No matter what car model you own, it will be outdated one day, and new car models with upgraded features will be there to take its place. In such a situation, it is very common for you to wish for an upgrade with a car of contemporary style and statement.
Selling your old vehicle is the first step towards getting an upgraded one. But selling your used car may not be as easy as it seems.
Selling a used car requires you to take the help of a local car shop or agent, but then you have to give up some chunks of profits to be paid as an agency fee.
If you decide to sell your car through a car website, you must go through various documentation processes which may make the whole car selling procedure lengthy and tiring. This entails listing your vehicle, attending calls from potential buyers, providing test drives to the interested buyers, and finally making the final deals.
Here are 5 tips you need to bear in mind before selling your old car to get the maximum value and market price.
Do Proper Research
Your initial step for selling your old used car would be to do a proper study of the market about the various aspects of the vehicles on sale. Compare your model with similar cars already up for sale in the market. Check the mileage, condition of your car and the features are on offer.
Talk to the local garage mechanics and try to get an idea of the market scenario. Compile a list of issues, if any, and get them fixed with the help of a technician or mechanic. If it’s within your budget, give your vehicle a fresh coat of paint and make it attractive from the outside.
It is essential to understand the condition of your car before putting it up for sale. To accurately determine the price, you need to check some websites where similar vehicles are on offer for sale.
It is also imperative to understand the current demand of the particular model. Accordingly, you will need to lower or increase the selling price to maximize the value you want to get by selling your old car.
Get The Assessment Done
Bring in a car expert or a valuation agent and get a proper assessment of your car. Carefully review aspects like replacing worn-out tires, hiding major or minor body scratches, and checking the electrical units.
Buyers tend to avoid old cars with all these flaws, and even if they offer to buy, they will try to negotiate on the price and offer a much lower cost than its actual market value. Therefore, it is always better to get your car appraised from an authorized agent or expert.
Once the problems are identified, spend no time to get things done and repair the issues. Although you will need to cough up some cash initially on the makeover, you can get a good value on the car over its final sale.
Initially, if you can’t really afford to spend on the maintenance and makeover of the car, you use a loan eligibility checker online and opt for a short-term loan to upgrade the vehicle.
Evaluate The Price
Now that you are done with the market research and necessary makeover, it is time for you to fix the price of your car. This might seem a bit confusing, but you can get it done easily by asking the valuation agent or getting the rates on an online website.
You can even get the price of your car from various car websites available by just filling in some necessary information about your car on their websites. These websites will considerably get you the exact sale price based on estimations from your inputs.
Keep Documents Ready
Be it a brand new car or a used one; documentation is the most crucial part when it comes to selling your vehicle.
These documents need to be provided to the buyer at the time of sale for a clean and hindrance free transaction.
- A valid MOT certificate, especially if your car is over three years old
- Vehicle registration certificate (V5C)
- Auto insurance papers
- Transfer of ownership certificate found on the DVLA website
- Maintenance bills
It is also essential to check with the insurance agent if the car is fully covered with zero depreciation to get a higher resale value of the vehicle.
Publish A Striking Advertisement
Now it’s time for you to market your car to attract potential buyers. To put up the advertisement, you can use various social media platforms ranging from free to paid ones.
For free advertisements, you can use platforms like Facebook, Instagram, Twitter and others. For paid advertisements, you can put up an ad on various car selling websites and local newspaper as well.
However, for advertisements both paid and free, you need to put up your car features and highlights properly with clear pictures of your car. This will increase the chances of attracting more customers. You need to display your car from the inside and out, accompanied by a short but detailed description.
And don’t forget to tag the selling price.
You may decide to sell your old used car for various reasons; however, you need to be careful about certain aspects.
There could be a few occasions when you have to deal with fraudulent buyers and face various scams along with genuine customers. Be prepared for such an incident and check the buyer’s details properly before proceeding with the deal. Be sure to be with the driver when test driving your car.
Do a background check on the buyer for any outstanding loans and see if they have been a part of a credit builder program. This will help you understand the buyer’s financial performance in detail.
Try to stay firm on your desired price point, maintain a steady ground and do let the buyer bargain much on the listed price. If you’re not getting the desired price, it’s okay to turn down a few buyers.
Lastly, do not hand over the car keys or full documentation to the buyer until you get the full payment. There may be some buyers who can delay payment intentionally or skip an installment after getting full ownership.
With these tips for used car selling in mind, you can get the maximum value possible for your vehicle.
Also, Read: How Do you Sell Your House Fast in Los Angeles