Selling Advice: Closing the deal

The test drive went well, and the buyer is keenly interested. Now what? The Carsales Network shines a light on the road to closing the deal

Private buyers usually expect to haggle, so be prepared to accept a small reduction with good grace. Before rejecting an offer outright, give the buyer some idea of your expectations. Know where your bottom line is and be firm when that point is reached. Don't give away too much, too quickly, as it can provide the impression that you are a pushover or too eager to sell. Don't be pressured, ask for time out to consider an offer.

Make sure it's enough to cover another week of selling if the buyer pulls out. A minimum of $200 in cash is realistic. Do not accept a personal cheque as the buyer can cancel the cheque before you access the money and disappear. Most buyers expect a receipt outlining the terms of the sale and description of the car but be wary of committing to repairs or conditions until you know the full cost. If required, set a time limit for the conclusion of the deal after which you keep the deposit. Keep a copy for yourself.

Cash is ideal for small sums, a bank cheque is the thing for larger amounts. Personal or business cheques must be allowed to clear through your bank, which can take five working days during which the cheque can be cancelled and you have lost your car. Check with your bank that the money is safely in your account before you let the car go. Most buyers will require a receipt.

Most states have a transfer document to record the details of the sale that both parties must sign and fill in when the transaction is completed. You will need to have your driver's licence with you. This is especially important to avoid camera fines adding up under your name. It is usually the buyer's responsibility to supply a copy of this form which can be obtained from state licensing offices or licensed vehicle testers.

Article by Joe Kenwright and the Carsales Network

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Published : Wednesday, 30 January 2008
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