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The risks you need to be aware of when selling your used car

The risks you need to be aware of when selling your used car

The used car market in Canada is experiencing unbridled growth that seems to intensify with each passing day. If you are thinking about selling your used car, you can make a tidy sum of money, but you need to be aware of the risks, so you stay on the right side of the law.

Is the used car you want to sell paid for?

Technically you could sell your used car if there is still a loan on it; the buyer would need to pay off the loan and have the lien removed before they can have the vehicle registered to their name.

Usually, before a buyer hands over any money, they are going to run the VIN through websites like CarFax; this service will check to see if the vehicle was involved in an accident and whether there are any outstanding liens against the vehicle.

If you did not disclose the fact there are outstanding liens or the car was involved in an accident, the buyer will obviously not make an offer, and you could end up with the reputation of being a liar.

Optimum places to list your used car for sale

There are many websites where you could put your used car for sale; Facebook marketplace is an example of places you should avoid; yes, we said: “should avoid.”

The people who use Facebook marketplace are not looking to buy a car; they are just browsing for a deal.

Most of these buyers are not aware of what is going on in the used car space and will likely make a lowball offer on your vehicle.

These lowball offers are a complete waste of your time, so you should just avoid the platform and focus on websites dedicated to selling used cars.

Examples of websites where you can put your used car up for sale include AutoTrader, and Kijiji Autos, to name a few.

By putting your used car up for sale on these platforms, you are going to reach a critical mass of potential buyers, which should turn into cash offers if your advertisement and photos are top-notch.

The safest place to sell your used car for cash

While we are here, we should mention that you can sell your used car for cash with no risk at all. There are dealerships in your area that will buy your used car and pay a premium for it.

There is a shortage of used cars in Canada; dealerships are looking for vehicles they can sell to buyers who are not ready to buy a brand-new vehicle.

In order to turn your used car into cash, the dealership will need to assess the overall condition of the car and work out what it is worth in our current market.

Once the dealership has come to a decision which only takes a few minutes, they will make a cash offer. If you accept the offer, they will pay you immediately.

Since you are dealing with a licensed dealership, you can have complete confidence everything is legal and there are no scams taking place.

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Categories: sell your car