Finally, the last things about selling your car or other vehicle involve the negotiation closing the deal. If you read the negotiation segment of the series on buying a used car, you will remember what we did from a buyer’s standpoint. This is the same, just from the other side. Here you have to decide how low you want to go to sell this car. You may have already set a price that you think is fair, but sometimes that price can be slightly revised when you have a potential buyer standing there with cash in hand. ;) How quickly do you want to get rid of this? To me, one of the key aspects of this is to have a win-win situation. From a Christian viewpoint, am I going to be satisfied with the deal? Did I do the right thing? Was I totally truthful in this transaction? I believe that anything less is cheating the buyer.
When a price is reached and the sale is made, I usually want a deposit in cash, with the rest to come in a cashier’s or bank check. (Of course I will take cash as well). There is no reason why the buyer cannot do that. The deposit money, usually 100 to 200 dollars, tells me they will be back with the remaining money, and if I have advertising out there, I don’t want to be telling people it’s sold, if this person is not truthful. A deposit usually keeps all that working fine. I will then write on a sheet of paper that I received the deposit and that I will receive the remaining money within a certain period of time, say 1 week. It is important that a date is established so that this deal is finished soon. No date for final payment leaves you open to a long term relationship. You don’t want that.
This written deposit and sale agreement can be hand written and a copy should be given to them and a copy kept by you. You can write it twice if you have no way to copy it. Both parties should sign it. That’s that. They come back with the money to pay the balance and you take all your papers and license plates off the car and turn over the keys.
Simple really. Don’t be afraid to do this.. It usually works out well and will make you some money compared to selling it back to Carmax or even a dealer as a trade in..
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