Selling your vehicle privately can seem to be a daunting task. With a few simple rules to follow, it can however, turn into a profitable experience for both you and the buyer. Always do plenty of research regarding every step of the process and keep good records of any and all paperwork and in the end you can turn your old vehicle into cash!
The first step is to know the market. Family cars like minivans or sedans are always in high demand. People are always having children and growing their families. While these cars may not be the most exciting on the market, they are very practical to a lot of people. If you are selling a convertible or sports car, try to wait and sell it during warmer months. More people will want to look at a fun, flashy car when the sun is warm and shining and they can show it off around town. Also, do some research online and get an idea for what the average going rate is for cars similar to the one you want to sell.
A couple useful tools online are Kelly Blue Book and Edmunds.com. These websites will help you to calculate what the fair market value for your vehicle is so you can price it accordingly. After researching what other people are selling similar cars for and getting a fair market value price for your vehicle, decide on a selling price. Make sure you leave some room for negotiating, buyers will inevitably try to get the best deal they can but you don’t want to end up taking a price lower than you really want. Also, price your vehicle carefully. People like the look of a nice round number, like “$8250”. If you price your vehicle at “$9347”, you could lose some potential buyers.
The next important step to take is to make sure you bump up your vehicle’s curb appeal. The first impression is a lasting impression. Take your car to an auto detailing place and get them to clean it from top to bottom. Make sure everything is as clean and shiny as you can get it. Remove any junk or trash from the floorboards and be sure to empty the trunk. Also, give the car a good washing and waxing and see if there are any scratches or dings that you can easily buff out so your car is looking its best. Most buyers will decide in the first few seconds of looking at your car whether or not they are interested in buying it. Also, consider getting a Carfax report to show buyers that the title is clean.
After you have gotten your car up and running and clean, it’s time to tackle the advertising. Newspaper ads, while a bit pricey, get the best results. In this digital age, online ads can also be profitable. Many websites let you advertise for free and you could get some good hits off of them. Also, put a For Sale sign in the window of your car. This can be especially effective if you plan to continue to drive the vehicle while you are trying to sell it.
Once you have advertising out for your vehicle, be prepared for phone calls and always make the potential buyer comfortable so they will want to come out and look at the car. Also, be prepared for potential buyers to negotiate the price you have set. Try to prepare answers to questions like “What’s the best price you’ll give me” or “Would you accept (amount)?”. And finally, know your bottom line and don’t go below it; let the buyer leave and if they are truly interested, they will call you back the next day willing to pay your price.
Once you have a sale in the works, check with your local DMV to make sure that you are following all the laws regarding the sale of a vehicle. Sometimes you can also find a release of liability form to download on the DMV’s website. Record all important information about your vehicle prior to the sale, like the odometer reading and be sure to keep copies of all the paperwork dealing with the sale. And finally, once the sale has been finalized and the title was signed over to the new buyer, remember to cancel your insurance policy. You don’t want to pay insurance on the vehicle for any longer than you have to!
Author Resource:
Scott Conklin is the president of Conklin Cars, a leading provider of Kansas Ford, Kansas Toyota, Kansas Honda, and many other Kansas cars, trucks, and SUVs. Conklin Cars can be found online at: http://www.conklincars.com .
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