The pandemic has caused many changes in the way we live. Along with the business shutdowns and restrictions in Ontario, vehicles that were used multiple times every day prior to the COVID pandemic are now sitting in garages for days. Many people are selling their used vehicles or trying to downsize their family vehicle fleet. While on the other hand, many others are looking to purchase a car in order to avoid public transportation. All these factors might prompt you to sell your used car.
Of course, you have many options if you are going to sell your used car. Like selling your used car to a friend or neighbor, or trading it in to a local dealer. But selling your used vehicle online can be the easiest way to cast a wider net and locate potential buyers. In this post, we list the essential steps that can prepare you to sell your used car online for a smooth transaction in Ontario.
Pricing Your Used Vehicle
Determining your car’s value is a critical first step if you decide to sell your used car privately. Setting a fair price for your used vehicle is important to a smooth transaction. Determining a competitive asking price is very important. Because if you set the price too high you may result in no potential buyers, while you could undervalue your car and won’t get as much as you’d like to put towards your next vehicle. It’s important to understand that there are many factors that contribute to your vehicle’s value, including its history, condition, and odometer reading.
You may want to do some search and learn what similar vehicles in your area have actually sold for. You may use the average as a baseline to value your vehicle. Then list the extra features or history that can impact the value of your vehicle.
For Canadians, a reliable resource to determine your car’s value is Canadian Black Book. You can also corroborate this information with Kelly Blue Book which allows you to add detailed information, like the vehicle’s condition for a recommended private party pricing range.
Getting Your Car Ready for Sale
It’s important to make sure your car is presentable when you show it to its potential buyers. Any little scratch, dent, or upholstery stain could have an impact on the value of your car. If there are any minor repairs or maintenance that are required, you should take care of them before putting your car on the market. Also, having a good cleaning inside and out before taking pictures, or paying a detailer to give it the once-over may add hundreds of dollars to your selling price.
Creating Online Ads
After you get your car prepared and have a fair asking price, it’s time to create your listing online. You can use Facebook Marketplace or Craigslist which offer free online listings for selling a used car in Ontario.
Make sure you have the following information included in your ad listing:
- High quality photographs
- A listing price
- A brief note that describes the car’s condition
- The make and model of your car
- The year and mileage
- Extended warranties if available
- Extras like winter tires
- Contact information
Your ad posting should be simple and to the point. You may include a bit of extra information that buyers want to know, like the reason you selling your used car, any issues you had experienced with your car that buyers should be aware of.
In addition, make sure to protect your personal information and not show the license plate in your listing photos. You can black out your license plate while you taking photos. When it comes to meeting the buyer or doing a test drive, consider meeting in a busy public area rather than in your personal address. Also keep in mind that once the deal is closed, ask for a certified bank check or cash instead of a personal check.
Important paperwork when selling a used car in Ontario
Get Your Car Certified
In Ontario, a car should be verified to meet safety standards – Safety Standards Certificate.
Any inspection station in Ontario, licensed by MTO, can give you a certificate once your vehicle passes an inspection. Without a valid safety certificate, car buyers have no idea if the car needs any repairs so they may not be able to drive the vehicle as soon as the purchase has been completed. It may impact the sale price since typically buyers are willing to pay a lower price in order to give themselves some buffers in the event repairs are required.
Paperwork For The Buyer
When you sell your vehicle in Ontario, Canada, you need to pass the below documents to the buyer:
- The Used Vehicle Information Package, a UVIP can be ordered online for a charge of $20.
- The Vehicle Identification Number (VIN) a valid car title
- A signed bill of sale with your name, the buyer’s name and address, the date and purchase price
- A completed and signed Application for Transfer
- Safety Standards Certificate
If you want to get the best price possible when you sell, you should prepare additional paperwork such as:
- Your service records. Provide potential buyers with as much service history as possible to show how well the car’s been cared for.
- A vehicle history report (VHR) to be transparent about the vehicle’s history that includes registration history, accident history, unfixed safety recalls, lien status, and more.
All of this paperwork gives car buyers peace of mind that they are buying a good car and also shows that you have nothing to hide. In turn, potential buyers are more likely to pay a better price for it.
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