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Selling Your Vehicle The most common problem people make when selling their vehicles is pricing vehicles to book value, and not considering other market factors. This can result in asking too much or not enough for your rig. It's nice if NADA or Kelley values your car at $4,950, but there are other things to consider when deciding on the asking price. One is supply; the other is demand. If you check your local Craigslist, and there are several comparable vehicles priced between $3,200 and $3,800, then $4,950, or even $4,200, is too much. You can determine what vehicles comparable to yours are actually selling for by checking e-Bay Motors. If the ones with minimum bids of $4,000 have no bids, and the ones with bids range from $1,800 to $2,800, you will feel better about pricing it at $3,195. Conversely, if there are very few vehicles comparable to yours, and the prices range from $5,900 to $6,800, then you may want to ask more than $4,950. This is especially true if bids are coming in over $5,000, and the 'Buy Now' offers without bids are at $7,500, when you do your e-Bay Motors verification. Repairs, or the lack of them, are also common mistakes that can be avoided. You should consider the cost versus the value of the repair. If a $100 repair is keeping an $8,000 vehicle from starting, the repair will add more than dollar-for-dollar value compared to cost. On the other hand, if a seized engine is keeping an $800 car from starting, the repair will add more than dollar-for-dollar cost compared to value. Another mistake to avoid is thinking a new alternator is worth more than any other working alternator. A $4,000 car doesn't become worth $4,300 because the alternator cost $300 to repair, but it may only be worth $2,500 to $3,000 without the repair. Another costly mistake is accepting counterfeit or fraudulent items transacting the sale. Unfortunately, this is also becoming more and more common. If you accept a counterfeit check or cash, you are out your money. If you accept a real check that is stolen and forged or altered, you are also out your money. Be wary of any deal that doesn't include meeting the buyer, or in which you are asked for banking information in order to complete the transaction electronically. Your eyebrow ought to cock if you are offered a check after banking hours, especially if the buyer agrees to other terms without negotiating. If the deal is too good to be true, or there are unusual aspects in the transaction, you may want to pass on it. One of the most costly common mistakes people make after selling vehicles is failing to ensure the title gets transferred, or to report the sale to the state. Registered owners can be held liable for deficiencies of auction sales to cover the impound and storage fees. In addition to the risk of impound, your property can cause tortious liability if it causes damages to another person, or his or her property. You remain the registered owner if the buyer fails to transfer the title, and you don't report the sale. |
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