Want to sell a used car but don’t know where to start? Here are seven steps to make the process a drive in the park:
1. Know what it’s worth. Consult a resource such as the Kelley Blue Book before you try selling a used car. Pay special attention to the Private Party Value of your car, which is the amount you could typically receive when selling it “as is.” This is an invaluable tool to help you determine exactly how much your car is currently worth, whether it is in mint condition or has seen better days.
2. Increase curb appeal. Most potential buyers will consider or reject your car in a matter of seconds, so make a good first impression! Be sure your vehicle is clean and free of trash. Consider making any minor cosmetic repairs before marketing it. Make it as attractive as possible to a potential buyer by getting it as close to its original condition as possible.
3. Set your price. Consider the current demand: are you selling a convertible when there’s snow on the ground or truck in a neighborhood full of contractors? Vehicles in higher demand always sell for higher prices. Also consider your purpose when you sell a used car: are you just trying to get rid of it or to make a bit of cash? Are you willing to bargain? Regardless, don’t stray too far from the Private Party Value. If you price it too high you will turn off potential buyers. Remember, they too have access to Kelley Blue Book and other resources to get an idea of what your car is actually worth.
4. Advertise! Numerous advertising opportunities are available to help you sell, and many are completely free! The more people that know that your car is for sale, the more likely that one of them will buy it.
* Placing an ad in local newspapers and weekly “shoppers.”
* Advertising on community bulletin boards.
* Placing an ad on Craigslist or a local classified website.
* Post on your social pages. Facebook is a great way to tell friends, family and associates about your used vehicle for sale.
* Placing a sign in your car’s window.
* Using word of mouth: tell friends and family that you’re selling a used car and ask them to pass your name along to anyone they know who might be interested in buying.
5. Show it well. Be prepared to answer questions and have any documentation from your mechanic, such as an inspection report, handy to show a potential buyer. If you’re uncomfortable having strangers come to your home, arrange to meet in a public place. A buyer may ask to take your car to his or her mechanic; this is a reasonable request, but it’s also reasonable for you to tag along if you’re uncertain that your car will be returned.
6. Negotiate. Bargaining, if you’re willing to do it, can help you sell a used car. Many buyers will be swayed by a drop in the advertised price. However, if getting a certain amount is important to you, don’t be pressured into going way below it just to get a sale. If there is a lot of interest, you can hold tight to your original price. If there’s only one potential buyer weeks in, be willing to come down a bit in price.
7. Finalize the sale. Laws vary from state to state regarding used car sales. Check with your state’s department of motor vehicles and comply with their regulations. make sure you do it the right way to protect yourself from any issues that may arise.
Selling Your Used Car – Summary
In every step, be honest, disclosing any known problems. It’s always best to be forthcoming when selling your car. Hiding any hidden issues will no doubt come back to haunt you in the future. And you don’t want an angry buyer coming back demanding a refund.
Finding a buyer for a car you no longer want doesn’t have to be complicated. By following these seven steps you can sell a used car with ease!
Need to know how to buy a used car instead? Find out here.