Second hand used car market is rapidly growing in India. More than 50% of the people across the nation prefer second-hand car instead of a brand new model. If you purchase or sell your used car from a trusted person or dealership, it can help you crack the best deal of your life. Nowadays, the selling and purchasing procedure of a second-hand car is very simplified and not much of a hassle for the owners. We have prepared a detailed step by step guide for the people who are interested in selling their second hand used car. These steps will be beneficial and can help you crack the greatest deal.
Choose where to sell your car
First of all, you need to decide where and to whom you want to sell your car. Self your vehicle to your personal or private contact, or you can contact your nearest local dealership or online dealers, or you can trade your old used car for a brand new model from the dealers. All the methods have their pros and cons. Hence, we will recommend you to understand every process carefully and then choose according to your needs and requirements.
Local contacts
If you decide to sell your car to your contacts, it will be beneficial for both sides. First of all, you do not need to spend any penny on the advertisements, and it is for sure you’ll get a better price as compared to your local or online dealers. But it can be a nagging and irritating process for you. You need to take care of all the paperwork and ensure that each document is verified correctly and adequately transferred from the RTO.
Trusted dealerships
You can also contact a local or an online dealer to sell your car. Although the dealership will offer your lower price as compared to that of a private contact, they will take care of all the required paperwork. They will take care of the advertisements and answering all the potential customers. Also, it is a lot quicker to sell your car to the dealers as compared to some local contacts.
Trade your used car with a new car
The third method is to trade your old car with a brand new model. It means when you will go and buy a new vehicle from the dealers, you can utilize your used car as a credit towards the new car. But you need to ensure that there is no loan on your older car. If there is any payment remaining, you need first to pay off that amount.
Collect all the required documents
There is a set of documents you need to gather before taking your used vehicle to the dealers or local contact person. You need to hand over some of the papers to the new owner and keep some of them with you as security.
Here is a list of some of the most crucial documents you need to submit and handover to the new owner of your vehicle
1) Original copy of Form No.28, 29, 30, and 35
2) The pink slip showing that you are the actual owner
3) Original RC of the car
4)Every tax-related paper
5)Warranty papers if still in warranty period
6) Insurance policies
7) Original bill of the car
9) Servicing records
10) PUC certificate.
List of documents you must preserve with yourself
- Copy of Form No. 28, 29, 30, and 35
- A copy of the original invoice
- Copy of documents related to tax, registration, and insurance
- Copy of the NOC and transfer certificate
- All other essential materials suggested by your dealers
Create a listing
Now it is the time when you put forward your old used car in a presentable form. Clean and polish your car, and park it in a clean area. You must click clear pictures of your vehicle from various angles. Now it is time to list and advertise your car. You can even contact the dealers and register your vehicle there. Otherwise, you promote it personally to your contacts and local people.
Set a price for a used car
To set an asking price for your used car, you must first visit some local dealers or online portals to get a rough idea of your model. The amount may depend upon the making year, km driven, condition of the vehicle, and many other vital aspects. After you are aware of the market, you can now set up an asking price. It may also depend on whether you are selling it to some big dealership or local contacts. Keeping a negotiable range is very important, and negotiating with the buyer can be a tedious job for you. Hence it is advisable to sell your car to some trusted dealers.
Screen the potential buyers
If you set a competitive price for your model, it is for sure you will receive a significant number of calls. Hence, screening the callers and potential buyers may be a tiring job in that case. Also, after you have filtered them, then you have to accompany them for the test drive. Make sure to take all the details of the potential buyers before giving the car for the test drive. For the safety point of view, it is advisable to take a family member along with you while going for the test drive with the buyer. Whereas if you directly sell your motor vehicle to the dealers, you do not need to carry out the screening process on your own. Be careful while finalizing the payments and documentation.
Close the deal
Now comes the last and the most critical step, closing the deal. You need to be very efficient with your negotiation skills. If you believe that the buyer or the dealer is trustworthy and legitimate, you can now proceed with the closing your deal. Try to bring the final amount as close to your asking price. When you are satisfied with the amount, continue with finalizing and closing the deal. Take care of every document. Follow all the rules abiding the RTO guidelines and other laws. Make sure to take a copy of a bill, final odometer reading, and transfer all the policies and papers to the new buyer.