It is a common myth that selling your car yourself is more beneficial and profitable as compared to selling it through a broker. While one may sell it for a higher price when they sell their car themselves but the ultimate expenses and time that the process takes is way higher than what’s compared to when they sell their car through a broker.
Here are a few common busted myths about selling a car by involving a broker or a mediator in the process.
They Charge A High Brokerage
This is, in fact, the most common myth that brokers charge a very high brokerage. Although there is no doubt that brokers do charge a brokerage but the rate is pretty reasonable. Usually, a broker would charge around two to three percent of the value of the car. Moreover, the brokerage is only charged after the car is sold.
Having said that, the brokerage is typically levied separately on the value of the car and it is not deducted from the selling price of the vehicle.
The Process Turns Tedious
Brokers actually bring down the time taken for selling a car. The documentation, the NOC, and the transfer certificate are all taken care of by the broker themselves. They don’t turn the process tedious rather, simplify the procedure for the sellers.
When one involves a broker to sell their car, almost half of the headache is shared by the broker in the procedure. It is pretty obvious that the broker handles the stress all because they tend to make money in the process. But that does not complicate the process but instead, simplify it further.
Brokers Don’t Offer A Legitimate Price
If you’ve ever had an interaction with a broker, then you must know it that they can get you the best price for your possession. For those who have never been in business with a car broker, you must know that the price that brokers offer is based on intensive market research. Thus, the evaluation of the car by a broker is actually way more legitimate than what one may get in the market if they try to sell their car themselves.
For example, Top Deals for Wheels can value my car based on various parameters like mileage, fuel economy, make and model, service history, etc. This made sure that I sold my car in no time and without any hassle.
There Are Post-Sale Risks Of Claims
As already said, the brokers can protect the sellers from fraudsters and imitators, they actually save the seller from post-sale risks that they may face otherwise. Here’s an example to better understand this situation.
When you sell your car yourself, you cannot make sure that the buyer does not have a bad history of driving on the roads. In case, you delay in documenting the sale of your vehicle in time, you may be at risk of facing a lawsuit if the buyer does something wrong.
Keeping a broker handy whenever one has to sell their car can prove to be very helpful and reduce the stress. To make the deal safe and secure, it is important to know if the broker is licensed.