The ways to check your car’s value
First, you can check your car’s value online using a variety of valuation tools. Of course, you have to take into account that online tools won’t know the condition of your car: scratches, dents and stains on the seats can reduce resale value. But they are great at giving you a “maximum” idea of how much you can get.
Secondly, you can take your car to the manufacturer and ask them for some advice.
Finally, you can take your car to a private multi-brand dealer and ask their opinion.
On the other hand, you need to remember not to pay too much attention to the price offered by the dealer. Because the dealer is not trying to give you as much money as possible for your vehicle, they may underestimate your numbers, they are just trying to give you the minimum amount of money so they can maximize their profit when they sell the vehicle.
All that said, once you’ve received some ideas on how much people are willing to pay for your car, it’s time to decide how to sell it.
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Consider the Current Market
Is this the best time to sell your car?How in-demand is your car? Are you able to ask top dollar for it?Here are a few rules that might help you best answer those questions.
Family Sedan: These types of cars are in increasing demand for people who need the most basic and efficient form of transportation. Of course, these cars are pretty boring for car enthusiasts.
Coupe or Convertible: The price of these cars really depends on the season you are selling. If you live outside of San Diego or other warm cities) it may take longer.
Truck or Van: Don’t underestimate their value, these cars are often used for work, make sure you sell accordingly and always at a competitive price.
Collector Cars: These cars take longer, so don’t rush to sell. Of course if they are in reasonably good condition, they will also generate high prices as long as they wait patiently for the right buyer. But often they are not only difficult to price, but they also take longer to sell.
Finally, you also need to consider any and all other market conditions that may have an impact on your used car. For example, gas prices are at an all-time low, so you could sell your SUV quickly. You’re more likely to find interested buyers if your car is a hybrid or has good fuel economy and gas prices are currently higher.
Check the Pricing Guides
True market value and Kelley Blue Book price are adjusted for factors such as condition, color, options, mileage and even U.S. region. So you can use Kelley Blue Book, Edmunds, and other market guides to determine your car’s fair value. Don’t forget to check out multiple pricing guides for comparison, and it’s important to understand that the prices listed in these books are transaction prices, not asking prices. Just be sure to make sure your starting price is higher than what these guides give you, which is what you ultimately want after negotiating.
Price Your Car Competitively
Remember to leave a little room for negotiation and once you’ve checked out the competition, the price will definitely be competitive so you don’t have to take a huge loss to actually get the sale. Take advantage of the fact that your car is in high demand, and while it’s important to price your used car competitively, don’t be afraid to have a firm pricing strategy and price your car a little higher. This is especially true for cars that are in good condition but have low mileage.
To take the psychology of car buying into account, car dealers can easily use this method to price their lots ending in “9”. But if you’re a private seller, not a car dealer, and you don’t want to look like a car dealer, so instead of going with the “9” approach, you can try different prices, like $14,750 or $15,500.
The pros and cons of selling privately
We must point out that if you choose to sell your car privately, there is a lot of work to be done. You want to document the car as much as possible and really show it off. The first thing you need to do is take multiple photos of your car. A close up photo of the seat showing any bumps or scrapes. Once completed, you need to upload it to any online website you want. Selling privately can mean a lot of administrative work on your part, but it’s also a way for you to decide exactly how much your car will sell for.
Used car websites are the most common, be sure to read the fine print before uploading your car to multiple sites at once, so be aware that some may charge a commission. Not only do you need to talk to multiple people online and make time to meet them in person, but you also need to consider some safety factors and if they want to take a test drive then you need to make sure they have the insurance to do so. You need to make sure they have the correct insurance to test your car because if they don’t and something happens, your car may be written off and you won’t have insurance to protect your finances. It’s not like you take a test drive from a dealer and the dealer services you.
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