With an estimated 74 million cars sold annually, you may be in the market for a new vehicle. However, if you want to skip the hassle of selling to a dealer, you may want to consider selling your car privately.
You can skip the trip to the dealership and might even see more money in your pocket by selling directly to another. Also, if your car is older and well-driven, dealers may stiff you on the price of the vehicle, even if it runs fine.
If you’re wondering, “what do I need to sell my car privately?” you’ll want to keep reading. You’ll learn what papers you need to hand over before your car leaves your hands.
The Title
First things first – the most crucial thing you’ll need to sell your car is the title! This indicates the vehicle’s legal owner, so ensuring it’s in the purchaser’s name is crucial. All car sales require the transference of the tile.
If you’ve fully paid off your vehicle or purchased it in full years ago, you’ll own the title. This makes it a little bit smoother to sell, as you won’t have to contact a third party.
However, if you’re still making payments on your car, you’ll need to pay off the lease and then transfer the title from the leaseholder to your name. You can proceed to transfer the title to the name of the purchaser.
Signing the title over from yourself to another is a relatively simple process, as you’ll have to sign and date the document. The purchaser will then bring it to their state’s Department of Motor Vehicles to request a new title issued to them.
Finally, you’ll want to ensure that all listed owners have signed the title of the car over. For example, if your adult child wants to sell the vehicle they bought as a teen, but you co-signed it, you’ll need to sign the title of the car.
Bill of Sale
Next, you’ll want to ensure that you have the bill of sale. This is one of the most crucial aspects to allow you to sell your car. Some states legally require this document, while others don’t.
However, it’s always recommended to provide this documentation, as it serves as an additional record of the sale. In some states, your local DMV will issue an official bill of sale. However, there are other resources that can help you create your document.
The bill of sale should contain the made, model, and year of your car. Also, you’ll also want to include the color, odometer reading, and vehicle identification number.
You’ll also need the name, address, and signature of both the buyer and seller, as well as the sale price. Think of this document as a receipt, even if it’s not a legal necessity in your state.
History Report
Next, you’ll want to include a history report of your car. Again, this isn’t a legal requirement but done in good faith, making buyers feel more confident and comfortable purchasing your vehicle.
A vehicle history report will include anything significant that has happened to your car, even if you’re not the first owner.
You should include any significant accidents the car has been involved in and damage sustained due to nature, such as a downed tree or flooding. This will also show that the car was legally obtained and isn’t a stolen vehicle.
Again, this isn’t a legal requirement, but it can help you sell your car fast. Most buyers will want to see a copy of the vehicle’s history so there are no surprises after they drive away.
You still may be thinking, “is it worth it to sell my car privately?” and the answer is yes! However, you can still get help from Driverra to ensure your sale goes smoothly.
Odometer Disclosure
Another certification you’ll need to include when selling a car is an Odometer Disclosure Statement. You’re legally required to provide this document if the vehicle you’re selling is less than ten years old.
Depending on where you live, you can simply write the current reading of the odometer on the form. However, some states require a separate document.
The form will have the seller certify that they state how much the odometer reads and whether or not they know the number displayed is correct or not. Also, you’ll list the make, model, year, and VIN of the car.
If the number on the odometer is not correct due to vehicle tampering, whether intentional or not, filling out the form honestly can save you legal trouble down the line.
Both the purchaser and seller will sign the document and list their address. It’s crucial to have two copies of this document – one for the buyer and one for the seller.
What Do I Need to Sell My Car Privately: Your Questions Answered
Though you may have found yourself asking, “Should I look into selling my car privately?” The answer is simple enough – yes! Not only can you get more money for your vehicle, but the process isn’t as scary as it may seem.
Ensuring that you have the proper documentation readily available guarantees that the process goes quickly and smoothly, leaving you and the buyer happy.
If you found this answer to the question “what do I need to sell my car privately?” helpful, you’ll want to check out the rest of our website. There, you’ll find more great auto tips and tricks.
