Selling your old car is not an easy decision to make, even if you’ve been planning it for a long time. You’ve put so much effort into it, both financially and emotionally, that the prospect of letting it go makes you feel uneasy. The selling process is complicated in and of itself, requiring the completion of several sophisticated procedures.
A Dealership sale VS. Private Sale
Is it better to sell your car privately or to a dealership? A dealership will handle all of the paperwork, so selling to a dealership may be your best option if you want a sale with minimal difficulty. The disadvantage of selling to a dealership is that they will offer you less profit on the automobile.
Privately selling a used car in Ontario gives you more control over the process and often results in a higher price, albeit it takes more effort on your part. You must be meticulous and follow all applicable laws.
Before selling a used car in Ontario
You’ll need to make certain judgments and set realistic expectations before you start privately selling a used car in Ontario.
What is the car’s resale value?
Use trustworthy sites like the Kelley Blue Book, Canadian Black Book, or Canadian Red Book to get an estimated value. Look for similar offerings in your area in terms of trim level, mileage, and overall condition.
Where and how much will you sell?
Whether you need to sell right now or can wait for a suitable offer, your timing may have an impact on your listing price. You should also figure out what the very lowest offer you’ll take is. Finally, decide where you’ll put it on the market.
Documents required to sell a car:
Used Vehicle Information Package (UVIP)
The used vehicle information package (UVIP) is a document that is required in Ontario when selling a used vehicle. Sellers must acquire, complete, and deliver the package to purchasers. This package includes car information (year, make, model, color, body style, cylinders, and power), Ontario vehicle registration history, lien information, retail sales tax information, vehicle condition, a bill of sale section, and more.
In Ontario, if you’re selling a used car privately, you’ll need a Safety Certificate to transfer ownership. A safety inspection performed by a repair shop licensed with the Ministry of Transportation is required to ensure that your vehicle is safe to operate. The certificate is valid for 36 days provided no repairs are necessary and costs between $70-$150. Having a safety certificate will increase the appeal of your used automobile to potential buyers and provide them the assurance that it is in good working order.
How can I receive UVIP?
You have two options for obtaining the UVIP. You can go to a Service Ontario center and have the UVIP printed in approximately 5 minutes, or you can order the UVIP online and have it shipped to you in about five business days. You can start the process of ordering the UVIP online and having it mailed to you if you are willing to wait five business days.