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Tips On How To Sell Your Car... If there's one aspect of vehicle ownership that causes high anxiety, it's selling a car to a private party. Thanks to the Internet, selling you car is a completely different experience from what it was a few years ago. These simple steps can help turn your used car into cash: ● Check the Market - Your first step is to see what vehicles similar to yours are selling for. Most sites, such as Edmunds.com or KelleyBlueBook.com, allow you to search for the specific year and trim level. You should also check the ads in your local newspaper. ● Price Competitively - Follow your intuition, and leave a little cushion in your asking price. For example, if you want to get $10,000, advertise the car for $10,500. If someone purchases it for the asking amount, you just made an 'extra' $500. If you have to go lower during the price negotiation, you can drop the price of the car by $500, and still get your original asking price. Everyone is happy! ● Spiff It Up - Before you place an ad for your vehicle, it should look good enough to attract buyers. Make sure it's washed, waxed, and detailed... and especially clean out the interior (prospective buyers do not want to see crumbs and soda stains from last year). Pull out all your maintenance records, and have them ready to show interested parties. If the car needs servicing or just a routine oil change, get it done. While it's at the shop, have your mechanic examine the vehicle and note its condition. ● Place An Ad - Traditionally, newspapers have been the primary place to advertise a vehicle. Online ads are becoming popular and are a cheaper advertising medium. You can also use weekly giveaway papers and bulletin boards at the local supermarket or college, or simply place a "For Sale" sign on the vehicle. ● Show the Car - Most prospective buyers will be nervous in anticipation of making a big decision and spending a lot of money. Answer their questions openly. Since they'll probably want to test-drive the car, be sure they have a driver's license, and go with them so you can answer any questions they may have about the car's history and performance. ● Negotiate - If someone looks at your car, test-drives it, and it passes their approval, then don't be surprised if they make you an offer. Most people are uncomfortable negotiating, so be sensitive, but don't give your car away to the first interested party. ● Make the Sale - Check with your local DMV (Department of Motor Vehicles) to learn your state's requirements for transfer of title, and follow their specific guidelines. Once you've received a cashier's check or cash for the vehicle, then sign the title over to the buyer. If you still owe money on the car, and the lending company holds the title, conclude the sale at the bank where the title is held. Should an out-of-state bank hold the title, then go with the buyer to the DMV and get a temporary operating permit based on a bill of sale. After you pay off the balance and the title is mailed to you, just sign it over to the new owner, and the transaction is complete. Don't forget to contact your insurance agent to cancel your policy on the vehicle you've sold (and transfer the coverage to your new car).
This page was last updated on 08/25/06. |
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