How to Sell a Privately Owned Used Car
- 1). Pay off the car if it carries a lien and wait until the bank mails you the title. This allows you to immediately transfer the title to the buyer when he purchases the car.
- 2). Calculate the value of your car. Your car's value is based on a variety of factors such as its mileage, age and its interior and exterior appearance. You can calculate the value of your car online on the Kelley Blue Book website or at edmunds.com (see Resources for links).
- 3). Advertise your car for sale. You can advertise in the newspaper, online, or simply park your car in your yard with a "For Sale" sign in the window. If you choose to place an advertisement online or in your local newspaper, include basic information about the car, such as its year, model, mileage and price, plus your contact information.
- 4). Set a time for a buyer to come and test drive the car as soon as an interested individual contacts you. If the buyer wants to purchase the car, you may also negotiate the eventual sales price. Accept the buyer's payment when both of you agree on a price.
- 5). Transfer ownership of the vehicle to the buyer by signing the vehicle's title in the box marked "Seller." Ask the buyer to sign the title in the box marked "Buyer." Remove your license plates from the vehicle and give the car's new owner the keys.
- 6). Notify your state's Department of Motor Vehicles that you are no longer the legal owner of the car. This procedure may vary depending on your state of residence.
- 7). Notify your insurance company that you are no longer the car's legal owner and ask that the company remove the vehicle from your insurance policy.
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