1. Know the Market
Is your car going easy to buy? Is it a popular item? Will you have to lower your price and seek out other ways to get it sold?
Here are some general guidelines for answering these questions:
- SUVs will be in high demand right away and likely to command higher prices then sedans.
- People who are in need of basic, inexpensive transportation will always require family sedans.
- Convertibles, sports cars, and other vehicles are sold only during certain seasons. Sunny weather draws in the buyers. Winter months and autumn will be slow.
- The vans and trucks that are used for work are always in demand and available at attractive prices. Their value should not be underestimated.
- Collector cars are harder to sell than other vehicles and more expensive to price. However, these cars have an unexpected value if you are able to find the right buyer.
You can start by looking through classified ads and comparing what other sellers have to offer for your vehicle. Remember that private-party listings and dealers will have prices that are different. To find out how similar vehicles are selling, you should sort by the year, make, model, and trim of your car. These are the competition for your vehicle. Be sure to take note about their condition, mileage as well as geographic location in order to price your car so it sells quickly.
2. You can price your vehicle competitively
Before you can determine a price for your vehicle, it is necessary to research the market and find out what similar cars are selling for. Edmunds is a great place to start an appraisal of your vehicle. Make sure you pay close attention to the “Private Party” pricing. This figure is adjusted for several factors including mileage and condition as well as the geographic region where the vehicle is being purchased.
Edmunds will also provide an instant offer. Just enter the details of your vehicle to get a fair trade-in price at participating dealerships. You can use the offer as a starting point for your asking prices, or accept it if you feel confident enough.
There are always exceptions. Follow your intuition. Also, don’t forget to include some wiggle room when asking for a price. Accept slightly less money than you actually want. The car should be listed at $13,500 to ensure you get $12,000. People prefer to negotiate in large amounts ($500-$1,000), as opposed to small increments of $100-$200. So, if someone makes you a lower deal, it will probably be closer to what you really paid.
You might be surprised at how imaginative used car dealers are when it comes to pricing cars. Their prices often end in “995,” which is equivalent to $12,995. Were we not to notice that the car cost $13,000? Setting prices is complicated. It’s possible for a product that does not sell well at $20 to be sold at $19.95.
But, as a private-party vendor, you shouldn’t appear like a vehicle dealer. One option is to use a simpler approach and set a price of $14,000 or $12,500.
3. Give Your Vehicle a ‘Curb Appeal.
If people see your car for the first time, they are likely to decide whether or not to buy it. This is based only on the first sight of the car. This means that you want their first view to be positive. You want your car have “curb appeal”.
Before you advertise your car for purchase, ensure it is attractive and clean. This includes more than simply washing your car at the car wash. To make it easier, here’s a list:
-
- Make sure to vacuum the car before you leave.
- Make sure your car’s mechanical health is good and it doesn’t have any scrapes, dents, or dings.
- Make low-cost repairs instead of selling the vehicle as-is.
- All unnecessary items should be removed from the car. This allows potential buyers to envision the car being theirs when they take it on a test-drive.
- You can wipe the tire covers clean with a tire gloss.
- Thoroughly clean all windows from the inside out, including any mirrored surfaces.
- Wipe down your dashboard and empty your ashtrays.
- Keep your maintenance records handy for potential buyers.
- Make sure to take the car in for regular servicing before you list it.
- Let your mechanic inspect the car, and then give you a report. This report can be used by you to motivate a buyer on the sidelines.
- You can order a vehicle record report and show it the buyer to verify that the title is clean and that the readings on the odometer are accurate.
4. Advertise your vehicle
Now that your car has been maintained and looks good, it is time to put it up for sale. For convenience, as well as their greater geographic reach, classified ads will be the best method.
Here are the markets that advertise used cars.
- Online classifieds. CarTrader, Cars.com or CarGurus are all effective. But they can only cost $45 for a fully featured posting. Craigslist.com, Facebook Marketplace.com and eBay classifieds can be used for free. However, there will be a lot more callers than on the paid sites.
- Social media: Let your network know that you’re selling your car by using Facebook and twitter. Ask your friends and contacts to spread this word.
- Peer-to–peer websites: Companies such Carvana and Tred help buyers and sellers connect and make it easier to sell used cars online. Each one operates in its own way, so you should check the respective websites for more details. These services include vehicle inspections, warranties, or return policies.
- Message boards. There are many forums online that offer classified sections for you to post your car.
- Spread the word! Tell your coworkers, friends, and family.
- The car itself. While it’s outdated, putting a “For Sale” notice in the car’s window can still work.
One last piece of advice regarding advertising: If your classified ad is posted, ensure that you are available to respond to phone calls and texts from potential buyers. Many people won’t leave any message and will not return the call. Answer the phone or quickly reply to a SMS — be polite. It is important to make a positive first impression in order to get potential buyers to take the car for a test drive.
5. Create ads that Sell
When you write your ad think about what you are saying to people. It is important to convey a lot with a few words. Along with the price, you should also include year, make/model, trim level, condition, and any popular options. It is also helpful to include the reason for selling the car.
It’s possible to display your excitement about selling the car when you post “For Sale” signs or put an ad on the internet. The following phrases and abbreviations are useful for this purpose:
Must sell! This can often be a sign that the seller is leaving the area and wants to dispose of the car at an auction price.
The OBO stands for “or the best offer” and signifies that you are open-minded to considering offers less than the stated price. This signifies that you are interested in selling the car.
Asking prices: Although this expression conveys that you are open to negotiations, it is still one notch below OBO.
Firm This word can be used to deflect negotiations. It signifies that you’re not in a rush to sell your car.
6. Show Your Vehicle
It is possible to encounter unexpected road bumps when selling a vehicle. If you are dealing with someone who is reasonably competent, it can be managed easily. You can use your intuition to evaluate potential buyers who contact you. If they seem pushy or difficult to deal with, look for another buyer. Selling a used automobile should not be complicated if you are working with the right people.
Some sellers do not like buyers visiting their house to view the vehicle. You can however screen buyers over the telephone. Don’t do business. If you don’t want others to know where you are, arrange for them to bring the car to a park nearby. You should remember that the title will eventually be signed over to you. More safety tips can be found in this article, How to Safely Sell Your Car.
Keep in mind, that anyone who sells your car will also be evaluating it. They will ask, “Here comes the person who has owned this vehicle for the past few year.” Do I trust him/her?” Buyers are likely to be nervous about making large purchases and spending money. Set them at ease, and let them know your thoughts.