There can be many reasons for selling a car. As soon as a new model is introduced in the market, most of them want to buy it so they decide to sell the old one. Sometimes people would like to unlock the funds from the car during any financial crisis. At times, high car maintenance can be the issue or if you are leaving the country and you may no longer need a car or in some cases if you have decided to move around UAE in a public transport, it’s time to sell your car.
People feel selling something, especially things like cars, is really a very difficult task. As they feel it involves manual work. But that’s not true, especially in the UAE because there is still demand for used cars and it is quite a large industry itself in the UAE. So, if you are planning to sell a car it would not be a tough job. Because if you want to sell anything in the UAE there are always takers. Now let us see how to sell a car easily in the UAE.
Selling your car in the UAE involves the following
- Clean your car
- Finding the buyer
- Cancellation of your insurance
- Transferring your ownership
1. Clean your car
Before selling a car make sure that the working condition of the car is good. Get the servicing done before selling so that the defects, dents or any other damage can be repaired. Make sure that you have tested the performance of the car before the sale. It is a way to be honest and make the car in good marketable condition. If the car looks good and has good working capacity then the car will get a good saleable price.
2. Finding the buyer
The most important task is to find a buyer. There are many online services that can be used to attract the buyers to purchase your car. Few popular sites are
- Sell Any Cars
- Car Switch
- Dubizzle
- Notice boards for supermarkets
- Gulf News classifieds
- Khaleej Times classifieds
- Magazines such as Auto Trader
You can also visit used car showrooms located in Ras Al Khor, Dubai for potential buyers.You can find buyers in these showrooms. But their offers may be much lower than what is paid by buyers individually. Simple fact behind this is they have bargaining power. Once you find the buyer let them check the condition of the car and agree on the price. If you really want to sell your car, be a bit flexible on the pricing. Make sure that you deal face to face with the buyer.
It is advised that when you find your buyer you should let them inspect the condition of your car. Once the buyer agrees, you can go ahead and negotiate your selling price. It is a good idea to sell your car at the best price. Meet the person face to face and make your deal.
Precautions to be taken while selling the car
- It is always advisable to deal with people who are ready to meet face to face and finalize the deal.
- It is better to take the payment in cash, not to accept Post Dated Cheques for payments, unless you are dealing with a reputed reseller. If you are accepting the Post Dated Cheques from the buyer let it clear before your transfer process is completed.
- Do not advertise or display on the car, as RTA may charge a fine. It would be better if you take a token payment or full payment from the buyer to ensure the deal with the buyer.
- To be on the safer side, it is better to maintain an agreement of sale and proof of payment received.
Click here for Tasjeel auto services in the UAE
3. Cancellation of your Insurance
Once the payment is done you are supposed to cancel your Insurance. For the cancellation of the car insurance policy from the insurance company you must provide your identification and registration documents(Mulkiya). If your insurance is still valid you may receive a refund of your payment.
4. Transferring your ownership
Once the insurance is canceled you can do the following steps for transferring the ownership. Get your car inspected in any RTA authorised testing centres such as Tasjeel. Once the testing is completed fill in all the details in the transfer form. The below documents may be required during the transfer process.
- Registration card
- A valid driving license
- Emirates ID or Passport and visa
- A copy of new insurance from the buyer
You have to submit these documents to a representative officer in the RTA office. The authorities check for any previous penalties on the vehicle, if you have any clear fines. Once the formalities are completed new registration ‘Mulkiya card’ will be issued. As a sale proof you must keep a copy of the registration card.
Things to remember
- Selling your car to reputed person is a safe deal
- Make your deal with cash in advance for assured payments
- Do not hide your car defects, advertise your car.
- Show the true picture of your car and get it repaired if possible.
You can sell your car in the following ways.
Avail car sale services
The fastest way to sell your car is through instant cash car sale. There are services like selling any car or switching my car. These services will provide you with the facility to sell your car. The prices are offered by the service provider. You can make a deal with them and sell your car.
Click here for Buy car insurance online or offline
Al Awir Car Market
In the UAE, there are car selling markets. The most famous car selling market is Al Awir Car market. It is open all days of the week, it provides you with services for selling your car. You can negotiate the price and make your deal with the business owners.
Spread the word
You can spread the word of selling your car to your friends and family members. It saves a lot of your time and effort. You deal with your own people and it is the safest method to sell your car. You can be assured that your payment will be made by your friends and family members.
Online sale
There are many websites which provide channels for selling your car online. Advertise your car on the online portals and find your nearest buyer for your car. You have to spend money for the advertisement cost when you sell your car online.
Auction sale
It is the last option for selling your car. Copart and Emirates Auction are the auction houses in the UAE. These options are exceptionally used for rare car models or if the cars are sold in multiple numbers and any other such situations.
Conclusion
Cars are an asset and it has a depreciation where the value of the car decreases year after year due to regular driving. The market value of used cars reduces its value and car buyers calculate all these factors while purchasing used cars. As the age of the car increases, the market value of the cars decreases. When you are planning to sell your car you should consider these facts and then you can decide on selling your car. You can get an estimated value of the car that you want to sell. When you feel that you need a new car you can sell your old car. It may be that you are travelling and moving across different countries and you decide to sell your car. Whatever the reason for selling your car there are always buyers for your car.
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
