The used car marketplace in Canada has never experienced such a spike in activity. With global demand for used cars outpacing supply, you should have no major issues selling your car provided you stick to the outline we provide, as we think this is the easiest & best way to sell a used car in Ontario.
Having the right documents to sell your car
You cannot simply go down to the dollar store and buy a “for sale sign” to put on your car, there is more to the process. The best way to sell a used car is to start by getting the used car selling package from the Government of Ontario.
The first document you will need is a copy of the registration for the car. When you sell the car, you will need to sign the registration over to the new owner.
Prior to signing the registration and meeting up with any potential buyers, it would be prudent to make sure there are no active liens on your car.
A lien is a claim registered against your car and it is usually placed by a lender who gave you the loan to buy the car. If you paid off your car, there should be no liens but double-check now, and if there is a lien you need to contact the lender to have it removed asap.
While you are working on getting the paperwork in place, do you have receipts of all the service work you had done on the car?
It may seem like overkill but prospective buyers want to know whether the car has been well maintained and those receipts will provide proof. Without those receipts, you may have a hard time getting your asking price.
Watching out for car buying scams
The pandemic has brought out the best in us but there are scammers who try to take advantage of the situation. Most car buying is done without the benefit of face-to-face interaction.
You may receive inquiries for your used car by people who claim they cannot meet you in person because of Covid. That seems perfectly legitimate given the current situation with Omicron.
The “buyer” says they will send you a payment via courier for the used car and will then pick it up once you get the funds. Again, this seems perfectly normal since we cannot deal with each other like we did pre-Covid. The buyer picks up the car a few days after you got paid.
Where things go sideways is after a few weeks, you get a message from your bank saying the check you deposited bounced out. By the time you realize the check was no good, the buyer has already taken possession of your car and could have it shipped overseas on a container.
While this may seem like a scam that only happens to drivers with expensive cars, it is happening more often than you think and with conventional cars.
The best way to sell a used car is to eliminate all risks by taking the car to your local dealership. The dealership will give you a fair appraisal based on the current market value of your car and can pay you right away. This is the best way to safely sell your used car.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
If you’re looking to sell your car quickly and safely, why not sell your car to us at Car Nation Canada! Click here for a free no-obligation appraisal on your car.
For any questions or concerns, please don’t hesitate to contact us here!