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Do you know what selling a vehicle takes in terms of time, paperwork, and money spent? We explain the most important things and how we make them easier for you.
Let's see the main points
It is a fact that selling a car costs a lot of time and also money (carrying out procedures, mobilizing the vehicle, cleaning, mechanics, tuning, etc.), but we will mention some reasons why many people avoid selling a car and leave it in their garage where it loses value.
One of the first obstacles you face is regulations. The most common one is the traffic laws in the UAE which determine that you can not sell a car if the RTA has imposed a fine, and we know fines can happen in a moment of carelessness. It happens to all of us.
The RTA system needs to be updated on every type of sale to make it legal, especially if you have an active bank loan or traffic fine. You cannot sell a car until everything is paid off in full.
It is highly recommended to check with the RTA before any type of commercial advertisement for the sale of the vehicle to clarify any issues before you advertise.
The seller of the vehicle is the one who must ensure that the RTA is updated. The RTA will notify the seller when it has verified the information and updated it in the system, notifying them that the vehicle is considered free; a text message usually gives this approval for about 48 hours.
Important: Vehicle ownership cannot be transferred without approval from the RTA.
The other point you need to consider is the transfer of car insurance and the eligibility criteria established by the insurance company for the transfer. This is important to note because not all insurance providers offer the option of transferring the insurance policy to the buyer of the used car, and this is something that you should check if it is not known.
Many insurance companies allow transfer in their policies if the policy has more than 7 months left on it (remember there are criteria and you should consult them), but you can also opt for a refund by canceling the policy when selling to another owner, for which the insurance company will require documentation.
In any case, you must contact your insurance company so that they can provide you with information if you wish to sell the vehicle to someone else.
Determining the right selling price for the car is something that can be quite problematic if you are not an expert in this field. Evaluating the mechanical condition and the general condition of the vehicle is something that not many are proficient in, plus you not only need to know the price of the model and make it in the market at the current time, but you also need to invest time and then match the information with the general condition to determine the selling price.
If you are interested in selling your car and getting money quickly with a fair offer, contact us