PPSR Considerations You Need to Ensure When Selling a Car
Individuals who are interested in buying vehicles, especially a secondhand one, would often ask further information or look for necessary documents relative to a certain car before making decisions. This is to make sure they’re purchasing a vehicle with clear status particularly in terms of legal claims. This has been the result of PPSR considerations having put it place.
What does PPSR mean and what is it for?
Personal Property Security Register or PPSR is a database of information available online which is very useful for buyers and sellers of vehicles. It contains all properties, including cars, in Australia that are deemed secured at present. The register also provides accurate information about a car such as its date of purchase or registration, where it was registered, if it’s attached to a security interest or not, and so on.
Other important details you need to know about the car is its write-off status. Has the car been written off or not? If not, is it ready for registration after repair? What if the used car you’re trying to buy was a stolen one? Things of such sort can be clarified by the PPSR and helps you decide whether or not to buy or sell a certain vehicle.
What should you consider when selling a car?
As a private seller of used cars, you’re presumed to be more knowledgeable about the products you’re selling than your buyers. With this, you have the power to keep your prices intact. If you cannot demonstrate that your autos have a clear status, chances are your buyers can easily bargain on dragging the selling price down. Normally, buyers are not willing to pay a higher amount if you fail to convince them that your goods are of high quality and good status.
Given that buyers can already check beforehand the standing of a car they’re interested in buying, sellers must be able to keep up with it. This will facilitate a smooth selling transaction and both parties can end up highly satisfied. This will also promote sound business conduct and can lead to repeat deals in the future.
From the seller’s perspective, here are the PPSR considerations you need to make sure of when selling a car:
Make sure the car you’re selling is registered with the PPSR
If you plan on selling your used car, it would be great if this is registered with PPSR. As a car seller, you must know that any prospective buyer of your car is going to check the registration. This is for them to ensure they’re buying something that is worth their time and money.
Doing a PPSR check has been growing in importance and can be done easily. Also, it won’t take much time and money to do it. This encourages buyers to do the registration checking prior to purchasing an auto. If searchers could not find any registration linked to your item for sale, it is more likely that they will not buy it. As a result, you will have a hard time in disposing your vehicle.
If the car you’re selling is under finance
What if, for some reason, you already wanted to sell your used car but aware that it’s under a secured car loan and you haven’t fully paid it yet? A car that is under finance means your lender has registered it with PPSR and they have a security interest to it. In case you fail to fulfill your obligations to them, they can easily claim back the vehicle.
Do you think it’s possible to sell your car with that status?
You are lucky because the answer is “Yes.” But you’ll need to get your lender’s permission to sell the car first. Then you can follow these steps:
- Determine your remaining balance on the car loan.
- Identify possible options on how to pay off your car loan and choose the one you think would benefit you the most.
- Sell your car.
Selling a written-off car
When your car has been damaged in an accident and it’s either irreparable and unsafe to use again in the future or it can still be repaired but the costs will be higher than its present value, then it will be considered as a written-off vehicle.
Will there be anyone who’s going to be interested in buying a car that is unfit for sure or uneconomical to repair? Private car buyers who may have seen from the PPSR that your car has been written-off won’t certainly pay attention to it.
But the great news is that we have a great solution for your written-off vehicle!
As a matter of fact, we highly encourage you to sell your irreparable auto to us instead of giving your best shot in restoring it. Before you know it, you’ve already wasted huge amounts of time and money for the repair that doesn’t seem to be possible.
Selling your written-off car to us can be the easiest way to get rid of your useless automobile and we promise to pay you great amount without hidden charges regardless of how severely damaged this could be.
Contact us today on 0401 242 410 to find out more about how you can sell your used car easily