Selling your car to a relative might sound tempting to you. However, there are certain points you need to take into consideration when you decide to do so. You might not feel so but selling your car to relatives might go wrong if you are aware of these points.
This blog further on explains and lists certain things that you must keep in your mind when you sell your car to a relative below.
Important things you must consider when selling your car to a relative
Readout some of the most important things you must keep in your mind when you sell your car to a relative below.
1) Be clear about the money factor: When you are about to sell your car to a relative, it’s natural that you will be having some awkward thoughts in your mind when it comes to the money factor.
Don’t hesitate to make your relative sign a contract that clearly incorporates the pricing conditions. You don’t want to spoil your relations, but you don’t want to go through the loss either. Hence, being clear about the money factor is one major reason that you are required to stay clear from the initial level when it comes to selling your car to a relative.
Relative might want to use the relation aspect and negotiate the price. However, you need to be absolutely clear with your pricing and ensure that you don’t go through the loss at all.
2) Taxes: No matter if you are selling or vehicle, donating it, or gifting it, you need to be absolutely clear about the tax laws. Every time, the new owner pays for the paperwork and all taxes. You might stay a bit hesitant to clear the same with your relative, but ensure that you do it, or else it would eat a considerable amount of bucks from your side.
3) Verifying the car’s condition: You don’t want any sort of sour feelings in your relation by any means due to the poor condition of your car later on.
Hence, it’s better that you take your car to the professionals and get it checked to ensure that your car is up to the mark and your relative won’t bring up issues regarding the same later on.
Selling a car is quite a sensitive thing, and you by no means can leave any base uncovered as you don’t want to get your relations affected at the later stage by any means.
4) No paperwork at all: “Hey, we are a family, we don’t require this paperwork at all”. Don’t get surprised if you listen to these words from your relative when you sell your car. And agreeing to these words might be a big mistake for you.
No matter what, make sure that you get all the paperwork done before you sell your car. You don’t want to end up in legal challenges at any stage due to the car that you have sold.
Make sure that you keep the above things in your mind when you sell your car to a relative. Yes, it might sound tempting and straightforward, but reality widely varies.
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