Buying or selling a car privately can benefit both the buyer and seller, as long as you know what to do to save money, as the buyer, and make money, as the seller.
What You Need to Know as a Buyer
As the buyer, you need know what scams to avoid when buying a car privately. You can combat these activities by checking a car’s vehicle identification number (VIN) through your state’s Department of Motor Vehicles (DMV).
You can also use the VIN to find out about a car’s history on the National Insurance Crimes Bureau website. The site details reports of stolen vehicles and cars declared a total loss by insurance companies.
What You Should Know as a Seller
As a seller in a private car sale, you need to know what to do to make your vehicle sellable to attract the right buyers. A platform, such as PrivateAuto, takes the guesswork out of selling.
Transferring the Title and Providing the Terms of Sale
Both the buyer and seller need to know about transferring a car’s title. For example, both parties must complete the Assignment of Title section on the back of the document. This section should include the buyer’s name, sales price, sale date, odometer reading, and signatures of the parties. Sellers also need to produce a Bill of Sale, which outlines the terms of the car sale.