Your car is a depreciating asset. In fact, it’s not an asset at all as its value keeps decreasing from the time you drive it out of a showroom. The reason behind this is too much supply in the market. The older your car gets, the harder it becomes to sell it off at a price. So in order to get a good amount of cash for your car, you have to put in some decent effort.
For the starters, you have to learn the trick of the trade, that is to strike a deal. In this article, we have accumulated some important points so that you can effectively sell your car and make a fat profit too. Read these 10 tips and only then take action.
Prepare well in advance –
Selling a car automatically means you should be well educated about its condition. Be mentally prepared to meet up with strangers and let them inspect it too. Keep your calendar free to make room for these appointments. If you cannot give time to this car selling project, let a trusted family member or a friend take over. Also, keep a sales pitch ready and keep answers to the following questions ready.
- What is the fuel economy of your car like?
- How has the car been performing for you?
- Do you have any safety features installed in your car?
- Have there been recalls in the past related to this model?
While selling your car might last a few weeks, ensure that you have made all the necessary repairs as well.
Set Things Well in Advance –
Now that your sales pitch is ready, ensure that your car looks good. You will surely get good cash for your car if it gets cleaned regularly. Wax your car and wash your floor mats well. Get your car services and checked thoroughly by a mechanic. Keep the car’s papers and full report ready for the future buyer.
If a part is broken, get it replaced or fixed. This will let you set a higher selling price. You can, however, choose not to. Show the report to the potential buyers so they know what they’re getting into. When it’s all done, prepare the documents. Most states have separate requirements for car selling, and they generally involve these:
- Bill of sale
- Release of liability
Still, check your state’s requirements before you strike a deal.
Research Well –
Did you know? A car’s value drops by 11% the moment you drive it for the first time. Hence, research well to know exactly what your car is worth. Check out other cars for sale in and their selling prices. You will get an average figure like that.
Make Improvements –
You can increase the selling value of your vehicle with time and patience. Clean your car, its a must. Do it yourself with attention to the tires, mats, compartments, and windows. Get new covers and mats if the old ones are tattered. Replace your tires with new cheap ones. Polish the rims and you are all set. Don’t go for major expensive repairs. Small ‘visible’ ones will do fine.
Price Accordingly –
Set a price that’s neither too high nor too low. Keep some room for flexibility and negotiate accordingly.
Click Good Pictures –
Ensure that you click quality pictures to garner interest in your ad.
Write a Catchy Ad –
Your ad should list the following details.
- Year and model
- Quality photos
- Repair history
- New parts
- Asking price
Spread the Word Online –
Leverage the power of social media, internet forums, and advertisement websites. If you have an ad, post it in these places. Add pictures and descriptions too. This will help you catch a buyer.
Approach a Cash for Car Buyer –
The easiest way to get cash for cars is to talk to a local dealer. This will allow you to sell the car right away without ad posting, and further communication. Some dealerships will take care of your paperwork, that will save you time. If you sell a car yourself to a cash for the car buyer, you can make 15% more money. So decide accordingly.
Negotiate and Seal the Deal –
Talk to the buyer and negotiate well. Do not agree to a lower price. Follow tip #2 and you will have a favorable outcome. Do not make a hasty decision and accept full payment in cash or a cheque in a bank, to play safe.
As a seller, you have to steer the conversation to a conclusion so that it is favorable for you and the customer. You must set the venue and time so that the transaction happens the way you would want to.