Tips for Selling Your Car to a Relative in Perth WA
Posted on 10th, Aug 2017
When money is involved things get tricky generally but if you add in a family member in the same setting, things tend to get complicated. Many experts have advised against selling large investments to family members like houses or a car. It might seem like a convenient to pass on the expensive property on to someone who you know and love but the financial debt your loved one will owe you can come with a lot of risks. If, however, you do decide to sell you car then here are a few tips from Car Removals in Perth to minimise the problems that may arise.
Title & Taxes
Whether you’re giving over the car as a gift or selling it you will need to transfer the deed to the new owner. You will need to be mindful of the rules of transfer in your particular state as they may differ so it’s best to check with your local RMS for information. You will also have to take care of all the paperwork and taxes or at least advice the new owners if anything needs to be done.
Address the Money Issue
If a family member is going to buy a car from you, you will require having an awkward conversation with them of how they will be paying. You will have to be diligent and do your research to know the actual market rate of the car and then decide a fair amount you would like to charge them. You will have to be straightforward on how much you want them to pay and if it’s the case of payment by installments then drawing up a contract would be a good idea to ensure all parties are protected. Keep in mind things may get awkward in the case of monthly payments and they can’t make payments on time. Drastic steps like repossession might have to be done. You may also suggest the relative get the car financed through a bank to take the financial heat of you.
Get the Car Checked Out
To minimise any potential for any future drama it is best to get the car checked ideally by a trusted mechanic for a checkup with the new owner. In case there is a problem a solution can be agreed upon mutually. Paying for an inspection may not be a normal practice but in the case of a family member, it might be a good idea.
If the deal doesn’t go through and you are looking for a quick way to sell your car for a fast and easy car removal that guarantees a good price on your unwanted car, give a call to Oriental Car Removal Perth at the number below. Call 0414 664 990
3 Extra Tips for selling your car to relative in Perth
- Always make sure to understand this process as a trade. Leave Family Ties Behind
- Make sure that they will receive some kind of guarantee that it will drive on open road.
- Tell them everything that is wrong with the car