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First-timers guide to selling a used car

First-timers guide to selling a used car

When you bought your car, you never thought a time would come when you want to sell it, but that time is here.

Frankly speaking, there has never been a better time to sell a used car in Canada. To say the used car market is hot would be a massive understatement.

While the used car market is hot, it does not mean you can throw caution to the wind.

Setting yourself up for success

While used car prices are climbing, you are competing with other sellers and there is a finite number of car buyers in Ontario.

If you are thinking about selling in other provinces or nationally, there are some risks that you must take into consideration.

With the pandemic, it is difficult to meet people in person so there is a lot of back and forth via text/email/phone. You have to meet the prospective buyer in person without exception.

There are scams taking place online where a buyer reaches out to the seller, claims to be “out of town” but they want to buy the car without looking at it.

The buyer is excited and willing to pay full asking price via check or interac transfer. It seems like it is too good to be true but since you are new to selling used cars, you figure it is just beginner’s luck.

When you have the payment from the buyer, you deposit it and carry on with your life. The buyer reaches out, says his friend will pick up the car and since you got paid, there is no problem on your end.

The associate picks u the car and you hand them the transfer paperwork for the vehicle. After a few weeks, the deposit bounces out of your account and you are left without a car.

What these scammers do is take the car and ship it overseas. The scammers create a new VIN for the car and is sold under that VIN.

This type of scam may sound like something you would see in a Hollywood movie, it is happening and if you are not careful you could be a victim.

When you meet the buyer in person, it does not guarantee that everything is above board. You should go with them to a local bank and get paid in either cash or bank draft.

A better way to sell your used car

If you want to find a better way to sell your used car, instead of worrying about the various scams taking place, head over to your local dealership.

A local dealership is always looking to buy cars and they can provide you with a free appraisal. The appraisal will let you know what your car is worth and if you accept their offer, they will pay you immediately.

Going to a dealership provides you with peace of mind and cash in your pocket, so visiting your local dealership should be the first thing on your list instead of trying to sell a car on your own.

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