Guide to Selling Cars Online
Take the risk out of selling vehicles online by using Escrow.com.
How to Sell Cars Online
There are many reasons to sell a car; upgrading to a family car, downgrading to something more fuel efficient, moving overseas, or moving home. Selling a car can be an emotional experience. Parting from your reliable ride can remind you of all the good times and adventures had. Cars have become a ubiquitous part of modern society. Cars sales in USA exceed 200,000 per year and in many cities around the States, car ownership exceeds 2 per household.
On the road you will find many varieties of cars; from budget to luxury, wagon to racecar, and everything in between. It is no wonder that selling cars has moved beyond the realm of dealerships and used car salesman and into the realm of online.
Listing a car online has a number of advantages. Large marketplaces such as Ebay or Auto Trader are frequented by large numbers of potential buyers everyday. With large networks and additional features, these marketplaces provide a lot of value for car sellers.
Private sales can also be sold using classified style listings such as Craigs List. Selling on Craigs List can enable locals to connect to transact with very little barriers, cutting out the middleman and their share of the profits.
Online vehicle sales enable a far larger audience and a better deal for sellers seeking to sell their car online, however in the digitally connected world of online marketplaces, there are new challenges and risks for those seeking to participate in the market. The number one risk sellers face is chargebacks. Chargebacks refer to the buyer claiming there was an issue with their order, whether it be that they did not receive the goods or it was not as described, charge backs are a constant risk to a smooth sale process.
In addition to chargebacks, potential buyers may express interest in purchasing your vehicle only to back out at the last minute. If you have already taken the car to a mechanic or had it professionally cleaned, this could lead you to be out of pocket with nothing to show for your efforts.
Online marketplaces open your listing up to an international audience but international selling can also be a headache. Buyers overseas may have different banking and finance requirements and different cultural and social norms. This could lead to many of your trasactions falling through at the payment stage because of lack of support for the local way.
What can you do to ensure sucess when selling your vehicle online?
Luckily there are a number of steps you can take which can help you protect yourself and your money when selling vehicles online.
International bakning platforms have improved over the last decade and in particular, in the last 3 years. Online money remittance technologies have vastly improved and settlement periods have continued to reduce meaning it has become easier and easier to receive payment online. Using a reputable payments service can reduce risk as many provide additional security checks in addition to money services.
Using an audited, bonded escrow service eliminates chargebacks and fraud from all your transactions. This is because in an escrow transaction, the buyer pays the balance up front and it is held in an escrow account. When the buyer receives the goods, they have an opportunity to inspect the goods, and if they are satisfied, the funds are released to the seller directly and there is no further opportunity for chargebacks.
Escrow.com is the worlds largest provider of online escrow services. Our 5 easy steps stop fraud in its tracks. Escrow.com protects buyers by only releasing the funds to the seller if what you receive is exactly what you paid for. If it is not, ship it back to the seller and you will get a full refund.
How to use Escrow.com to Sell Cars
- You and the buyer agree to terms - Either you or the buyer can start a transaction. Simply enter the vehicle make, model and year of manufacture, along with provisions for shipping and inspection periods. All parties will have a chance to review and agree to the terms.
- The buyer pays Escrow.com - Now that you have created your transaction, the buyer will be instructed to pay the balance. Once Escrow.com verifies the payment, we will put your funds in our escrow account and notify you it is safe to ship the vehicle.
- You ship the Vehicle to the buyer - Now that the funds are in our escrow account, we notify you to deliver the vehicle as per the agreed terms of the escrow transaction. If cargo shipping is required, we ask that you provide the tracking information to us so we can verify when the buyer receives the car and release your funds.
- The buyer accepts the vehicle - When the buyer receives the vehicle, they have an amount of days equal to the agreed upon inspection period to ensure everything is as described. This can involve taking the vehicle to a mechanic to have the vehicle inspected for faults. We will hold the funds in our escrow acocunt until the buyer accepts the goods or the inspection period ends
- Escrow.com pays the Seller - We release the funds to you from our escrow account.
If you are looking to sell cars online, you can rest safe in the knowledge that Escrow.com is one of the most trusted and secure escrow services across the globe.