Step 1: What kind of car do you need?
If you examine your needs rather than wants, you will quickly discover what the right car is for you. Take a moment to think about what you use your car for. How many people do you need to transport? What kind of driving do you most often do? How long is your commute? Is it important that your next vehicle get good gas mileage?
In too many cases people choose a car because it has an eye-catching style or it is a trendy favorite. If you go in this direction, you may either break your budget or have to go car shopping again soon. Let your needs, not your wants, drive your decision.
Here are a few other questions to keep in mind when you begin your car-buying process:
Do you want a manual or automatic transmission?
Do you really need four-wheel drive? Or all-wheel drive?
What safety features do you want?
Do you require a lot of cargo-carrying capacity?
Will you be doing any towing?
Will the car easily fit in your garage or parking area?
By Philip Reed, Senior Consumer Advice Editor
http://www.edmunds.com/advice/buying/articles/
Monday, March 30, 2009
Wednesday, March 25, 2009
10 Steps to Selling Your Car
Step 10: After the Sale
In most states, the condition of a used car for sale is considered "as is" and no warranty is provided or implied. Therefore, if the car breaks down after you have sold it, you are under no obligation to refund the buyer's money or pay to have it repaired. If you have sold a car to someone who took it for inspection at a garage and the mechanic found nothing wrong with it, you have done all you can to protect yourself and the buyer.
The best way to feel peace of mind after selling your used car is to make sure you did everything correctly. This means being open about the condition of the car before the sale and timely and complete in transferring DMV paperwork after the sale.
When done correctly, selling a used car can be a win-win situation. You have turned your used car into cash and provided reliable transportation for the next owner. Focus on the benefits to both parties and you are likely to have a smooth and profitable experience.
By Philip Reed, Senior Consumer Advice Editor
Article Source: http://www.edmunds.com/advice/selling/articles/
In most states, the condition of a used car for sale is considered "as is" and no warranty is provided or implied. Therefore, if the car breaks down after you have sold it, you are under no obligation to refund the buyer's money or pay to have it repaired. If you have sold a car to someone who took it for inspection at a garage and the mechanic found nothing wrong with it, you have done all you can to protect yourself and the buyer.
The best way to feel peace of mind after selling your used car is to make sure you did everything correctly. This means being open about the condition of the car before the sale and timely and complete in transferring DMV paperwork after the sale.
When done correctly, selling a used car can be a win-win situation. You have turned your used car into cash and provided reliable transportation for the next owner. Focus on the benefits to both parties and you are likely to have a smooth and profitable experience.
By Philip Reed, Senior Consumer Advice Editor
Article Source: http://www.edmunds.com/advice/selling/articles/
Tuesday, March 10, 2009
10 Steps to Selling Your Car
Step 9: Finalize the Sale
Rules governing the sale of motor vehicles vary somewhat from state to state. Make sure you check with the department of motor vehicles (DMV) in your state, and keep in mind that much of the information is now available on DMV Web sites.
When selling your car, it's important to limit your liability. If someone drives away in the car you just sold, and they get into an accident, can you be held responsible? There are two ways to deal with this concern.
Once you have the money from the sale (it's customary to request either cash or a cashier's check), record the odometer reading and sign the car's title over to the buyer. In some states, the license plates go along with the car. A new title will be issued and mailed to the new owner. Additionally, in most states, a release of liability form can be downloaded from the DMV web site. Fill this out, along with the car's mileage, and mail it in as soon as the car is sold. This establishes the time at which the car left your possession.
But what if you still owe money on the car, and the bank is holding the title? One way to deal with this is to conclude the sale at the bank where the title is held. Call ahead and have the title ready. Then, once money has changed hands and the bank has been paid the balance of the loan, sign the title over to the buyer.
In some cases, however, an out-of-state bank might hold the title. In this instance, it is recommended that you go with the buyer to the DMV and get a temporary operating permit based on a bill of sale. Then, after you pay off the balance of the loan with the proceeds from the car sale, have the title mailed to the new owner. Sign it over to the new owner and the transaction is complete.
Finally, remember to contact your insurance agent to cancel your policy on the vehicle you have sold (or transfer the coverage to your new car).
