Things to consider when buying and selling a car in Jamaica (Part 1)

The Beginning

I recently completed what I consider one of the second most testing processes I have ever had to endure: selling my car in Jamaica. Other people may have had varying experiences with this and I acknowledge those. For a number of reasons the process was tedious, testing and downright annoying. What didn’t make the process easier was the lack of valuable information that could clarify the whole process for the novice seller or buyer.

Tax Administration Jamaica  has made a valiant attempt to provide some basic information on the steps necessary when completing a motor vehicle transaction, but in my opinion, it is lacking. What’s even more confusing is the fact that depending on the person you speak with when you call tax admin, you may receive contradictory information about the process.

So, where does it all begin?

Let’s talk a bit about my process when selling.

I bought my first car, 4 years ago, in what at the time appeared to be a very smooth and straight forward process. I, the needy pedestrian wanted to purchase a car that was dependable, inexpensive and a good buy. After visiting a few car marts and doing research online, I found MY car and started the process.

Fast forward to four years later and I was now ready to sell it and also come face to face with the fact that I do not consider myself a salesman. Nope, that’s not me, however the key thing I believe I had going for me was – a good car that was well maintained and would be a great buy for anyone who really wanted it.

Value it!

The first thing I did when I finally decided that my car needed to go was to give it a final servicing (as scheduled) and get any external body repairs done. In my case that meant a bit of spraying to cover some scratches and dents here and there.

One of the most important things I did came next. I decided to get my car valued by a certified valuation company. I chose this one because they seemed legit and were pretty accessible.

A valuation is important when selling a car because it gives you a justifiable basis for your pricing and I say justifiable because, you will get tested by people who approach you about your vehicle and want you to basically give it to them, at a loss. You will get two prices: the estimated value of the car and the forced sale value.

Armed with my valuation I now had a red line, meaning the force sale value was the amount I refused to go below in terms of my final sale price.

Once the car was valued I decided on where I was going to advertise and immediately, I chose online platforms, because based on my own experience, that’s the first place I looked for cars, when I started shopping. I also did a few print placements to let the world know about my car. I was quite confident and gave it a nice firm offer price, with price negotiable in bold letters.

The Response

Two things happened after my initial ad went public – calls trickled in with expressions of interest and I started getting sales calls from guys purportedly based in Japan who were trying to sell me cars, directly shipped from there.

What I noticed immediately about people who link you to buy your car is that not all expressions of interest are truly ‘interest’. Some people just want to call to ask you random questions about your car, or the more famous question – where is it located?

Be warned, ignore anyone who links you wanting to “purchase a car for their wife but due to work they can only meet at night to look at it.”  Absolutely NOT, and yes that did happen and the person in question had the audacity to follow up asking – “if I’m ever available.”

I made a point not to get attached to potential buyers and unless there was some kind of agreement, I refused to follow up.

Anyway, after about 7 weeks on the market, I finally found a buyer for my car, who gave me the price I believe, was in line with my expectations. This was after being sassed by people I don’t know who told me they were able to get better prices from other folks, or who wanted me to shave $100k off the value, just because they called and expressed an interest. STAND YOUR GROUND.

In part 2 I’ll tell you more about the process and  some of the more challenging aspects.

Be inspired, Be informed, Be Glorious!

Kevin

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