Selling your vehicle on your own may seem like a good way to make a few extra bucks, but it doesn’t come without its risks. Read ahead to learn some of the hidden costs of selling your car privately.
One of the additional costs of selling on your own is being forced to advertise the vehicle yourself. Whether you choose to post an ad online or in your local newspaper, you may have to pay a small fee to get the word out there. If you decide to advertise through multiple outlets, you could end up spending quite a few of those bucks on promoting your vehicle alone.
Of course, if you choose to skip advertising altogether, you could end up waiting months and months before your car is eventually sold.
Quick Tip: Try using Kijiji, it gets a lot of eyeballs and better yet – it’s free!
You don’t know who you’re dealing with
Most people look to buy privately because they’re looking for a good deal. If you’re negotiating skills aren’t up to par, you may end up selling the vehicle for much less than you intended, especially if the prospective buyer happens to put you on the spot.
Receiving the payment
Unless you’re getting cash up front, there’s always the risk of being scammed. While most buyers will make good on their word, there are still some who may try to offer you counterfeit cash or cheques. Once the buyer has the vehicle in their possession, you’ll likely have a hard time getting it back.
Unless your car is in peak shape, there’s a chance that the buyer will demand a refund if they discover something wrong with it after the purchase. If you aren’t willing to refund the payment, you could end up having a legal issue on your hands, which will just end up costing you more time and money.
We all live busy lives, and many have of us don’t have the time required to sell a car on our own.
If you list your vehicle online, you’re likely to receive dozens of inquiries from people across the province, all of which are expecting an answer in a timely manner. There will also be a handful of prospective buyers asking to see the car in person, meaning you’ll have to spend your free time setting up appointments with these people.
Unless you’re offering up a really good deal, you’ll likely have to wait a while to find a buyer that will match your price. At the end of the day, is an additional few dollars worth hours of extra work? For most people, the answer is no.
If you want to ensure you receive payment in a timely fashion, you should consider the advantages of trading in your vehicle when you buy your next car. It will be quick and easy, and you won’t have to run the risks above.