Do you have a used car that you are ready to get rid of? This may be a great time to sell.
Used car sales are poised to break sales records in 2019. As new cars increase in price, people are looking for affordable ways to buy a car.
Just because there are more people looking to buy used cars, it doesn't mean that you can command top dollar for your car. You have to present it in the best possible way.
Knowing the steps to selling a car will help you earn the trust of potential buyers. After all, you're competing against more established sellers and dealerships.
What are the steps to selling a car?
Keep reading to find out.
1. Decide How You Want to Sell It
You have a lot of options when it comes to selling your used car. You can opt to sell it to a dealership, sell it privately, junk it, or sell it to a rental car agency.
All of these options have their positives and negatives. For example, selling to a dealership is the easiest way to sell your car. On the downside, they're going to give you a low offer on your car. They plan to resell your car and they need to maximize the profit margin.
Selling privately can yield a higher dollar amount, but there's much more work involved.
2. Get the Paperwork Together
Regardless of how you decide to sell your car, you have to prove that you're the owner of the vehicle.
You'll definitely need to have your title. If you lost your title, you'll want to contact your state's DMV to get a replacement.
If you still have an outstanding loan on the car, you'll want to contact your lender and let them know that you intend to sell. The title may be under your bank's name since they technically own the car until you paid off the loan.
You'll also want to gather everything about the car's history. The more you can show, the more you can claim in value.
Maintenance records and a run on the VIN number to show no accidents are documents that you want to show.
3. Find the Car Value
The car's value is the most important part of the sale. Price it too low and you miss out on money. Price it too high, you're wasting time and the car will sit.
How can you come up with the car's value? Start with an honest assessment of the condition of the car. Note any dings, scratches, and the condition of the interior.
You can use online guides like the Kelley Blue Book or Edmunds to run a couple of numbers. You'll need to enter the location, the condition of the car, make, model, year, and mileage of the vehicle.
You'll get some numbers you can work with. You'll also want to see online listings in your area to find out what similar cars are selling for.
4. Clean the Car
You're going to present the car for sale to try to get the highest sales price. If it's full of garbage, buyers won't be impressed.
Spend a little time and money to clean it thoroughly. You'll want to vacuum it, get the junk out the car, and clean the trunk. You may want to clean the engine to give the car some added shine.
5. Place the Ad
If you choose to sell the car privately, you'll need to advertise your car. This is a chance to make the car really stand out.
You can get creative in your ad listing and use images that make the car look awesome. Don't be afraid to use humor in your ad. People will appreciate that and will be likely to respond based on that alone.
6. Respond to Queries and Test Drives
Your ad should generate quite a bit of interest. You may get a number of queries about the car. Your job is to answer them in a timely fashion and honestly.
Try to respond to queries as soon as possible. Anything over 24 hours may be too long and you could lose the sale.
Serious buyers will want to ask about taking a test drive. You'll be able to show them the maintenance records of the car and walk them through what you love about the car.
7. Negotiate and Close
When you're selling a car as a private seller, people are going to try to take advantage of you. They'll lowball the price of the car and offer you something ridiculous. It may be borderline insulting.
You'll want to pull out the paperwork and the research that shows how you came up with that price. If you did your homework right, you should be able to justify your sales price.
You may have to let a few potential buyers go until you find the right one for the right price.
Before the new owner of the car drives off, you have to figure out what to with the license plates. Your legal requirements will depend on what state you're in. This article has a complete rundown as to what you need to do.
Steps to Selling a Car
Selling a car that's used can be a great opportunity to get an influx of cash, as long as you can command the full value of the car.
The steps to selling a car make it easy for you to understand what is required. You have to make sure that you have your paperwork, you price the vehicle fairly, and you present the car in the best possible light.
That will help you find the right buyer and sell your car for the right price.
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