Selling your car can be a complex and time-consuming process. No matter whether you opt to trade it in at the dealership, sell to a private buyer directly, or list it on Facebook Marketplace; here are a few key points you should remember during this process.
Make sure that your car looks its absolute best for an optimal return on your investment.
1. Know Your Car’s Value
No matter if you are trading in or selling privately, knowing its true value is critical in setting an acceptable asking price and determining if your vehicle has become upside-down (owed more than its worth).
Kelley Blue Book, Edmunds and NADA all provide tools that can assist with estimating the value of your vehicle, such as Kelley Blue Book. Most will ask for basic details such as year, make and model as well as VIN or license plate number before proceeding further to ask about its condition and features.
2. Know Your Options
There are various methods for selling your car, including private-party sellers, online marketplaces like Facebook Marketplace or Hemmings. Each option may offer both advantages and drawbacks.
Meeting buyers at your home may be dangerous; therefore, it is wiser to conduct meetings in public areas where there is ample video surveillance – for instance a shopping mall parking lot would make an excellent meeting location.
Other options for selling your car include trading it in at a dealership or accepting an instant cash offer. Both methods tend to eliminate meeting buyers face-to-face while often simplifying paperwork processes – however they may not fetch you the highest possible price for your vehicle.
3. Prepare Your Paperwork
No matter whether you’re selling to a dealership or privately, it is vital to prepare all necessary paperwork. These may include the bill of sale, clean title and vehicle history report.
Make sure that when selling your car, its license plates and registration sticker are removed prior to handing over the keys – this way your buyer won’t be held liable for any unpaid insurance premiums after they purchase the vehicle from you.
Decide how you will accept payment. Touchless online payments such as Zelle or PayPal provide security for both buyer and seller, or alternatively offer certified checks or money orders as payment.
4. Prepare to Show Your Car
No matter the buyer, be prepared for a potential car show when selling to an individual or dealership. Buyers will assess you just as they would evaluate the car itself, so avoid being vague or giving them reasons not to trust you.
Experienced sellers know to bring along essential documents such as registration and service records of the vehicle they’re selling, extra keys, and possibly even a spare tire just in case something arises that requires emergency service.
If you owe money on your car, it is essential that you understand how the process of selling it to either a dealership or private party works. A dealer sale usually involves less paperwork.
5. Prepare to Negotiate
Be it private party or dealership, buyers will likely try to negotiate. Be prepared for this by having an idea of your car’s worth before going in to negotiations.
If someone asks what your lowest price is, respond by explaining that you have done research into an appropriate fair price for your vehicle and are open to negotiations; perhaps saving some money along the way.
Before inviting anyone to your home or business to view the vehicle, always conduct a pre-screen call on them over the phone. Any buyer that appears suspicious should not be trusted and cash or certified checks should always be accepted for more protection against scammers.
6. Prepare to Sell
Selling your car can be an involved process. From trading it in at the dealership to selling privately or through used car companies, preparation is key in making a smooth sale experience.
By investing time and energy in cleaning your vehicle, researching an ideal sale price, and gathering paperwork, you can ensure the maximum return from your investment.
Make sure that when meeting buyers in an unsafe area, this will prevent scammers and ensure all parties involved leave happy. If unsure of how to proceed, seek professional advice – they can guide and make the process easier than you might expect!