It seems like when you sell a car in New Mexico, there are standard procedures and rules you must follow.
Knowing what paperwork to have and documents to sign as a seller and buyer can be confusing. It doesn’t have to be!
Our detailed guide will show you what steps you need to take, to sell your car successfully.
We’ve even provided some tips for buyers too!
So, when it comes to how to sell a car in New Mexico, you will be well educated on the entire process!
How to Sell a Car in New Mexico- Vehicle Titles
Here in New Mexico, certain vehicles require a Certificate of Title.
Hence, those vehicles include: passenger vehicles, motorcycled, recreational vehicles, motor homes, buses, manufactured / mobile homes, trailers, off highway vehicles such as ATVS, snowmobiles and trucks.
Certificate of Title
The Certificate of Title offers evidence of proof of ownership. New Mexico requires that only one title be in existence and be issued, at any one time, for the same vehicle.
Therefore, if all you have is only a Certificate of Title then you can’t drive or operate the vehicle until it is plated, registered and insured.
Most noteworthy, for persons with out-of-state vehicles, you must take the vehicle to the New Mexico Motor Vehicle Division or the MVD.
There, the mandated VIN inspection can be performed. You can also have a VIN inspection conducted by a Certified VIN Inspector.
Additionally, for a vehicle that is currently titled in another state without a lien on it, the MVD has to order the vehicle title from the lien holder.
As the seller, you must provide the MVD with the name and address of the lien holder.
The New Mexico MVD
The New Mexico MVD titling system automatically checks vehicle information for matches through the FBI’s National Crime Information Center (NCIC).
The information in the NCIC is provided by authorized courts, the local, federal, state, FBI and foreign criminal justice agencies.
With the vehicle checks the NCIC performs, it is able to determine if the vehicle has been stolen or is wanted in conjunction with any crimes.
Therefore, to obtain a title for a vehicle, the NCIC check on the vehicle, must come back as ‘no record’ or ‘clear’.
With New Mexico being a ‘Vehicle Plate to Owner’ state, there are additional regulations.
Most noteworthy, if the vehicle is traded in, given as a gift or sold, the vehicle owner must remove the license plate from the vehicle.
Within 30 days of the transaction, the vehicle owner must also take the plate to MVD to have it destroyed.
Similarly, the owner also has the option to apply to have the plate assigned to another vehicle of the same class.
Late Titling and the Taxes
If you are late in titling a vehicle, there is A penalty of 50% of the Motor Vehicle Excise Tax imposed on any person who lives in New Mexico and:
- accepts transfer of a vehicle in New Mexico but doesn’t apply for a certificate of title within 90 days
- accepts a transfer title outside the state and doesn’t apply for a certificate of title within 90 days of bringing the vehicle into the state of New Mexico.
With that 50% add-on penalty the tax rate increases to 6% (4% x 1.5 = 6%).
Twenty-five percent of the tax will go toward the New Mexico Local Governments Road Fund.
The rest will go to the New Mexico Highway Infrastructure Fund. Click here to learn more!
New Mexico Vehicle Paperwork Needed For Car Registration
Certainly, it is very important to register and title your your vehicle with the New Mexico MVD, you must have the following:
- The dealer or private sale paperwork. Check with MVD for details.
- An Application for Vehicle and Title Registration which is Form MVD10002.
- An Odometer Disclosure statement or Form MVD10187.
- Car insurance paperwork.
- Lien holder or lease documents if applicable.
- Payment for the titling and registration. The fees will vary according to the vehicle’s model year and weight.
Most noteworthy, the MVD will not accept any paperwork that his highlighted with a marker! DO NOT highlight any of your paperwork, or the MVD will reject them!
Utilizing the MVD Express- Get Your Car Sold Fast!
New Mexico sellers can utilize the MVD Express! This resource allows for simple, fast and efficient ways of taking care of such tasks as:
- Obtaining and completing papers for car titles
- Handling matters centering around car registration
- Taking care of the matter of new car registration
- Driver’s licenses
- Driving tests
- New residents to New Mexico paperwork and more!
Residents can find ten locations of MVD Express throughout the state of New Mexico! There are six MVD Express locations in Albuquerque.
You can also can visit the cities of Santa Fe, Las Cruces, Rio Rancho and Gallup for MVD locations there!
MVD provides complete and comprehensive services to meet all of your MVD needs!
How To Sell a Car in New Mexico – Sell Your Car in Five Simple Steps
Know your car’s value. As a car seller, you should check various websites on the Internet. The first one you could start with would be the Kelley Blue Book. You could continue on with the Edmunds website too. Most noteworthy, websites are vital and offer current market value of cars.
Even more, you should also see if there are local New Mexico dealerships that have a car similar to yours.
Also, you can check prices of private sellers who are offering a car similar to yours. Similarly, you want to your price competitive and be transparent as well as honest with perspective buyers.
Make your car a “show stopper”! Wash your car and even spring to have it detailed if you have the cash to do so.
Make those wheels shine! Don’t forget to vacuum the interior of the car.
Most noteworthy, be sure to wipe down the interior with a damp cloth and some shining spray such as an armor spray.
Even more, you want to give each potential buyer the best possible used car ever! Make sure you highlight the most awesome parts of your cars. Also, if your car has any special features, mention those too!
List your car in viable online marketplaces. Hence, websites such as like Craigslist and Facebook will allow you to list your car for free, so take advantage of that!
You can even check local community centers and newspapers and find out what it costs to list there.
Don’t forget that despite our “online world”, there is still power in word of mouth!
So, be sure to tell friends and family that you have a car to sell!
Show your car to potential buyers safely and securely. Make sure you show your car to perspective buyers in a safe environment.
No back alleys or private driveways should be places you show your car.
You and your buyer want to be safe at all times.
Lots of times, local police departments will allow you to bring your car there to show it in an effort to remain safe.
Negotiate and finalize the sale. Many car buyers will want to bring down the price a bit of your car or negotiate a price with a seller.
So, if you you’re comfortable and confident with that, then go ahead!
But if you are firm on your price, you need to state that.
If all terms are agreeable, you can go ahead and transfer the title and other potential paperwork to the buyer of your car!
Click here for additional info!
How to Sell a Car in New Mexico – Common Mistakes Sellers Make
As a car seller, you want to get the most money from your car and sell it efficiently. We’ve compiled some of the most common mistakes sellers make.
- Not knowing the value of your car. You have to do the research on your car! There is a benefit of knowing its worth, so that your price stays competitive.
- Having the notion that your car is better than the rest. While you have to be a confident seller, you cannot go on an ego trip. Chances are, folks have seen lots of cars similar to yours and are doing competitive shopping. So, think about being humble, but being confident.
- Fixing things before you sell your car. If you are able to make a small repair before you sell your car, you can. But don’t go and spend lots of money to fix your car! Lots of New Mexico residents love to repair and fix cars. As a result, that is why folks buy vehicles… with the sole purpose of refurbishing and repairing them, themselves!
- Not filling out all of the required paperwork. You have to be a seller that fills out all of the documents. Therefore, be sure to do so! Our handy guide provides you with what you need to know. You can also visit the MVD Express too!
Sell Your Car To Cash Cars Buyer!
Don’t forget that you can always sell your used car to Cash Cars Buyer! We offer FREE used car removal, an instant offer on your car and personalized service! Call us for a fast sale of your car! 844-663-7286!