Five Ways to Sell Your Car for More Money
When it comes time to sell your car, you obviously want to get as much money as possible so you can invest in a new car (or achieve your other financial goals). Your job as a seller is to show potential buyers that your car has been taken care of and is worth the money, and that means it needs to look and feel both shiny and safe. This requires some preparation and a tactical approach to the sale itself.
Here are great ways to increase the selling price of your car.
Clean it thoroughly
Potential buyers won’t want to shell out money for a dirty or dirty car, so if you do nothing else, at least give your car a thorough wash to enhance its appeal. Professional detailing will likely add value, but will also cut into your profits, so you may want to try DIY detailing first . At a minimum, you should remove debris and thoroughly vacuum your vehicle. Consider replacing your rugs for a fresh look.
Serve him
Hopefully your car is already undergoing regular maintenance, but pre-sale is a great time to have it inspected and serviced. At a minimum, this means topping up fluids and replacing faulty light bulbs or fuses. It’s also a good idea to repair any obvious damage, such as a broken windshield or dent. New tires and brakes can also provide a good return on investment.
When it comes to major repairs, you’ll have to determine whether it’s worth the investment or whether you should sell the car as-is. You may not recoup the cost, and skipping repairs may not reduce the value of your car much. If you’re unsure, get a few trade-in quotes before you start renovating to compare your options.
Collect all your notes
Depending on your sales strategy, you may be able to get more for your vehicle, or at least have more leverage if you can show a complete service history through thorough service records. Don’t throw away the documentation, and if you already have, you may be able to get copies from your mechanic or dealership. You can also request your vehicle’s Carfax record , which includes accident, maintenance and ownership history.
You’ll also need the title of your vehicle, and if it was purchased new, the original sales documents may be helpful to verify the upsell features.
Understand the value of your car
Before you go to a car dealership or put your car up for private sale, you need to know how much it’s worth. There are several online tools for this, but Kelley Blue Book is a great place to start. Simply enter your vehicle identification number (VIN) , make/model or license plate number to see your vehicle’s trade-in and trade-in value. You can also view similar vehicles for sale on Cars.com for comparison.
Knowing your car’s value can help you in negotiations, and if you’re going the private sale route, you may want to set the list price a little higher to allow for haggling.
Choose the best sales strategy
There are several ways to sell your used car, from listing it in local classifieds to selling it at a dealership. Each has its pros and cons, and the best option largely depends on the type of car you’re selling. A recent Consumer Reports study found that consumers perceive instant cash offers from companies like Carvana as the best and worst for dealer trade-in offers.
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Instant Cash Offers: Provide Carvana or CarMax with your license plate number or VIN and some information about your vehicle’s condition and receive an instant online offer. According to CR, this is best for paid-for, low-mileage vehicles, especially if you have full service records.
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Private sale. If you have a high-mileage car paid for and maintained, you can make the most profit by selling it to an individual through Facebook Marketplace, Craigslist or Autotrader. This may require some bargaining.
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Sales through a dealer. Additionally, you can sell your used new model car directly to the dealership, even if you don’t buy another car from them. This also works for cars that are in high demand and worth less than their loan balance. You should compare offers at several dealerships.
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Trade-in at the dealer. Finally, a trade-in can reduce the cost of financing a new car at the dealership, although you’ll likely get less value for your car than if you sold it privately. But if you have a new car that you’re still paying for, this could be a good option.
If you’re not in a rush to sell, you can get more money by being patient and willing to walk away from the deal.