Buying or selling a vehicle in Maine is no longer a headache. The Maine DMV provides a complete guide with information on how to get the best deal when buying or selling a vehicle.
Buying a Car
A vehicle is one of the major investments so you need to do your homework well. Below are some few tips for buying a car in Maine:
- Order the vehicle history report of the car you are purchasing. This report contains a detailed information about the vehicle accident history, damage and repair history, odometer readings and VIN.
- Before purchasing a vehicle, have it inspected by a qualified mechanic.
- If you are purchasing in installments, be sure that you can afford the monthly installments.
- Make sure the VIN on the vehicle you are purchasing matches the one on the title.
- Insist on agreement contact made in writing.
- If you are purchasing a used car from a dealer, request the name and address of the previous owner.
- Obtain an original signed bill of sale from the seller and purchase receipt.
- Obtain Form TA-VT-05 (Odometer Disclosure Statement) if the vehicle you are purchasing is 10 years old or less.
- Negotiate the best price for the vehicle. Most sellers normally quote a higher price which they don’t expect buyers to pay. So you can also start from a lower price and negotiate your way upwards until you reach a compromise price.
The Bureau of Motor Vehicles (BMV) is the department that is responsible for handling vehicle registration exercise. Once you have purchased your vehicle, you need to register it in your name. You need to go to the BMV office with a bill of sale, the title and a window sticker if the car was bought from the dealer. You also need to pay sales tax which is 5.5% of purchase price and $35 vehicle registration fee. You also need to pay an annual local excise tax. You won’t get the license plates until you pay all the applicable fees and taxes.
If you are planning to purchase a used car, be sure to research for more information about the car of your choice. You can use the state’s Used Car Buying Guide, which comes with helpful information about buying a vehicle from a dealer or private party.
Selling a Car
When you sell your vehicle, you need to give the seller a bill of sale and the original title. The seller needs these two documents in order to register the car in his name. You can also make copies of these documents for own records. It’s helpful to provide the buyer with paperwork associated with the car and any maintenance logs.
Tips for selling your car
- Use the Kelley Blue Book to check the values of your car. This will help you determine the best price for your car.
- Clean up your car to make it appealing to potential buyers.
- Also take your car for repair to fix any part or mechanical problem it might have.
- If you get the buyer giving the best price, insist on payment made though a certified check.
- Finally, plan to advertise your car in your local newspaper or on various classified sites. You can also put a ‘For Sale” sign in the window or place a classified ad in your local newspaper or sites.
- Provide a Bill of Sale to the new buyer.