When selling a car, there are a number of things you can do
to ensure that you obtain the most money possible. Getting the greatest deal on
a car can help you pay off your previous loan and put down a big deposit on a
new one. You have several options, like trading it in at a motor dealership or
selling it to a private party. You'll get the most money if you sell it
yourself rather than trading it in, but it will take more time and effort.
You'll need to know how to negotiate, resist intimidation,
and be willing to walk away from a terrible offer no matter how you sell your
automobile.
1) Make a
decision about how you'll sell.
A automobile can be sold in a variety of ways. Each has its
own set of advantages and disadvantages, as well as the potential to make you
the most money.
Trade-In by
the Dealer
The simplest option to sell your car is to present it as a
trade-in at the dealership where you'll be purchasing your new vehicle. It
won't get you top dollar for your trade, but it could help you save money on
sales taxes.
When trading in an automobile, though, you must be cautious.
Many salespeople will try to mash up the price of your new car, the value of
your trade-in, and the cost of your finance into one jumble of numbers, making
it simple for them to overcharge you. Rather, treat each component as a
separate transaction and negotiate each detail.
For a variety of reasons, dealers are unlikely to provide you
the greatest deal. First, they'll handle all of the paperwork for the trade-in
sale and title transfer, which will save you a lot of time and effort. Second,
they'll be renovating and marketing the car for resale, both of which will cost
money.
However, trading in your car at a dealership can save you
money on sales tax. In many places, you simply have to pay the difference
between the new car's price and the trade-in value, rather than the whole
purchase price. The amount of sales tax savings can be large if you have a
high-value trade in.
Cash on the
Spot
There's a new approach to sell your car that eliminates a lot of the bother while still
earning you a good deal. An instant cash offer (ICO) can be made online, by
phone, or in person at a dealership. You submit the VIN or license plate number
of your vehicle, as well as a description of its mileage and condition, and you
will receive an instant buy offer. The more specific and accurate you are, the
more likely the first offer will be the final sum.
2) Get Your
Car Ready to Sell
When selling to a private party, a car with a well-documented
service and maintenance history can fetch a higher price than one that lacks
documentation. Gather as many service documentation as you can so you'll be
ready to exhibit them to prospective buyers. If the car was damaged in a
collision, confirmation of what was corrected and that it was done by a
respected company might help buyers feel more at ease. Showing the original
purchase documentation can fetch you a bit more money if you're the first owner
of the car. Cars that have only had one owner are usually more valuable than
those that have changed hands several times.
3) Prepare
Your Vehicle for Sale
The amount of time and effort required to prepare your car
for sale is determined on who you are selling it to. It's a delicate balancing
act: you don't want to commit too much time and money if you're not going to
see a good return. You also don't want to overlook basic procedures that can
help your automobile sell faster and for a higher price.
4)
Determine the Correct Price
It's a bit of a science and a little of an art to figure out
the correct amount to ask for your old car. It should be high enough to allow
for bargaining, but low enough not to scare away potential buyers. If you ask a
lower price than other cars on the market, you'll attract more attention and,
possibly, a speedier sale. A vehicle with a higher price tag will typically
take longer to sell.
5) Put Your
Used Car on the Market
Previously, advertising a used car meant placing an ad in the
newspaper and parking it in a grocery store parking lot. Today, newspaper
classifieds are a waste of money, and in certain areas, putting a "For
Sale" sign in your window might result in a parking violation.
You may now offer your privately owned used car on a variety
of free and low-cost online classified sites, such as Craigslist. The ad will
be published quickly, and you can remove it as soon as the vehicle sells.
8) Make
sure you're ready for a pre-purchase inspection.
Buyers should never buy a used automobile without first
having it inspected by an independent mechanic, and you should expect this request.
You can either take the automobile to their preferred mechanic, schedule a time
to meet a mobile mechanic at your home or office, or accompany them to the
shop.
It's hardly the end of the world if the examination uncovers
a problem or two. The buyer may request that you drop your price, but it is
entirely up to you whether or not to do so. In certain places, once you realize
there's an issue, you have to fix it so the vehicle can be sold.
