In Victoria, selling an unregistered car is a bit like trying to sell a ticket to a concert that hasn't been booked yet—technically doable but requires some paperwork gymnastics. You can sell it, but the buyer will have to register it before hitting the road. You'll need to provide a Notice of Disposal to VicRoads within 14 days to avoid any future liabilities. Also, it's wise to disclose to the buyer that the vehicle is unregistered to avoid any nasty surprises.
For pricing, unregistered cars often fetch less, as buyers factor in the cost and hassle of registration and potentially repairs. Checking local listings on Tradingpost or CarShowroom might give you a ballpark figure.

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