Selling your car privately
It can be profitable to take on the job of selling your car yourself, but there are a few things you need to remember during the process
Selling your car privately can be an exciting but also challenging process. Whether it is your first time or you have experience selling cars, it is important to be well prepared. There are many important aspects to the process, but some of the most important things to focus on are the car's value, insurance, car loans and transfer with re-registration.
How much is the car worth?
One of the first things you need to consider when thinking about selling your car is setting a realistic sale price. It can be tricky to know what the car is worth, as many factors influence its value. It is important to take into account the make, model and market trends for your car. The car's condition, including damage, dents and scratches, will also affect its value, as well as the service history to provide documentation of regular maintenance and servicing, which helps create peace of mind for buyers. One suggestion is to see what similar cars in similar condition are selling for today and use this as a guide.
What about insurance?
When you sell your car, the insurance will automatically terminate once the sales notification has been signed and approved by both seller and buyer, and the Norwegian Public Roads Administration registers the change of ownership of the car.
Car insurance is mandatory by law, and it may be useful to remind the buyer that the car must have insurance before it can be used. A 30-day notice period is standard for car insurance policies.
Repayment of car loan
If you have a loan linked to the car, it is important to have a repayment plan where the sale proceeds from the car go towards repaying the loan. Hopefully you will sell the car for a higher amount than your car loan, but if not, it is recommended that you repay the loan as soon as you have the opportunity after the sale. You can do this by setting aside a higher fixed monthly repayment amount or, for example, refinancing and placing the remaining part of the car loan under your home loan. Book an appointment with an adviser if you would like tips on alternative ways to repay the loan.
Tips for you when you need to buy a car
It can be worthwhile to take on the task of buying the car privately.
Re-registration of a car to the correct owner
When you sell your car privately, it is important to ensure correct re-registration. This involves making sure that all necessary documentation is in place, such as the sales contract and proof of payment. As the seller, you are responsible for ensuring that the re-registration is recorded. The process is usually carried out on the Norwegian Public Roads Administration website, where you can both submit notification of sale and report the re-registration. Re-registration costs money and depends on the type of vehicle you need to sell; as standard, it is the buyer who is responsible for ensuring that the re-registration is paid.