If you are planning to sell off your car then here are certain things you should pay heed to:-
Making a Deal with the trader
It is an easy one-stop solution for selling your old car. Make sure to have proper documentation and fulfill requirements needed for selling off the car although most of the paper-work is handled by the dealer himself.
There are certainly some disadvantages though. You’ll probably get a lower price from the dealer on the old car than you would if you went to the trouble of selling it privately. Have a detailed research on values for your old model, its year, and condition and then decide for yourself.
Making a deal privately
- Conduct proper research.
- Try various classifieds, talk to various dealers, compare prices to estimate a price for your own car, publish ads etc.
- Be sensible on the price you tag
- Do not expect to get calls immediately.
- Do not be intimidated by people who demand deals which might be lower than what the dealership would offer as a trade-in.
- You might have to deal with hard core professionals so better do your homework and do not instantly fall for what they offer. Give it some time, think about it and then give a response.
In case no deal has been made with a buyer after a week to ten days, you might need to review the lowest price you are willing to really accept. Just be aware that after that week to ten days has elapsed, a different sort of buyer will start to appear. There are situations where you have to identify genuine or fraud dealer’s, both groups now know that your car is still unsold and offers will begin to come even lower if you aren’t practical about what the reasonable market price is.
Assessments and Test Drives
Be careful to whom you hand over the keys for a drive. Always accompany wherever they go. Maximum of fifteen minutes should be enough.
The prospective buyer may want the car inspected by a mechanic. Make it clear that:
- A mechanic is more than welcome to check the car internally
- Only the owner should take the car to the mechanic
- The buyer should pay for any repair work.
Agreeing on a price
Deposit of the complete amount at first is unreasonable. About 5-10% deposit can be carried out. Prepared and printed receipt forms for any money transferred is required. Include things like the car model, the year, the registration number, your name, Emirates ID number, mobile number, a space to fill in the agreed price, space to fill in the paid deposit, and the buyer’s personal details. Fill out identical receipts for both the buyer and yourself. Try to have the deposit in your pocket.
Since the Dubai Road Transport Authority (RTA) strictly controls the procedures, things are quite easy for the seller from this point onward.
If you have applied for a loan to purchase the car, and there is still finance outstanding, this must be cleared. Car loans are all registered with the RTA, and the transfer of ownership simply will not proceed unless the lending bank instructs the RTA that it’s OK for the transfer to proceed.
The car also has to pass the RTA’s annual road worthiness inspection, at one of Dubai’s vehicle centers. Don’t accept a personal cheque for the balance owing on the car. A bank cheque far more appropriate, but if the buyer offers a personal cheque, politely suggest that he goes to the bank and either gets cash (if the amount doesn’t worry you too much) or request the bank to issue a bank cheque for the amount. Next important point is the number plate. Do the needful before entrusting your car to the new owner.