Your car may be the best thing that ever happened to you, but when it comes time to sell it, that’s all in the past tense. If you’re selling your used car, there are certain steps you should take after that sale, including properly disposing of the vehicle and letting your insurance provider know. After selling your used car, the following things at Live Enhanced will make sure your transition from owning a car to not owning one goes smoothly and successfully!
1) Sell your car online
No matter what type of car you’re selling, it can be a big decision to put your vehicle up for sale. By offering your used car online, you can get connected with thousands of potential buyers in no time at all and ultimately sell your car at a price that’s right for you. Make sure to consider how much time and effort will go into selling a used car when choosing whether to do it yourself or sell through an auction house.
2) Understand what happened to you financially
If you just sold your used car, you might be wondering what happened to all of your money. You bought it for one price and then sold it for another—why didn’t you get to keep all of that money? The short answer is taxes. If your car was worth $5,000, but you bought it years ago when it was only worth $2,000, $3,000 of that final sale price is profit—and that means taxes. You can use an online tax calculator to figure out your tax refund and how it will be impacted should you sell the vehicle for $5,000. It is important that you pay the appropriate amount in taxes to the IRS, otherwise you might be hit with a hefty fine or an audit.
3) Sell your license plates
Takedown your license plates as soon as you sell your car. If it’s a brand-new car, you might not have any license plates to take down—but if you do, get them off your vehicle and store them safely at home. You’ll need those plates when you go to register your new vehicle (which we hope will be very soon after selling your old one).
4) Remove personal information from the vehicle
It might seem obvious, but you should clear any personal information from your vehicle before selling it. Any details left on a car will make it easier for potential thieves to steal your ride. When you sell a used car, be sure to remove your insurance information and all other unique identifiers (such as VINs). Doing so will protect you in case of theft or car damage.
5) Get rid of valuables in the car
Thieves don’t necessarily want your car—they want what’s inside it. Even if you’re selling used cars in El Cajon, it’s a good idea to remove all valuable items before selling them. A GPS unit, mobile phones, laptop computers, car stereo, and accessories like GPS tracking devices are just some of the items that could fetch hundreds or even thousands of dollars for thieves if they saw them in your car.
6) Donate unwanted items in the car
Once you have sold your car, it’s time to remove anything left inside. Before you do, however, consider donating any unwanted items to a local charity. As a bonus, if your donation has value (for example, tires, working tools, or tools), you may be able to receive a tax deduction for these donated items on your tax return.