Things You Need to Do Before Selling Your Car

Selling an old car is not as easy as it seems to be. Even the thought of letting it go can make one restless, as a lot of investment have made on it, both financially and emotionally. Additionally, the selling process is much complicated including numerous of complex procedures.

There is not an easy alternative way to make money out of selling an old car. It is required to complete the entire selling process in a systematic way. This prevents you from future problems like legal issues that may arise due to incomplete transfer of ownership.

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Here are some things to remember before selling your old car:

Step 1 - Properly Studying The Market Conditions:

It is important to know the real worth of your car. There are many advertising portals where one can test out the current market price of comparable vehicles. It is ideal to have a clear concept of the IDV( Insured Declared Value) of your car. It has been frequently observed that the summer is the correct time to keep your car up for sale.

Year-end period is the most unfavorable time to sell your car.

Step 2 - Complete The Paperwork:

If you are going to sell your car, you must have the forms that you've received at the time of it's purchase. This is the proof of ownership which is required at the time of it's sale.

Concerning the paperwork, it is essential to complete all the required documentation so that all the legal formalities ends while handling the vehicle to the new owner.

Step 3 - Transfer The No Claim Bonus:

An active driver gets a No Claim Bonus ( NCB) on your vehicle's insurance policy. This bonus is given as a reward by the insuramce company if you never asked them for claims. So if you are the one who have not asked for claims ever then you will now get benefit of it.

Just keep in mind to inform your insurance company about selling your car so that when you request fir NCB retention then there will not be any problem in the procedure. By requesting a NCB retention letter you will get a bonus of 2 years which will not be transferred to the new owner of your car.

Step 4 - Get The Car Inspected:

Before putting up any vehicle for sale, it is advised to take it to an approved service center and get it inspected via an expert mechanic. This will make you aware about all the troubles that needs to be fixed.

Step 5 - Decide On The Sales Mode:

Nowadays, there are many methods available to sell your car. You should do a research over it before taking any actions. As like whether you want the deal to be done via a third-party service or through a dealer or just want an independent buyer.

But before moving to any of these methods just keep in mind that promoting through a supplier will not get you as much money as you can get through promoting your car via advertisements or classifieds. So, be aware of your priorities before taking any action or deciding anything.