While many of us may like to hang on to a car for a long time, there comes a time when we eventually have to sell it. The reasons to sell your car may be plenty. Some may wish to sell it because it’s worn out while others may want to invest the same money elsewhere. Whatever the reason, once you have decided to sell your car, considering a few regulations that will benefit you in making the whole process a lot smoother.
According to the reports of 2009, Wisconsin had more than 2.53 million registered automobiles. The statistics only point towards the ever increasing demand for cars and the huge opportunity to get the best selling price for your car.
Follow Regulations for a Smooth Car Selling Process
It is essential to consider the following Wisconsin regulations while selling your car in the state:
1. Complete the Transfer of Title
In order to sell your car, you need to ensure that the transfer of the title of the car is made successfully. According to the laws of Wisconsin, you can only sell your car if the title of the car is under your name. If it is either missing or damaged, you will have to apply for a duplicate title at the Wisconsin Department of Transportation. You will have to fill the replacement title application (Form MV2119) in order to obtain a duplicate title. Once you have received the title, you can move ahead with the process of selling your car in Wisconsin.
2. Disclose Accurate Brand Information
A brand disclosure is an essential element that you should consider while selling your car. It gives the buyer the required information so that he/she can make an informed decision. Consider the following different brand titles that your car can receive:
- ‘Rebuilt Salvage’ – Your car will be allotted the title if it is salvaged and the damage is more than 70% of its market price.
- ‘Flood Damage’ – You will receive the title if your car was flooded and the damages total up to 70% of its market price.
During the selling process, if your car has any kind of brand title, it is mandatory for you to share the information with the buyer. In case, you withheld such information, you can be penalized up to $5000. Therefore, make it a point to disclose the correct information while selling your car in Wisconsin.
3. Submit Odometer Mileage Statement
Prior to selling your car in Wisconsin, you need to submit a statement of the current odometer mileage. An odometer mileage reading measures the total number of miles that the car has travelled. If your car is less than ten years old, you are required to submit the statement. Every seller should submit it to the Wisconsin Department of Transportation.
Selling your car is an important step. Keep the above regulations in mind while selling your car in Wisconsin. It will ensure a smooth car selling process and enable you to buy your next car easily.
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