial Clearance

In case you have purchased your car by applying for a car loan, as most people do, make sure that you have paid it all off. Most banks won’t permit you to resell your prized possession until you have cleared the loan amount. So, if you have made up your mind to sell your vehicle, you should ensure that all the pending transactions have been cleared by the bank and then you’ll be able to sell it.

5. Mileage as a Determinant

Car dealerships offer a warranty either for a period of some years or after the set limit of 100,000 kilometres. While there is no wrong in making the most out of your car, keep in mind that the mileage of your is inversely proportional to its resale value. That means, the more you have overused your car in terms of mileage, the fewer potential buyers will show interest in using it. There is no point in exploiting your machine to the fullest because a worn out car doesn’t look fascinating at all.

6. Insurance

If you have arranged for the trade in and are driving your car all the way to spot delivery, you should have proper insurance coverage. God Forbid to think that you could enter into a mishap on the way to the delivery or your car could incur damage in another kind of insurable incident even before the transaction is complete. Even one of the trusted service providers, Tata AIG Car Insurance, leave no stone unturned in keeping your car covered for a lifetime. That’s why insurance is utmost important to vehicle owners.

Lastly, ask yourself if your car is in demand or not? Are there ample options around? Depending on your car’s age and mileage, an increase or decrease in demand could be observed.  You can check for car value estimators online and there are a plethora of car selling platforms out there.

Conclusion

That’s the long and short of it. Moreover, just before handing over your vehicle to another party, make sure your paper work is in order including your updated service and maintenance history. Also, ensure that you stay updated with your insurance related documents and other paperwork associated with the trade-in.