Owning a car is a very big investment. While most people intend on owning their car for a long time, there will come a time in which the vehicle needs to be sold.
When you are looking to sell your car, it is important that you try to get the best sales price possible and sell the car quickly. There are a variety of tips that you can follow that will help to ensure that your vehicle sells as quickly as possible for a good price.
Set a Good Price
Similar to when you are looking to sell any other asset, you will need to determine the right listing and marketing price. Cars that are listed for a fair price based on the make, model, and condition will often sell much faster than ones that are overpriced. At the same time, you do not want to leave too much money on the table by not listing for enough.
When you are listing your car, there are a variety of great online resources that could help you to determine the current market value. You should also look at online auto trader magazines to determine what comparable cars are listed for.
Mare Sure to Have a Vehicle History Report on the Car
One of the biggest concerns that a buyer will have when looking for a new car is whether or not the car has had a tough history. Cars that have had a lot of major accidents and incidents in the past are more likely to have bigger issues going forward.
One of the best things that you could do to give someone the assurance that your car is in good condition is to obtain a vehicle history report. These reports will identify all major accidents that your car has been involved in.
Make Simple Repairs
Prior to listing your car for sale, you should also look to make any simple repairs that you can. While you may not want to spend the money on any big repairs, making some simple repairs could go a long way towards making your car look, sound, and feel better. You should focus on cosmetic repairs and simple mechanical repairs that will help give your car a better overall impression.
Thoroughly Clean the Car Before any Test Drives
Buyers that are looking to get a new car will want to envision themselves driving it and they will want to be excited about the experience. Because of this, you should make sure that you have the car fully cleaned before you have anyone test drive it. Having a clean car to offer someone will give them a great first impression and will make them excited about the opportunity to buy your car. On the other hand, if your car is too dirty it could be a huge turnoff.
Consider All Your Sale Options
When you are looking to sell your car, you should also carefully consider all your sale options. Depending on your situation and the condition of the car, you could have a variety of places where you could sell the car.
If the car is in decent condition, you could try to sell the car privately. There are several great online resources that will allow you to market and sell your vehicle at a fair price. Going through a private party will often take the most amount of work but will often result in the highest sales price.
Another great option for a sale is to try and trade the car in to a dealership. If you are looking to buy a new car from a traditional dealership trading your car in could be the best option possible. When you look to trade your car in, you will find that a dealership will be willing to offer you a competitive price in an effort to win your business. You can then use the proceeds of the sale to pay down the initial purchase price of the car that you are buying.
If you have an older vehicle that needs a lot of work, another great option would be to sell the vehicle for parts or scrap. In many cases, the functional parts and metal of a car is worth more than the market value of the entire car. Because of this, selling your car to a junkyard or scrap yard could yield the highest overall sales price.
Gather All Paperwork Needed to Effectuate the Sale
If you are looking to sell your car privately and want a smooth transition from the sales process, you should make sure that you have all the documentation that you need to effectuate and close the sale. Most importantly, this will normally include having a copy of the vehicle title. If you have a loan outstanding or have recently paid off the car, you may need to request it from the lender. If you do not have a loan and don’t have a copy of the title, you may need to request it from your city’s local office.
To make the process easier, you should also get all paperwork from the DMV needed to transfer ownership of the car. Your DMV should be able to provide this paperwork to you for free. Once you have signed all the documents and have handed over the keys, you will simply need to drop off the information at the DMV.