While many other aspects of motoring have gone fully digital, the V5C is still sent out in paper form. You can update the details online, but there is no fully digital copy. The V5C for your car, commonly referred to as the logbook, is the registration document that has your details and information on the car. It’s not legally proof of ownership, but is used to show who is responsible for taxing and registering the car.
Several online sites will buy your car directly from you. They’ll give you a price based on the make and model of your car plus the answers to questions about its condition. There are several websites that you can use to sell your car. Selling a car in person is the best way to get top dollar for it. It’s also the most involved because you meet people and answer questions while you make the private sale. Worried your car is in too rough a shape to sell to anyone? It’ll help you with your money management by giving you an idea of how much money to save to pay cash for a new car.
When selling through a dealership, the paperwork is handled for you. You must keep track of the paperwork when you sell to an individual.
Most franchised dealers won’t even sell the cars themselves, but rather wholesale them to other independent dealers or get rid of them at auction. To the buyer, and if your title is held by a bank you’ll need the buyer to work with the lending institution to pay off the loan before the title is released. CarMax pays by bank draft immediately when you sign the papers to sell your car. This is a type of certified check that needs to be deposited into a bank account — not cashed elsewhere. We found CarMax gave the best offers out of all the companies we compared for selling.
Some links and services recommended on this website provide compensation to RealCarTips. All recommendations are based foremost upon a good faith belief that the product, service, or site will benefit car buyers. Read the full Compensation Disclosure for more details. Most people turn to online pricing guides to figure out what their car is worth. You also need to be aware that some dealers may simply have too much used car inventory that overlaps with your model and won’t be interested in your trade-in.
Check to make sure your auto insurance covers any test drive, and ask to see the potential buyer’s driver’s license before handing over your keys. Take a picture of the license, just in case anything happens.
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It’s very rare for a used car to qualify for an “Excellent” rating – only those stored in a garage and never driven will pass the test. In general, there are four factors that affect the value of your used car to a dealer. Selling the vehicle yourself will minimize this diminished value. You still won’t get the same amount compared to if the car had never been in an accident, but you’ll still be much better off.
In fact, it gave offers slightly above the Kelley Blue Book trade-in value. However, when it came to buying a car, their prices were more expensive than average — and they had some of the highest on the market. The last step is purchasing the vehicle and choosing a payment option. There are multiple payment options available, including cash, financing through an outside lender and their in-house financing. Once you choose a payment method, you’ll be able to either pick up your new car or have it delivered to your home. Daniel is a MarketWatch Guides team authority on auto insurance, loans, warranty options, auto services and more.
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Knowing when to trade in your car to your best advantage requires more information than we have to work with. However, we will tell you about some generalities and a few constants that often hold true. You can skip ahead for advice on trading your car using the jump links below. When valuing a used car, 12,000 annual miles is considered average. If you have minor surface damage, such as paint scratches or chips, it’s best to try to touch them up. Don’t repaint your vehicle, since most buyers will think it’s been in an accident.
While many online marketplaces exist, you can sell your used car privately by listing it on Kelley Blue Book and our sister site Autotrader with safety in mind. We offer an online private seller exchange to help you find qualified buyers in a secure environment. Once you gather all necessary documents, including the car’s title and service records, you can clean up your vehicle, take photos, and upload them to the site. If requested, you can also take buyers on a secure test drive and manage an inspection. When a buyer is ready to purchase your vehicle, payments can go through the built-in escrow service, which holds the title and will release it to the purchaser when the time comes. Like most online dealers, CarMax offers an advanced search engine and filters for you to choose from over 50,000 vehicles. Your search can include basic details such as make and model, but can also be as granular as transmission and drivetrain.