Selling A Pre-Owned Vehicle? Here’s What You Need To Ensure

The used vehicle market in our country is growing day by day. With purchasing powers going up, consumers are replacing their pre-owned cars and two-wheelers with new set of wheels. But what also comes with selling a used vehicle are some genuine security concerns. Has the proper documentation been done and process been followed so that you don’t get into trouble in the future? Here’s what you need to know and need to ensure while selling a pre-owned vehicle in the market.

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Proper Documentation

First and foremost is keeping all the required paperwork ready to initiate the sale. This includes the registration certificate of the vehicle, Pollution under control certificate, valid insurance papers and a no objection certificate from the bank, in the case the vehicle was financed. Having a proper service history and vehicle invoice also comes in handy.

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Handover of Vehicle

Once the payment is made, delivery documents are signed and the vehicle is handed over, you need to ensure that ownership transfer takes place in a timely manner. The longer the vehicle stays in your name, it could be a potential risk as in most cases you will not know the whereabouts of the car. Post the sale the Regional Transport Office (RTO) needs to be officially notified so that the vehicle registration is removed from your name. Organised used car brands like car&bike save you from the hassle of visiting the RTO personally and facilitate RC transfer with ease.

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RC Transfer

To initiate the RC transfer individually, it is advisable to visit the RTO with the buyer with all suitable documents. Forms 28, 29 and 30 are critical to hassle free transfer of ownership. While form 28 is an NOC from the owner, Form 29 informs the RTO that vehicle has been sold. Form 30 is critical as is it used by the seller to inform the RTO to initiate the transfer. Ownership transfer of the vehicle could take up to 2 weeks if in the same state while transfer to a different state can take up to 1 month. It is during this time that delivery documents and payment proofs need to be kept handy even more.