Selling your used car can be a challenge in today’s economy. Buyers know they have higher negotiating power now more than ever. Still, maximizing the returns from your used car is important since the money will likely be used to for something else, such as a new family car or college funds for your children. Regardless, here’s how to squeeze every dollar you can from the sale.
Figuring Out the Value
When people see used cars for sale, price is usually the first thing that gets asked. If you don’t know the pre-owned value of the vehicle, interested buyers may be driven away by the relatively overpriced valuation. On the other hand, placing a lower valuation on the vehicle could attract buyers, but then you’ll end up getting a cheap sale. Work on finding the right balance between a profitable and time-sensitive car sale.
Nowadays, it’s becomes easier to get legit valuation on anything you’re considering putting up for sale, whether it be a used car or real estate. Websites like Kelly Blue Book offer a car price estimation tool that’s free to use and easy to navigate. Most websites require minimal personal information to get started and you get the results in less than a minute.
How To Go About Selling It
You can either sell the used car directly to a private buyer, through a local dealership, or even trade it in for a different car. There are pros and cons for each one that you should be aware of. For instance, selling directly to a private buyer minimizes paperwork but can also involve intense negotiations. Selling to local dealerships, on the other hand, can get you decent prices and they often facilitate the entire sale, from paperwork to car hauling.
Consider Your Market
How in demand is your car brand, make, or model right now? Do you have enough market interest to ask for top dollar? Is this the right time to sell or should you hold onto the vehicle for a few months until demand rises? As a general rule of thumb, family sedans are the consistently demanded vehicle type despite their overall dull style. Trying to sell a used sports car or convertible can be challenging since the market is seasonal.
What’s Your Competition Doing
Survey what comparable cars are being priced at by reviewing classified ads on automotive websites. Most websites provide advanced searching capabilities to find matches to your specific car. However, keep in mind that these are only asking prices, and the final selling price could greatly differ once all factors are priced in, including overall condition of the vehicle, geographic location, and mileage.
It’s good to keep a firm hand when negotiating with prospecting buyers, but sellers who are unwilling to move even the slightest to meet offers halfway can see their car rusting away inside their garage for years before they actually sell the vehicle. Set an asking price that is a bit higher than the average selling price of the car on the market. By starting above that selling price, you leave room for negotiations.
Be patient when putting up used cars for sale at here. Also, try not to spend cash on marketing. Instead, use the free tools offered online to gain exposure and interest from buyers. Keep in mind that these marketing expenses cannot be added to the selling price of your vehicle, so you’re basically spending out of the pocket, which is impractical and defeats the purpose of why you’re selling it.
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