Out With the Old, In With the New: 6 Tips for Selling Your Used Car
Are expired warranties and unexpected repairs causing you to veer off your financial course? If so, it may be time to consider selling your used car. If you’re looking to hand over the keys to your used vehicle at freeway speeds, rest assured that the process doesn’t have to be a hassle.
For those drivers looking to merge onto the new-car highway, steer in the direction of state-of-the-art technology, customized features, and lower insurance rates. While brand-new vehicles boast unbeatable benefits, prepare for the roadblocks ahead with these six simple tips.
Consider selling to an auto salvage yard
When time is of the essence, your best option may be an auto salvage yard. There are plenty of benefits to going this route–mainly that it saves you lots of stress.
Salvage yards like these handle all documentation and paperwork on your behalf, allowing you to flip on cruise control during the selling process. As a bonus, you can enjoy added peace of mind, knowing professionals will recycle your car. Salvage yard workers are also well-versed in the value of used auto parts, so you’re likely to get the cash you deserve for your vehicle.
Get your paperwork in order
For a speedy sale, you’ll need to gather the necessary paperwork before selling your vehicle. You should have the following documents ready before advertising the vehicle:
- Car title (the pink slip)
- Bill of sale to transfer ownership
- A vehicle history report
- Sale documents from the lender (if you still owe money)
Set your price
An attractive asking price is essential, as it will help differentiate your car from similar ones in the area. Utilize resources like Edmunds or Kelley Blue Book to better grasp your vehicle’s worth and compare those prices against similar models for sale locally.
Then comes the tricky part: Setting the right price. Setting a price below similar cars may make it easier to sell, but you don’t want to scare buyers off. Conversely, you may decide to set a higher price that allows room for negotiation.
Whatever your decision, be aware of the sales repercussions. Otherwise, you may find your vehicle gathering dust on the market.
Clean your car
Giving your car some TLC can go a long way in facilitating a sale.
Start by removing all clutter from the inside. Then vacuum, wipe down interior surfaces and wash the outside. Replace old windshield wipers and floor mats, and consider painting.
You can even have professional detailing done to save you time, which shouldn’t cost more than $100. It may also be worth it to have any minor scratches buffed out.
Now you need to let people know your car is for sale. It’s a good idea to forego newspaper advertising in favor of sites like Craigslist, which make it easy to advertise your vehicle.
Provide as much information as possible, such as mileage, trim level, and any add-ons that could increase the value. Clear, well-exposed photos are also a must in any car ad.
Everybody wants to save money, so expect potential buyers to haggle with you. You may want to brush up on your negotiation skills in preparation. If a potential buyer asks you to name your best price, instead of giving a number, ask them to make you an offer.
This strategy keeps you from advertising a lower number than what the buyer is prepared to pay.
Once you’ve sold your vehicle, there are just a couple of things left to do. Make sure to cancel your insurance, and start thinking about finding the right car for your life. After all, you’ll need a replacement.