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How to safely sell a used car in Ontario

How to safely sell a used car in Ontario

We are going to give you the tips needed to safely sell your used car. While these tips are written for Ontarians, they can be used by anyone in Canada.

Checklist of things to do before listing your used car

There is a checklist of things you must do before you put your used car up for sale. The first item seems obvious but you would be amazed by the sheer number of people who overlook this step.

Are you legally allowed to sell your car in Ontario? There are people who are trying to sell their cars even though, legally they cannot. These vehicles still have liens on them from the lender who financed the purchase of the car.

Whenever you buy a car, the lender will have you sign paperwork that gives them the right to put a lien on the vehicle. This lien prevents the car from being sold until the lien has been repaid in full.

If you repaid the loan in full, there should be a lien release document issued by the lender. Without this document, you cannot sell your car so make sure you have it.

Since this is your first time selling a used car, there is a process to follow. You can purchase a kit from Service Ontario which gives ou the necessary forms.

In theory, you do not need these forms but it helps make things easier for you and the prospective buyer.

Locating potential buyers

After you have sorted out the documentation issues, it is time to list your car for sale. The obvious places like AutoTrader and Kijiji come to mind. While listing on these platforms helps, you might consider talking to your circle o family, friends, and acquaintances.

One source of prospective buyers that most people overlook is speaking with your mechanic. Your mechanic knows your vehicle inside and out, they can vouch for the good condition of the vehicle to their network of contacts. There is no harm in asking your mechanic for help and it could turn up some prospects you would’ve missed out on.

Pricing your car just right

If you take a look at some of the car listings, you will notice the cars have been listed for months. You may be wondering why would a car not sell quickly when we are living through a used car shortage?

No one wants to buy an overpriced car, so you need to select a price that is fair to you but also attractive to potential buyers.

A great way to price your used car is by going to a local dealership and having a professional appraisal. There is no cost for the appraisal and if you need cash fast, the dealership is able to cut a check on the spot.

Taking the dealership route is highly recommended for people selling used cars for the first time. It is a safe transaction where you get a fair price for your car and paid right away. While selling the car on your own is tempting, there is no guarantee you would get more than what the dealership is offering today.

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