Precautions to Take When Selling Your Car to a Private Party
You hear stories in the news of people getting robbed and having their cars stolen after putting up a classified ad. While these things do happen, they are very unlikely and there are steps you can take to minimize the likelihood of this happening to you.
Use Your Gut Instinct
Your first line of defense is to use your gut instinct when communicating with the prospective buyer, either through email or phone. If something doesn't feel right, trust your instincts - there is no need to continue dealing with that person since there are plenty of other buyers in the market.
Meet in Public Places
If you live in a large apartment complex and the parking lot is outdoors and usually busy, it's usually fine to meet your prospects there. If you live in a single family home, it's best to meet up somewhere nearby such as a busy grocery store parking lot or mall.
Never go to an area you're not comfortable with and don't meet them at a place that they specify. Try to go only during the day, never at dusk or night.
This is a tricky issue. On one hand, you don't want to hand over your keys to a complete stranger and let them drive away in your car alone. On the other hand, you don't necessarily want to get into a car alone with a stranger.
On top of this, you don't know if they're a safe driver. People have been seriously injured or even killed during test drives, especially if your car is a high performance vehicle.
If you're comfortable letting them drive alone (they prefer that anyway), make sure you keep their current car keys and some sort of identification such as a credit card. Also make sure to check their driver's license and write down their license number.
If you would rather ride along on the test drive, you should try to bring someone along, preferably someone much larger than you. Either way, use some common sense and go with your gut.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid