This is the second review of mine on the same topic. Selling a car can be rewarding, especially with a little guidance. I’ve come up with a few tips to make the experience easier and to help you get the best price for your car. The first one is posted in Buying tips for second hand car because then, this section was not available.
Set a competitive price
A good place to start is determining the market value of your car. Check used car value at any of the showroom in your city. Most of the time I noticed that the cost of the car in seconds is determined less. For example if you have a M800 of year 2000, the showroom could give an exchange price of about 75k. You can actually expect around 85k to 90k also have a look at the local market to see what used cars similar to yours are being sold for.
If you’re open to negotiation, determine the least amount you will accept. Based on that amount, you may want to create some cushion in your price. Entry level cars have a cushion price of about 10k and expensive sedans have about 25k-30k.
Remember, buyers are looking at the same market you visit, so if your price is close to or lower than the price they found, your car could be that much more appealing.
Once you set your price, consider using the proper ad lingo when you advertise.Inserting’best offer’ or’asking price’ signals you’ll consider an offer lower than the stated price. You may get more responses. Stating your price is’firm’ signals that you’re sticking to your price.
Get your car ready
Appearance is everything. That means you should thoroughly clean your car, inside and out. And consider taking care of any minor maintenance issues.
Here’s a list of things you can do to improve your car’s appearance
Wash, wax and vacuum your car.
Wipe down the dashboard and other surfaces.
Gloss up the tires and polish the wheels.
Clean all glass inside and out, including mirrors.
Clean out any junk from inside your car and the trunk.
Replace any burnt lights or fuses.
Top off the fluids if possible also change the engine oil which makes a big difference.
Gather your car’s records
Smart car buyer want to know how well maintained your vehicle is and will ask for maintenance records. A presentable maintenance log with all of your receipts, especially oil changes, can be a powerful selling tool.
Consider collecting the receipts you have and creating a maintenance log. If you know you had something done but can’t find the receipt, log it anyway. Warranty receipts are especially important. If you’ve recently replaced your tires or battery, present the warranty to the buyer
How do I close the deal?
You’ve done your homework. Now it’s time to sell your car. With a little preparation and patience, you should do just fine
Show your car to interested buyers
Once you make an appointment, a buyer will most likely want to take your car for a spin.
Before the test-drive, remember to:
Ask to see a valid driver’s license.
Let the buyer drive, but you navigate.
Have a planned route in mind that allows the buyer to experience different driving conditions.
If a buyer is very interested and wants you to hold the car, ask for a deposit and specify that it’s only for a certain amount of time. Also, some buyers may want to have the car inspected by their mechanic. This is a reasonable request, but it’s up to you how you want to handle it.
Negotiate a fair price
By now, you know what your car is worth, and you know what you’re willing to accept. Prepare yourself with possible responses when a buyer begins to negotiate. For example:
If a buyer mentions a scratch or ding, say it’s normal wear and tear and that it’s accounted for in the depreciated market value.
If a buyer makes an offer lower than your asking price, counter offer. Never seem too eager to lower your price. And don’t budge beyond your minimum.
If a buyer shows you a mechanic’s receipt for repairs needed on your car, take a look at the repairs. If they’re warranted, consider reducing the price based on the amount needed for the repairs. If you advertised that your car is being sold’as is, ’ then simply refer to your ad.
Finalize the sale
Once you settle on a price, accept only cash before you sign over the title. Be suspicious of any buyers who offer a complicated payment arrangement that involves overpayment with a refund. In general, be aware of the different signs of fraud.
You should have a bill of sale ready for both parties. A bill of sale is a sales receipt that shows transfer of ownership to the buyer and contains both parties’ contact information, details about the car, the agreed upon sell price and the odometer reading.
Also, check with your state motor vehicle website to find out what the requirements are to transfer the title to the new owner. Generally, you will have to sign and date the title before turning it over to the buyer. Notifying your local motor vehicle office of the transaction and ensuring the title is correctly transferred will prevent you from being liable for any accidents.
If you still owe money on the car and a lending institution is holding the title, you can finish the sale with the buyer at the offices of the lender. Once you have the money and the loan has been paid off, sign the title to the buyer.
One last thing—don’t forget to cancel or transfer your insurance policy to your new car.