Selling your beloved car can be quite tiresome, as you want the right buyer paying the right price.
There are a number of ways to sell a pre-owned car in the UAE, however, there are a few things to keep in mind before you go down that route.
Here are some tips from Saygin Yalcin, CEO of sellanycar.com on how to sell used cars in the UAE and avoid fraudulent car buyers…
How much is the car worth?
– The first thing to do is figure out the value of your car. A quick look at online classified pages can be a place to start, but the values tend to range hugely with 20 versions of the same car. What tends to happen is that when someone tries to sell a car on classified ads, they look at a similar car and then add another 2 per cent on the cost to leave room for negotiation. However, when someone is looking to buy a car they will filter out everything but the lowest price – making it a pointless process.
– One way of finding a more accurate price is to check certified online companies that do price comparisons. Use that as a basis. It saves time trying to figure out your car’s real market value.
– Do not rely on online classifieds prices, as they are merely wish lists of other sellers.
– Selling to consumers will mostly require you to fix all damages your car might have. This might cost you a hefty repair bill.
– Hiding damages of your car to a consumer, which endanger the roadworthiness, might leave you with warranty claims by the buyer 6 months down the road.
How to find a buyer?
– Do not pay to sell your car.
– Avoid risky test drives with strangers.
– Keep your privacy. Do not share your home address or personal phone number with random people.
Selling to a dealer?
– If you have a car, which is older than one or two years, most dealers will not consider it worth their showroom real estate and reject.
– Do not pay for a car inspection to evaluate your car.
– You do not have to promise to buy a car, in order to be able to sell your car.
– You do not have to drive long distances or compare several dealers.
– Your car’s value does not depend on a dealer’s brand focus, inventory situation or perception of the market. Only a true marketplace based on demand and supply can determine your car’s real value.
– Make sure to check the dealer’s trade license, which should read ‘Used Car Trading’.
What’s the legal car selling process in the UAE?
– Sign a binding, certified purchase agreement with the buyer, before transferring the title.
– Do not accept cheques from strangers.
– Make sure the company you are dealing with is reputable and licensed appropriately.
– If your car has an outstanding loan, make sure to request a liability letter from your bank.
– After selling, make sure to remove your personal belongings, number plate and Salik tag from your car.
– After title transfer, ask for a copy of the new ownership certificate of your car, send it to your insurance company to receive a potential refund and notify them about the change in title.
– If you are selling to a stranger or unknown dealer and are not sure, if you will get paid, use an escrow payment service, which will cost you a significant amount of money.