6 mistakes Sri Lankans make when selling their car

Here’s a list of what we think are common errors us Lankans make when selling our vehicles.

1. Changing the mileage of the vehicle: Changing the mileage of a vehicle is illegal as it is a false representation of the actual usage of the vehicle. 

2. Having a broker involved: It just might just work out to your disadvantage. They will keep an amount for both sides and the value you get will be marginally reduced.

3. Not knowing the history of your vehicle: If you don’t know about the history of your own vehicle, don’t make false representations and say it’s in perfect condition. If you are unsure about it, get an authorised vehicle inspector like Car Checks Pvt Ltd, to give you an unbiased report on the current condition of your car. This will help you sell your car easily and you will come off as a genuine seller and prospective buyers will feel more comfortable buying your vehicle as they know what they’re getting themselves into.

4. Not doing research: Quoting a high price without knowing the market price will prevent you from being able to sell the car and make you settle for a much less price out of frustration. Do some research into the matter by checking classifieds such as HitAd. There is no harm in making some calls to people who are selling similar models and asking how much they are expecting for their vehicle. If you’re still not sure, get a valuation certificate for your car from an authorised vehicle valuer such as 

5. Forgetting your insurance company: When you sell a vehicle, inform the insurance company that the vehicle is sold. If not they will use the old insurance to claim the vehicle. 

6. Not doing your paperwork: Selling the vehicle with open papers (selling it to a new owner without registering the new owner under the new owner’s name) means the new owner will drive it under you name. If the vehicle is used in conjunction with a crime or is met with an accident and the vehicle is still registered under your name, the blame will fall squarely on you and not the new owner. 

Also the Registrar of Motor Vehicles has a mandatory Transfer Form that needs to be submitted to the RMV to transfer the ownership of the vehicle. To know more about it, visit their website and gather all the required documents.

Furthermore, the vehicle transfer registration concessionary period was recently extended. A concessionary period of three months was declared in July 2016.

Check out Registrar of Motor Vehicles website for more details. 

Selling your old vehicle and looking to buy your dream vehicle?  Apply for an HSBC Lifestyle Car Loan. Call HSBC now on 0112 511 533  

Text by Panchali Illankoon