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How to Lower Risk when Selling your Car

How to Lower Risk when Selling your Car

The used car market is experiencing a massive uptick in pricing that has never been seen in the past. If you are thinking about turning your used car into cold hard cash, there are some practical steps you can take to lower risk when selling your car.

 

Don’t post your personal information online with the vehicle

 

We are not trying to make you paranoid but some sophisticated scams are being conducted online. If you post your car with all the details including your contact number, scammers can take those details and impersonate you.

 

The scammers will then ask unsuspecting victims to send them money to “hold” the car until they come and see it. By the time the victim figures out what has happened, they have lost their money and the victim will be angry because they thought it was you they were dealing with.

 

Avoid selling on social media

 

You may think that posting on social media and Kijiji is a great way to sell your car fast. The stark reality is that most of the buyers found on these sites are looking for cars that are priced very low so they can be purchased and flipped for a profit on auction sites like eBay.

 

There is a slight possibility you will come across a serious buyer who has cash on hand to buy the car but those odds are not that good.

 

Even when meeting with the prospective buyer, you should insist on receiving payment via bank draft from a local bank. You need to verify that the method of payment is valid and legitimate. Some scammers use out-of-province/out-of-country checks to “buy” the car, you take the check with the expectation that the money is there only to find out a week or two later it was a scam.

 

Our intention is not to scare you from using social media to buy and sell things, it has its place but selling a valuable item like a car requires a more sophisticated approach.

 

The tried and true approach that works

 

While we suggested using a sophisticated approach, it does not have to be complicated. What you can do is contact your local dealership and ask them for an appraisal. This is by far the easiest way to lower risk when selling your car.

 

The dealership is going to assess the vehicle and give you an appraisal based on what they are willing to pay for the car. You have to remember the dealership is going to sell the car and turn a profit so they cannot give you 100% of the current value of the car.

 

What the dealership can do is cut a check for you right there, should you accept the offer. This is something that they do all the time so they have the means and desire to buy your car.

 

If you want to optimize the amount of money you get for your car, you can trade it in for a new car. The dealership will give you a very good trade-in deal if you buy a new car from them.

 

For any questions or concerns, please don't hesitate to contact us here!

 

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