If you are looking to sell a car in Toronto, Ontario and you are doing this for the first time, the process might look difficult. It involves things that not many of us are comfortable doing, such as cleaning the car, marketing it, and negotiating money with strangers. That being said, it’s the time and effort you put into preparing your car that will help you sell it for a reasonable price. Here are some necessary steps you need to follow in order to sell your car fast and get most of it.
1. PREPARE
Used Vehicle Information Package. In order to sell your car privately in Toronto, Ontario your must have a used vehicle information package UVIP. It costs $20 and you can buy it at any Service Location Finder or Online service. UVIP is an official document showing the history of the car, owners, mileage and whether there are liens against the car. It also provides a “bill of sale” page that you fill out to complete the sale.
Another important information in the UVIP is the “brand” of the car. Most common brands are “Rebuild” or “None” but be careful “none” doesn’t mean that the car has never been in an accident. In order to know the full history of the car prior to selling buy a Carfax.ca report. This report will give you a detailed history of your car.
Service records. Be prepare, potential buyers ask questions about service record and future expenses. Showing complete service history will instill confidence that the car has been well maintained and cared for .
Detailing. Think of the exterior of your car as you would your face. You can clean it yourself or use an auto SPA. Either way will help you advertise a more re presentable vehicle.
Certifications. The buyer needs to have safety inspection and emission test from drive clean program to transfer the car and to get it plated. If you are comfortable with the condition of the vehicle you can provide the safety and e-test to the buyer. If not, you can always sell the car “AS IS” condition. Safety inspections is valid for 36 days while e-test is valid for 12 months. If you are not sure if the e-test is still valid you can use Drive Clean Online Services to find out.
2. ADVERTISING
You can advertise your vehicle in these websites. Kijiji.ca, Craigslist.ca or Autotrader.ca. They are all free but be careful of scammers. They are pretadors who prey on those in need. Always deal locally, never use paypal or credit cards and do all the paperwork in the Ministry of Transportation office.
3. FINISH THE DEAL
The last page of UVIP is a bill of sale. You can use that or you can make your own. In both cases get a copy of driver license of the buyer and fill up the back of the ownership and the bill of sale with buyers information. In the end the buyer must sign the back of the ownership and the bill of sale. Keep a copy of both for your records.
Transaction. Now… that’s the tricky part. Before your get hormonal about the cash you’re getting prior to go to MTO is a smart move to go with the buyer to the bank and get a certified cheque or a bank draft. After you finish the transfer at the MTO then you can exchange the keys for the cheque. That way both parties are safe.
4. CAR BUYING SERVICE
If you hate dealing privately or hate one or all the procedures above then a car buying service suits you better. The value is generally lower than the amount you might get from selling the car privately, but selling to them will avoid you significant pitfalls. You can simply contact services like Sell My Car and they will do all the heavy lifting by buying your car as is, paying cash or certified cheque and saving the post sale headaches and $20 UVIP.
5. CONSIGNING AND TRADE-INS
-Consigning. Another way to sell a car is to use a licensed car dealer to sell the car on your behalf. Some car dealers do not consign cars, while some do. You enter into a written contract, giving the consignment permission to sell your vehicle. Once you agree on the figure, for example $6,000, then whatever the dealership sells your car for over the amount of $6,000 is theirs to keep.
Trade-in. If you are looking to buy a new car then you can trade in your used car towards a new one. Most dealerships will offer you less than your car is worth. This isn’t dishonesty, it’s just business. The dealer must spend money on cleaning your car and fixing any problems and still be able to sell it at a profit.
Credit to: Ontario Ministry of Transportation