SELLING YOUR CAR
Guide To Selling Your Car
4DMV.com realizes that when the time comes to sell your car, there are many aspects that you need to be aware of. Consumer psychology is one. The current market is another. Places and ways to advertise is yet another. Also, what paperwork is necessary. And, more. Check out our FAQ on automobile buying and selling also. At 4DMV.com our expert researchers have compiled all the information you need to know in selling your car into easy to read guides. There are lots of tips and tricks such as which audience to target when selling your car and how to get the highest selling price possible. If any auto repairs are needed, it is important that that is reflected when selling the vehicle, especially if they are serious repairs.
Your cars popularity and desirability will depend greatly impact your ability to sell it. Should you be selling a car that is in high demand then the car is likely to sell much faster at a higher value. It is essential as the vehicle owner selling the car that you know your car and its worth. Look at the Kelley Blue Book value of your car and check out the used car buying guide to see what buyers will be asking. Read the local newspaper to see to what the same model of vehicles are selling for. Once you have a good idea of the market value of your vehicle then you will have a favorable idea of what you can ask for your used vehicle.
Also remember, should you have an automobile that isn’t favorable on the market and just isn’t selling, sometimes you have to be create. Which we will cover further down.
How To Determine Your Asking Price
There are certain considerations that weigh on what an owner of a used vehicle can ask for their car other than what the current market value of the car is. Should your car be in exceptional condition, this will yield for a higher selling price. Should you have many upgraded options on the vehicle, you will be able to start with a higher selling price. Once you have determined your car’s advantages to like models you will have an idea as to how much more you may be able to ask. Also, use a price guide such as the Kelley Blue Book to determine the value of your car. Once you have determined its value, add 10% to the “asking” price. Many buyers expect you to come down on your offer, and this will give you negotiating power.
Making Your Car an Attractive Sell
Once you have decided to place your used car for sell then get a history report on the vehicle which you can present to all motorists interested in purchasing the used car. A history report on the car will interest a buyer much faster than a vehicle for sale that does not have a history report. A history report tells those interested in the vehicle everything about it, including the number of owners the car has had, the amount of accidents it has been involved in, if the car has ever been salvaged, the number of service repairs and so on.
Your car must also be presentable. Clean it thoroughly inside and out. If you happen to have been a smoker then wipe the inside of the car down with white vinegar to help eliminate the smell of smoke. Clean the carpet and upholstery in all vehicles. Shine the tires and hubcaps and make certain the trunk is neat and orderly.
Lastly, gather all the service reports, receipts and original paperwork and documentation on your vehicle and have it neatly organized in a folder for the prospective buyer to view.
Where To Sell Your Car
When selling your car you have a few different options. You can sell your car to a private party, you can advertise online, through the local newspaper or by parking your car in a high traffic area with a “for sale” sign on it. You can sell or trade your used car to a dealer for a low wholesale price. Another consideration is if your car is an old vintage car then you can sell to collectors. There are also online car brokers that will sell your car on consignment. And, there are auctions such as eBay.
Advertising Your Used Car For Sale
There are many resources that prospective buyers utilize when shopping for a car. Taking advantage of advertising in the following areas will help you increase both the awareness of your vehicle and increase the number of potential buyers.
Auto trader magazines
Local newspaper classified ads
Online sites offering used cars
Consignment sales lots
Online consignment sales lots
Online used car auctions such as eBay
Online car enthusiast web sites
Online forums and car discussion groups
For sale sign on the car
Each of these methods of advertising will increase the awareness of your vehicle and the number of potential buyers.
Dealing With Potential Buyers
Dealing with potential buyers can be exhausting. 4DMV.com realizes this and the need for you to be the best prepared for the buying and selling of cars. We have gathered all the information you need to put you at the top of the game. There are many things that you may be presented with when selling your used car such as the potential buyer asking you to accept a down payment and allow them to make monthly payments. The best advice here: Don’t do it!
Buyers of used cars can obtain loans if they do not have the cash. So unless you want a “quick” sale you should always expect to hold out for your asking price provided it is a reasonable asking price.
Prior to the sale of the vehicle, you must know your state’s requirements for selling a vehicle. Each state has specific guidelines and regulations.
Whether searching 4DMV.com online for your state’s specific guidelines and regulations or taking a trip to your local Department of Motor Vehicles, find out the requirements pertaining to title transfer, smog certification and possibly an odometer reading statement prior to selling the car.
A buyer may ask for a Bill of Sale which is simply a receipt showing that they have purchased the car from you. A Bill of Sale document is created by specifying the buyer’s legal name and that they have purchased the automobile which will include its make/model/year and VIN from you, with your legal name. The Bill of Sale also needs to include that the sale is being made “As-Is”. Both parties will sign and date the document and each will get a copy.
At lastly, congratulations! You’ve followed the steps and have legally sold your used car!