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Selling a Car During the Chip Shortage is a Great Idea

Selling a Car During the Chip Shortage is a Great Idea

Canadians who want to sell a car during the chip shortage and cash in on the used car frenzy need to follow our suggestions. The used car market has experienced tremendous growth, and you can cash in on by selling your car, it provided you follow these best practices.


Why is the used car market on fire?


The pandemic has caused significant issues with the global supply chain. Carmakers are unable to get the key components they need to build new vehicles; this has caused a shortage in the sheer number of new cars that are being made.


Consumers who want to buy a new car will find themselves waiting for months and may not get the precise car they want.


Instead of waiting, buyers are choosing to buy from the secondary used car marketplace.


The drawback of this approach is the number of used cars is decreasing every day, and soon there will not be enough cars to meet current demand.


As supply dwindles and demand increases, prices are going to soar, and this is where you come into the picture.


Getting all of your papers in order


You will need to get all of your documents in order to sell your used car. The Government of Ontario has mandated that you purchase their used car sales kit; it costs $20 and takes a few days to arrive via Canada Post.


If you try to sell your used car without this kit, you will not be able to sell the car and could end up getting yourself into legal trouble with the prospective buyer. So do yourself a favour and use the proper forms required by law.


Another series of documents you will need is the lien release that was issued by the lender when you purchased the car.


A lien prevents the car from being sold until the lender is paid back in full. This is not something you can ignore, and no serious buyer is going to purchase the car if you do not have the lien release.


If you can't find the original, ask the lender to send you a copy of the lien release.


The best place to sell your used car


If you are looking for the best place to sell your used car, the hands-down best place to sell your used car is through a local car dealership.


The car shortage is hitting dealerships throughout Canada hard, so they would be happy to buy the vehicle from you.


You would need to drive the car down to the dealership; they would perform an appraisal and let you know what the car is worth in the current market.


If you accept the dealership's all-cash offer, then you would walk out of the dealership with cash.


This is the easiest and safest way to sell your used car, and you do not need to use the sales kit issued by the Government of Ontario.


Now that you know how to sell your used car for top dollar, you can head over to your local dealership and start the appraisal process.


If you’re looking to sell a car during the chip shortage for a good price, we’d love to buy it for a great price! Simply fill in the form below and we’ll get back to you ASAP! 


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