Are you looking to sell your car? Selling a car is an excellent way to make extra cash when parting ways with your smooth cruiser, but the process can be complicated. Because you’re dealing with strangers, a high-value item, and potentially large amounts of cash, you’ll want to take these steps to ensure your safety.
Opt for tried-and-true methods
Selling your car to an auto dealership or salvage yard provides numerous safety benefits compared to selling it to a private buyer. After all, you won’t have to worry about a potential robbery at the dealership or salvage yard, as you’ll be dealing with staff during business hours.
Plus, if you sell a used car to a salvage yard or dealership, they’ll take care of all the paperwork, ensuring a quick and legal transfer of ownership.
Screen potential buyers
After posting your for-sale ad online, you’ll likely receive calls and messages from many different people. Watch for any suspicious activity, such as someone hesitant to give you their full name. Before meeting with anyone, talk to them directly on the phone or over video chat if possible.
Meet buyers in a public place
Never invite potential buyers to your house. Likewise, you should never meet a potential buyer at their home. Instead, meet your contact in a well-lit, busy public place.
Most police stations offer up their parking lot as a space for people to sell large ticket items such as cars. If not, well-frequented places like the mall are a safe alternative.
Never go alone
Never meet a potential buyer alone. Instead, always bring a friend. The presence of another person can help reduce the likelihood that the potential buyer will try to rob you.
Along those same lines, make sure you and the buyer understand how many people will meet for the sale.
It’s perfectly fine if the buyer also wants to bring a friend, but make sure you know who will be there. If the buyer shows up with a surprise friend (or two), that may be a red flag about their intentions.
Make a copy of the buyer’s driver’s license
Potential buyers will want to test drive your car. While driving around with a stranger does pose some safety issues, you can take some simple steps to protect yourself.
Before the test drive begins, you want to photograph the individual’s driver’s license. Send the image to a friend, so it’s stored somewhere besides your phone. Taking a picture of the person’s driver’s license acts as a deterrent against theft.
Decide on payment beforehand
Never accept personal checks, as they have limited safeguards against fraud. Instead, your best options are either a bank or cashier’s check.
Another option is a vehicle escrow account. However, scammers can set up fraudulent accounts, so you’ll need to call the escrow company directly to verify the account is authentic.
Check your insurance coverage
Will your insurance company cover the damage if the potential buyer gets into a vehicular accident while test-driving your car? Reach out to your insurance company beforehand to check on your coverage.
You might need to ensure the potential buyer has their own car insurance before letting them drive your car. One option is 24-hour car insurance, which provides temporary coverage for situations such as test drives.
Used car prices have skyrocketed in recent years. Your used car could even be worth more today than when you bought it. While selling a car does involve certain risks, the tips above will not only help you stay safe but earn a hefty profit.