Things That Will Ensure You Get More Cash for Your Car in the UAE
Get More Cash for Your Car in the UAE
If you want to sell your car in the UAE, you will definitely find many takers for your vehicle. The question is if you will be able to make a tidy sum from the sale of your car. Yes, it is very much possible to get a handsome figure by selling your car. However, for any used item including a car, a lot of bargain always takes place between the seller and the potential buyers. Whereas the buyers try to take the price down to a more affordable reach, the seller makes efforts to gain as much as possible from the saleable car. Whether the tug of war favours the seller (you) or the buyer depends a lot on your ability to use some effective tips.
Some Practical Tips
- If you are going to sell your car to the garage where you purchased it, stay away from discussing the trade-off until you are able to negotiate the required conditions and discounts for a new vehicle.
- As you are planning to sell your car in the UAE, make sure that it is still in mint condition. You should also have a clear idea about its resale value. In a word, you should have good knowledge of your car so that you are always in a better position for negotiation.
- If you want to cash your car in the UAE, choose ‘cash for car’ option. It is a good way to avoid the risks of getting paid in fake notes. Get into the touch of the buyer’s bank to inquire about the authenticity of the cheque. Request for the buyer’s ID card and jot down the person’s contact information.
- If you have cleared the driving tax on your vehicle in the meantime of sale, you have the chance to recover the overpaid amount if the plate is returned within four months of your car sale.
- Do you have any plan to replace your car on sale with a brand new one? In that case, the overpaid amount will be subtracted from the tax payable on your new vehicle. Your car insurance company will be notified about the change as the new registration number will be despatched via your insurer or broker. It is an official procedure so that the retailer can put its seal. This document is transmitted to the Road Transport Authority. The broker makes every effort to adjust the changes in your car insurance.
- If you have no plan to sell a particular vehicle, get it removed as soon as possible. Until you are able to submit a certificate of destruction to the RTA, you are obliged to continue paying taxes on the car.
- According to the UAE laws, it is strictly prohibited to leave an unregistered car on the public roads. It is mandatory for the destroyer to issue a declaration certificate to you by informing about the destruction of the car. You should return the car without any delay along with the registration certificate to the Road Transport Authority.
- If you register a new car after selling your old one, you will be allowed to retain your license plate. Attach your old registration certificate to the new registration application.
Remember that when you are selling your car in the UAE, you must abide by the rules and regulations of the country. It is highly recommended that you should not choose anyone whoever approaches as that way, you may end up trusting a fraud. You should explore your knowledge and intuition while picking up a buyer.
Now, these are what you will easily find in any article on the topic across the web. But from my personal experience, I can suggest more that you are unlikely to find everywhere. Just a couple of years ago, I decided to sell my car in the UAE. I never thought that selling my own car in a foreign country would take me through so many troubles and risks. The process of selling was lengthier than what one can even see in his/her nightmares.
Let me introduce myself to you. I am a banker by profession. Painting and cooking are two of my most favourite hobbies. I am not a tech geek and have no idea about the ‘in’ things in the tech and car world. What I knew about my car was just its make, model and the year of its manufacturing. I was completely in the dark about the legal second-hand car selling procedure in the UAE. Here are what you can learn from my experience and how not to end up getting trapped by the fraudulent car buyers.
How Much is Your Car Worth?
First, you need to figure out the worth of your car. The online classifieds are enough to leave you confused. You will find there two dozens of similar cars with price differences up to 50%. I did not find enough details. I gathered that when someone uses classifieds to sell his car, the person takes note of the highest selling price and adds 1-2% in order to leave enough room for negotiation.
Now, consider the buyer’s psychology. A buyer will always try to settle for the lowest price while spending on a second-hand model. Due to the opposite behavioural patterns, ‘buy and bargain’ via online classifieds for a used car always result in a waste of time for both the parties. Furthermore, the prices quoted by the sellers are anything but reality and reflect the owners’ wish to make most of their vehicle on sale. Therefore, I decided to set the price at the midpoint.
Tips on Quoting a Selling Price for Your Car:
- Visit a reputed website (relevant to your needs) for a free estimate on your car.
- Don’t heavily rely on online classified prices.
- Before putting your car on sale, check for defects and if there is any, get it repaired immediately even if it sets you back by a hefty sum.
- If you hide damages of your car while selling the same, it may endanger the passenger’s life and as a result, you have to pay for warranty claims lodged by the buyer 6 months down the road.
- How will you receive payment? Selling to a buyer comes with the risks of not getting paid, fully or partially, with chances of receiving fake cash or bouncing cheques not being a few.
No matter whatever price you have slapped on your car, the buyers will always make efforts to negotiate the price down to a point that they think right for the second-hand model. Therefore, you should raise your car value to leave scope for negotiation so that even if the buyer can successfully negotiate, you get paid according to what is a reflection of your wish.
A good tip to get more cash for your car in the UAE is not to waste too much of time in picking up the right candidate. You should be choosy but not so much that your car suffers depreciation in value every day. Never tip anybody to sell your car, follow UAE laws and don’t allow the strangers to take your car for risky test drives. It is also important to maintain privacy and for that purpose, avoid sharing your home address and contact information with the unknown persons.