Selling an automobile is usually a terrifying experience. If you happen to be just like most people, you are likely hesitant to even consider the sale of your very own pre-owned car. Worried you might possibly make a mistake or burn some money on the trade. But you should be able to sell your vehicle and get a reasonable rate by simply following a handful of simple steps.
Of course, it's not reasonable to expect to sell a $10,000 vehicle for $20,000 and this article makes no attempt to teach you how to cheat the system. However if you are really not hurried and you do some research, you can obtain extra money but still give a more beneficial price tag to the new buyer than if you both used even the best car dealership.
Understand the Market
Yes, research ought to be your first step. You have to understand what a great price looks like. It's important to know what your vehicle will be worth in the existing working order. And your own understanding has got to be based upon precisely what your local market will support.
Understand that every auto is likely to have three distinct values within your region and they're all based on a combination of perceived value by used car buyers and the specific age and condition of your car.
1. What you could expect to get from a dealer if you traded your car in
2. What you can expect to get if you sell your car on the open market
3. hat a buyer would expect to pay when purchasing from a used car dealer
You need to understand all three prices because that knowledge will help you frame your understanding of what a good price looks like for your car. It's probably not reasonable to expect to get as much as (or more than) what a dealer would sell for. But at the same time, you should expect to get more than what a dealer would offer you to trade your car in.
In the end, of course, your car will sell on the specific price you and the buyer agree upon. But, armed with this information you're more likely to negotiate a great deal for both yourself and the buyer.
Gathering Your Information
Nowadays you can do nearly all your research on the web. Sure, you can do some research using newspapers and merely by talking with friends. But, still, by having tons of free resources available on the net, it's the least challenging place to start.
You should be able to get nearly all the information you need from a few specialized websites: Kelly Blue Book, Cars.com, eBay Motors, and any number of online classified ads. Visit each of these resources to find out what similar cars are selling for. While you may not find 100% agreement on the exact value of your car, you should be able to build an informed opinion of what you can expect.
Let People Know Your Car is On the Market
Unless your car is extremely rare, you should consider listing almost exclusively online. In many cases you can list your auto for free or for a small charge and get nation-wide exposure very quickly. And in some cases, online ads will include print advertising.
Knowing that, it makes almost no sense any more to take out a classified ad in your local newspaper or to print and distribute flyers. For just a few dollars on Cars.com you can list your car for sale, upload photos, and even have access to your car's CarFax document.
After that, you can use your initial ad copy as well as the CarFax survey and really get to work. Search the internet for no cost classified ads in your vicinity and advertise anywhere you can, except perhaps online automotive auctions such as eBay Motors.
When you're writing your ad copy, be truthful and up-front about issues that could need to be refurbished. Load up your ads with illustrative images. While you want to sell your car, it's not worthwhile to sacrifice your honor to do so.
Wait and Negotiate
Wait for calls and emails. Chat by phone along with prospective car shoppers. Answer questions but don't be afraid to ask for people to take the next step - come by and test drive.
If you're given very low proposals, refuse them or negotiate counter offers. Be prepared for people to walk away - even after the deal is agreed and the paperwork started.
Don't be Afraid
If you've done your research and know what constitutes a great deal, you can hold out. If you've priced your car according to what it's actually worth, you don't have to wonder if you've been unreasonable. You can be confident that there's no reason for you to sell at a "bargain basement" price.
In the end, you may still negotiate down slightly and still know that you got a much better deal than if you'd worked with a traditional car dealer. A better deal all around - for you and for the seller.
Of course, it's not reasonable to expect to sell a $10,000 vehicle for $20,000 and this article makes no attempt to teach you how to cheat the system. However if you are really not hurried and you do some research, you can obtain extra money but still give a more beneficial price tag to the new buyer than if you both used even the best car dealership.
Understand the Market
Yes, research ought to be your first step. You have to understand what a great price looks like. It's important to know what your vehicle will be worth in the existing working order. And your own understanding has got to be based upon precisely what your local market will support.
Understand that every auto is likely to have three distinct values within your region and they're all based on a combination of perceived value by used car buyers and the specific age and condition of your car.
1. What you could expect to get from a dealer if you traded your car in
2. What you can expect to get if you sell your car on the open market
3. hat a buyer would expect to pay when purchasing from a used car dealer
You need to understand all three prices because that knowledge will help you frame your understanding of what a good price looks like for your car. It's probably not reasonable to expect to get as much as (or more than) what a dealer would sell for. But at the same time, you should expect to get more than what a dealer would offer you to trade your car in.
In the end, of course, your car will sell on the specific price you and the buyer agree upon. But, armed with this information you're more likely to negotiate a great deal for both yourself and the buyer.
Gathering Your Information
Nowadays you can do nearly all your research on the web. Sure, you can do some research using newspapers and merely by talking with friends. But, still, by having tons of free resources available on the net, it's the least challenging place to start.
You should be able to get nearly all the information you need from a few specialized websites: Kelly Blue Book, Cars.com, eBay Motors, and any number of online classified ads. Visit each of these resources to find out what similar cars are selling for. While you may not find 100% agreement on the exact value of your car, you should be able to build an informed opinion of what you can expect.
Let People Know Your Car is On the Market
Unless your car is extremely rare, you should consider listing almost exclusively online. In many cases you can list your auto for free or for a small charge and get nation-wide exposure very quickly. And in some cases, online ads will include print advertising.
Knowing that, it makes almost no sense any more to take out a classified ad in your local newspaper or to print and distribute flyers. For just a few dollars on Cars.com you can list your car for sale, upload photos, and even have access to your car's CarFax document.
After that, you can use your initial ad copy as well as the CarFax survey and really get to work. Search the internet for no cost classified ads in your vicinity and advertise anywhere you can, except perhaps online automotive auctions such as eBay Motors.
When you're writing your ad copy, be truthful and up-front about issues that could need to be refurbished. Load up your ads with illustrative images. While you want to sell your car, it's not worthwhile to sacrifice your honor to do so.
Wait and Negotiate
Wait for calls and emails. Chat by phone along with prospective car shoppers. Answer questions but don't be afraid to ask for people to take the next step - come by and test drive.
If you're given very low proposals, refuse them or negotiate counter offers. Be prepared for people to walk away - even after the deal is agreed and the paperwork started.
Don't be Afraid
If you've done your research and know what constitutes a great deal, you can hold out. If you've priced your car according to what it's actually worth, you don't have to wonder if you've been unreasonable. You can be confident that there's no reason for you to sell at a "bargain basement" price.
In the end, you may still negotiate down slightly and still know that you got a much better deal than if you'd worked with a traditional car dealer. A better deal all around - for you and for the seller.
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