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

NEGOTIATING THE PRICE
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.

THE DEPOSIT
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.

HANDLING THE MONEY
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.

TRANSFER DOCUMENTS
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


To comment on this article click here
 


carsales  » Find a new or used car at the carsales network

 

 

Powered By Motoring.com.au
Published : Wednesday, 30 January 2008
Disclaimer:
In most cases, motoring.com.au attends new vehicle launches at the invitation and expense of vehicle manufacturers and/or distributors.

Editorial prices shown are a "price guide" only, based on information provided to us by the manufacturer. Pricing current at the time of writing editorial. Pricing prior to editorial dated 25 May 2009 may refer to RRP. Due to Clarity on Pricing legislation, RRP for those editorials now means "price guide". When purchasing a car, always confirm the single figure price with the seller of an actual vehicle.

^ If the price does not contain the notation that it is "Drive Away No More to Pay", the price may not include additional costs, such as stamp duty and other government charges. Please confirm price and features with the seller of the vehicle.

Opinions expressed with motoring.com.au editorial material are those of the writer and not necessarily Carsales.com Ltd. motoring.com.au editorial staff and contributors attend overseas and local events as guests of car manufacturers and importers.

Click here for further information about our Terms & Conditions.

Latest