Many motorists trade in their used car at the dealership every time they purchase a new vehicle. They find it easier than going through the hassle of selling an old car themselves. But with the proper attitude and preparations, selling your used car can be a rewarding experience – in the best way possible, through cash!
First, you need to know what your old car is worth, and your personal opinion of it is the worst indicator. Some people hate their old cars and risk selling them too cheaply because all they want is “out.” Others, though ready to part with the vehicle, are fond of that old car or truck, and might lose out on a fair sale by demanding above-market price.
Start out by checking around to determine the true value of your used car. Visit a site like this one to help you determine the value of your used vehicle. Other useful sources of information are Edmunds used car guides, the NADA guide (used by dealerships) or Kelly Blue Book. These publications will give you several cash figures – what your car is worth in trade at the dealership, how much it is worth if you’re trying to sell it privately, and what the dealership would ask for it at full retail price.
Prepare your vehicle for sale by making sure it is clean and reliable. While there are major repairs that you might not want to make, because you would not get your money back in the process, other expenses are worth considering as a means of making your car more appealing to buyers.
For instance, fix the brakes if the car is unsafe to drive. Your buyer probably doesn’t wish to tow his purchase home, unless your old car is a classic worthy of major repairs and restoration. Check the air in the tires, or even replace them (with a fairly inexpensive set) if they are at the end of their life. Fixing a dent, however, especially smaller ones, would probably not return to you at sale time the kind of cash you spent to get the work done.
You’ll certainly make more money from the private sale of your used car if it has been washed on the outside, and vacuumed and detailed on the inside, than if you leave it unclean. Fix nagging issues like blown headlight bulbs and turn signals that give the impression that your car is poorly maintained. Have the oil changed and install a new air filter. Be sure your inspection sticker (where applicable) is up to date.
Advertise the car in places where you can expect local buyers to see it. Understand that you might field numerous phone calls from casually interested buyers while waiting for the one or two (or hopefully more) callers who are really serious about purchasing your vehicle. Deal with all of them kindly and you’ll usually get kindness in return.
Don’t be afraid to haggle a little with a buyer. Most will make you an initial offer that is a little less than he or she is really willing to pay. But also don’t be afraid to come down on your asking price to make a cash sale.
If you’ve taken the time to research the value of your used car, to prep it for sale, and to field inquiries and negotiate a fair price, you should get more for your old car by selling it yourself than you would by trading it in.
Tags: Car Selling