How to Sell A Car in Florida

Do you have a old car that you no longer drive on the Tampa streets? If it is time to let it out of your life for good, you may be wondering how to sell a car in Florida. The process of selling a car in Florida varies depending on who you’re selling it to, whether that may be a private party or a local dealership. Regardless, it should intimidate you not to do it altogether! Let the auto experts at Wesley Chapel Toyota walk you through the crucial steps, such as how to choose the right party to sell to and how to fill out a Florida car title when selling, below. If any questions come up, feel free to reach out to us at any time! 

How to Sell a Car in Florida with Proper Documents

First, you’ll need to find an interested party online, word of mouth, or through another method that you prefer. With an interested party that you’ve vetted, you’ll need to make the sale official by transferring the ownership of your vehicle to the person buying your vehicle. To do so, you’ll have to complete a “Transfer of Title by Seller” section on your title certificate. The odometer reading must be disclosed in this information, and it also needs to be confirmed by the buyer who is filling out their title application. If you can’t find your title, you’ll have to order a duplicate, and must have it in paper form. This is why you should have the appropriate documents ready beforehand to ensure the process goes smoothly. Beyond the odometer reading, a certified mechanic will also need to perform a vehicle inspection report. 

With the vehicle inspection report and the official mileage reading, you and the buyer can sign and date the title to acknowledge the transfer of ownership. For more specific details on how to fill out a Florida car title when selling, you’ll need to confirm with your local Brandon DMV. 

Other steps you can take when selling a car in Florida include:

• Signing over the title.
• Fill out a Release of Liability – Submit this form to your state DMV if required.
• Provide warranty documents
• Provide copies of maintenance records.
• Include any additional transfer paperwork your state may require.

Selling a Car in Florida to Private Party vs. Dealer

While the choice is yours, you might be wondering if there is any reason why you should choose one over the other. As you can see, the process requires several documents and may seem overwhelming, especially if you’re not used to the paperwork, which the average Lakeland person wouldn’t be. However, when you decide to sell to a local dealer, like Wesley Chapel Toyota, our finance team will handle all of the paperwork and make the process as easy as possible. All you have to do is figure out the estimated worth of your car and ensure that you are getting the best offer possible!

Save on Sales Tax When You Do a Dealership Trade-in

Florida provides a major sales tax incentive for trading in your vehicle. When you trade your used car into a dealership purchasing another vehicle at the same time, Florida calculates sales tax only on the difference between the price of the new vehicle and the value of your trade-in, rather than the on the full purchase price of the vehicle you’re buying.

How the Tax Savings Work

Say you’re buying a vehicle for $30,000 and the dealership gives you $10,000 for your trade-in. In this case, your Florida 6% state sales tax (and local surtax) will only be assessed on the remaining $20,000.

Private Sale Comparison: If you were to sell your car privately and buy a new car separately, you would pay the 6% tax on the full $30,000 purchase price with no tax credit for the car you sold.

Key Rules to Maximize the Incentive

Same-Day Transaction: To get the tax break, the trade-in and the purchase of the new car must happen in a single, combined transaction.

No Title Name Restrictions: Under Florida law, the trade-in vehicle does not even need to be titled in your name, as long as both the trade-in and the new purchase are part of the same deal and the trade-in owner approves.

Let Wesley Chapel Toyota Buy Your Car! 

Sell your car to Wesley Chapel Toyota quickly and easily – even if you’re not buying one from us. But if you do decide to purchase from us on the same day – then you can have the added enjoyment of significant sales tax savings. Get started today!