You have found a great deal on a new car and are getting ready to buy. That’s an exciting move, but you need a lot of money to get your hands on the new ride. So before you can get a new pair of wheels, you must sell your old vehicle.
You could trade in your old car at the dealer if you are making your purchase from there. However, if you go that route, you might not get the best price for your ride. If you want to get the most cash for your vehicle, we suggest that you sell it privately. It isn’t as hard as you might think. You will be responsible for all the work, but it will be worth the effort since you will likely get more cash on your used ride.
To help you sell your car privately and get a good price for it, we will list a few important tips for you to follow.
1. Fix Mechanical Problems and Clean Your Vehicle
If you were looking to buy a used vehicle, would you want a car that isn’t mechanically sound or well-maintained and serviced? Obviously not. Therefore, before you put your vehicle on for sale, fix all the mechanical issue. Mechanical problems might scare away potential buyers and will only invite low ball offers as the buyer will have to get the mechanical issue fixed themselves and they’ll overestimate the cost of repairs.
In addition to fixing the mechanical problems, spiff your car up. This includes waxing and washing, replacing floor mats and old windshield pipes and filling your fluids and tires. You should be able to show to prospective buyers that you have treated your ride with love all those years.
2. Price Your Car Right
Cost is one of the most important things to consider when putting your vehicle up for sale. The more competitively your car is priced, the better. It is understandable that you want to make as much money as possible, especially if you intend to use the cash from the sale for the down payment of your new vehicle. However, if you price your car too high, it will only scare off buyers.
You could visit dealerships to gauge the market value for your vehicle. Based on the information you enter regarding the make, model, and condition of your vehicle, you will receive a list of cars available for sale. Check the ads to see how similar cars are actually being priced. Don’t go for the first price you see.
Use an asking price that is a little below other vehicles to get the attention of people. Since buyers always negotiate, keep the price $500 to $800 higher than what you want. For example, if you want to sell your vehicle for $11,000, list it at around $11,800.
3. Advertise Your Vehicle Through Multiple Channels
You must get the word out about your vehicle if you want to attract potential buyers. There are different ways to advertise a car.
You could consider posting ads on websites. Motors, Edmunds, eBay, Auto Trader and Viking Motors are popular websites for buying and selling used vehicles. When posting an ad for your vehicle, include as much information as you can about your car – from its condition to asking price. If there is any issue with your vehicle, don’t try to hide it as buyers will likely find out about it when they check your vehicle. Remember to include high-quality photos of your vehicle from all angles.
One of the most popular ways to advertise your vehicle is by putting a “for sale” sign on the back of your car. It gets your vehicle noticed and will likely be seen by people who may be looking for a used car. Write your contact number so interested buyers can call you.
It is true that most people search for used vehicles to buy on the internet, but this doesn’t mean that you should discount the value of classified ads. In addition to advertising your vehicle on the internet and posting a ‘for sale’ sign, consider running an ad in your local paper’s automotive section.
4. Show Your Car to Interested Buyers
If you price your car right and advertise it through different channels, potential buyers will reach out to you, asking you to show them your ride.
Don’t invite interested parties to your home. Instead, plan the meeting in a public area like the parking lot of a park. Show them your vehicle from inside out. Tell them to ask any questions they might have about your vehicle and answer them honestly. Before a test drive, ask the interested buyer to show a copy of their driver’s license. After that, ride with them.
Buyers will want to know that your vehicle has been maintained properly, so provide them a copy of your car’s mechanic’s report.
5. Be Smart When Negotiating
Every buyer is looking for a good price. Even if you priced your car below the market average, the buyer will still push beyond it. So be smart when negotiating the price of your car.
They will likely ask you, “What is your best price?” Don’t say a number as this would mean that you are eager to reduce your asking price. Instead, counter it with, “How much can you pay?” This way you will be able to avoid saying a number that is lower than what the potential buyer might be willing to pay.
6. Sign Over the Title After Receiving the Payment
Once a buyer has agreed to purchase your used car, there are numerous ways for them to transfer the money. Only relinquish the car title once you have received the full payment from the buyer to avoid potential fraud.
We have shown you some great tips for selling your car privately. Now the next time you want to sell an old vehicle, do it yourself by following the tips we have listed above.