Thursday, September 14, 2006

Car Sold - Things I should have known when selling it

As this was the first time I sold a car, I made a few mistakes. Here are lessons learned:

  1. Remember to bring the title when you sell the car (forgot - brought the photo copy)
  2. Have the title transfer notarized - keep a copy (did it!)
  3. Have a bill of sale written up (I __ sell __...)
  4. Keep the license plates (NC DMV requires them to be returned in order to cancel your automobile insurance)
  5. Return the plates to the License Plate Office (or DMV)
  6. Cancel auto insurance
  7. Go to the country courthouse or office and have the vehicle removed from your property tax roll (specific to NC?)
  8. Rate your buyer on ebay
  9. Update your networth to remove car as an asset (if it ever really was)

Overall it was a positive experience. I think the buyer felt he received a wonderful deal. The car sold comparable to similar cars, however it had much lower mileage.

Apparently the buyers pays taxes when he registers the vehicle.



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