Before your car drives away for the final time, take a last look through the glove compartment, the trunk and under the seats. You might find some long forgotten treasures you misplaced years ago.
By Philip Reed, Senior Consumer Advice Editor
Article Source: http://www.edmunds.com/advice/selling/articles/
Rules governing the sale of motor vehicles vary somewhat from state to state. Make sure you check with the department of motor vehicles (DMV) in your state, and keep in mind that much of the information is now available on DMV Web sites.
When selling your car, it's important to limit your liability. If someone drives away in the car you just sold, and they get into an accident, can you be held responsible? There are two ways to deal with this concern.
Once you have the money from the sale (it's customary to request either cash or a cashier's check), record the odometer reading and sign the car's title over to the buyer. In some states, the license plates go along with the car. A new title will be issued and mailed to the new owner. Additionally, in most states, a release of liability form can be downloaded from the DMV web site. Fill this out, along with the car's mileage, and mail it in as soon as the car is sold. This establishes the time at which the car left your possession.
But what if you still owe money on the car, and the bank is holding the title? One way to deal with this is to conclude the sale at the bank where the title is held. Call ahead and have the title ready. Then, once money has changed hands and the bank has been paid the balance of the loan, sign the title over to the buyer.
In some cases, however, an out-of-state bank might hold the title. In this instance, it is recommended that you go with the buyer to the DMV and get a temporary operating permit based on a bill of sale. Then, after you pay off the balance of the loan with the proceeds from the car sale, have the title mailed to the new owner. Sign it over to the new owner and the transaction is complete.
Finally, remember to contact your insurance agent to cancel your policy on the vehicle you have sold (or transfer the coverage to your new car).
Before your car drives away for the final time, take a last look through the glove compartment, the trunk and under the seats. You might find some long forgotten treasures you misplaced years ago.
By Philip Reed, Senior Consumer Advice Editor
Article Source: http://www.edmunds.com/advice/selling/articles/
Monday, March 2, 2009
10 Steps to Selling Your Car
Step 8: Handling Complications
In some cases, you might reach an agreement with a buyer that is contingent on performing repair work on the car. This can lead to misunderstandings down the line, so avoid this if you can. The best thing to do is have your car in good running order while being fully aware of any necessary repairs. If you state clearly in your ads that the car is being sold "as is," you can refer to this statement when it's time to close the deal.
Still, a trip to the prospective buyer's mechanic might turn up a new question about the car's condition. What to do?
This must be handled on a case-by-case basis. If the repair is needed, and you trust the mechanic's assessment, you could propose reducing the agreed-upon price by all, or part, of the amount for the repair. If the repair is questionable, but the buyer is insistent, split the difference, or have the car taken to your mechanic for further evaluation.
Remember, the older the car, the more a mechanic is likely to find. At some point, you have to draw the line. You may have to say to the buyer, "True, this work could be done. But the car drives well as it is. And the proposed repair isn't addressing a safety concern." After all, a used car — particularly an elderly one — isn't expected to be perfect.
By Philip Reed, Senior Consumer Advice Editor
Article Source: http://www.edmunds.com/advice/selling/articles/
In some cases, you might reach an agreement with a buyer that is contingent on performing repair work on the car. This can lead to misunderstandings down the line, so avoid this if you can. The best thing to do is have your car in good running order while being fully aware of any necessary repairs. If you state clearly in your ads that the car is being sold "as is," you can refer to this statement when it's time to close the deal.
Still, a trip to the prospective buyer's mechanic might turn up a new question about the car's condition. What to do?
This must be handled on a case-by-case basis. If the repair is needed, and you trust the mechanic's assessment, you could propose reducing the agreed-upon price by all, or part, of the amount for the repair. If the repair is questionable, but the buyer is insistent, split the difference, or have the car taken to your mechanic for further evaluation.
Remember, the older the car, the more a mechanic is likely to find. At some point, you have to draw the line. You may have to say to the buyer, "True, this work could be done. But the car drives well as it is. And the proposed repair isn't addressing a safety concern." After all, a used car — particularly an elderly one — isn't expected to be perfect.
By Philip Reed, Senior Consumer Advice Editor
Article Source: http://www.edmunds.com/advice/selling/articles/
Subscribe to:
Posts (Atom)
