However, while there is a comprehensive 10-step guide to selling your existing automobile on the internet, this article condenses the process into five simple stages that may help you transform your old car into cash in the least amount of time. You may also print out this article and use it as a checklist to ensure that you stay on track with your objectives.
1. Investigate and determine the value of your car.
Choosing the appropriate asking price might be the difference between receiving many calls straight away and having your phone go completely silent. When determining an effective asking price, you must first determine how much the automobile is worth, as well as how much other individuals are asking for similar vehicles. Examine your vehicle’s value on Edmunds, paying close attention to the “private party” pricing. There are a variety of elements that influence this amount, including mileage, condition, options, and the location in which the car is being offered for sale.
After that, look for comparable automobiles on Edmunds, dealership websites, or online classifieds websites. This study will provide you with a greater understanding of the market worth of your specific model, as well as assist you assess whether the price you had in mind was within reasonable bounds. With this knowledge in hand, employ the same pricing strategy employed by dealerships to ensure that your vehicle is competitively priced. If you’re thinking about asking $20,000 for the automobile, advertise it as $19,900 instead of $20,000. Finally, while determining the pricing, make sure you provide some wiggle room for error. Ask for more money than you truly desire for the automobile, and bear in mind that individuals are more likely to bargain in large chunks ($500-$1,000) than in little increments ($100-$200) when they are negotiating. Set the worth of your automobile in accordance with this.
It is possible to do so in a quick and painless manner. All you have to do is submit your vehicle’s information to receive an immediate, redeemable, and obligation-free cash offer on the spot. There are seven days left on the offer, and it may be redeemed at any CarMax shop. You might use this offer as a starting point for determining the price you want to ask for. Alternatively, if you’re satisfied with the offer, you can accept it and go to the next stage without taking any more action.
2. Your car should be advertised.
Paid listings, such as those on Autotrader or CarGurus, are effective, but you must pay a fee to have your vehicle listed on these websites. Advertising for free on Craigslist, Facebook Marketplace, or eBay ads might help you save a few dollars on your next purchase.
It may be worthwhile to investigate alternative methods of advertising, such as placing a “For Sale” sign in the car’s window. This tried-and-true strategy has the potential to produce results. It’s also a good idea to utilize social media to inform your pals that you’re selling your automobile.
When you list your vehicle on the internet, make sure to include a variety of images of the vehicle taken from various perspectives. When writing the description, make sure to specify whether or not the car has any scratches, dents, or technical concerns to avoid confusion. If you want assistance with the photographs, please refer to this post. It’s also possible to indicate your eagerness to sell the automobile via the use of a few key phrases. Using the phrase “OBO” (“or best offer”) suggests that you are open to considering bids that are less than the stated price. The phrase “asking price” conveys the impression that you are willing to bargain. The term “firm” is less prevalent, but it suggests that you aren’t in a rush to sell the automobile and are more concerned with achieving the best price possible.
Upload a video of the vehicle on YouTube so that interested buyers may virtually walk around the vehicle before making an offer. Include a link in your Craigslist or eBay advertisement (links are not permitted on Autotrader listings, regrettably).
Carvana, Vroom, Tred, and Zipflip are just a few of the firms that facilitate online peer-to-peer automobile selling and purchasing. Check the websites for specifics on their policies and services for both vendors and buyers, since one functions a bit differently from the other.
3. Show your car
If you’ve followed the instructions above, you should get a number of phone calls and text messages regarding your car. Someone has shown an interest in seeing it in person. Keep in mind that when you sell your automobile, potential buyers will be analyzing not only the vehicle but also the individual who owns it. Buyers will feel more at ease if they know you take good care of the vehicle and are willing to answer any of their inquiries honestly. Check to see that the car has been cleaned and that all of your items have been removed from the interior. It is also a good idea to have your maintenance records ready to show interested parties if the need arises.
Potential customers will want to take the vehicle for a test drive. Instead of meeting at your house, meet in a public spot. Avoid typical frauds by following the safety guidelines provided by Craigslist and Facebook Marketplace. These safety precautions are also sound advise when it comes to making a deal on any online classified website. You should accompany the customer so that you can answer any inquiries. Some buyers will want to take the automobile to a technician to have it inspected before making a decision on purchasing it. In the event that you have received a complaint from your mechanic, this may dispel their concerns. This is, however, a valid request if they still choose to have the automobile serviced by a professional.
4. Negotiate your best price
Prior to seeing the vehicle in person, it is very unusual for individuals to inquire about your “best price” or attempt to bargain for a lower price. In the event that you offer them a figure before they see the automobile, they may attempt to drop the price even more once they have seen it. Try to prevent these scenarios by informing buyers that you would like to bargain once they have viewed the vehicle in person.
When someone takes a test drive in your automobile and decides that he or she likes it, you may anticipate him or her to make an offer. The best course of action is to either refuse to accept the offer or make a counteroffer if the offer is much less than your asking price. A simple counteroffer is to meet the would-be buyer halfway or to slightly raise the offer that has been made to you in the first place. Give some attention to the bargaining process ahead of time so that you are not caught off guard when the time arrives.
In certain instances, the buyer may choose to enter into an agreement with you that is conditional on your conducting repair work. This might lead to misunderstandings down the road, so try to avoid such transactions if at all possible. The best course of action is to reduce the price of the vehicle so that the buyer can manage the repairs without your involvement.
5. Finalize the payment and paperwork
Auto sales regulations differ from one state to the next in terms of what can be purchased. Consult with the appropriate government agency in your state. The majority of this information is now readily available on the internet. When selling your automobile, it’s critical to reduce your responsibility as much as possible. It is possible that you will be held liable if the consumer receives a parking ticket or is involved in an accident after purchasing your product. Most states offer a release of responsibility form that you may fill out in order to avoid a situation like this from occurring. This article on how to close a used automobile transaction has additional in-depth information as well as a useful checklist.
Once you’ve received the money from the sale — it’s common to ask for a cashier’s check or cash — you can either sign over the title to the buyer or give the individual with a bill of sale to complete the transaction. Lastly, don’t forget to call your insurance agent to have your coverage on the vehicle you’ve just sold terminated.
6. Trust your gut
Occasionally, unanticipated snags occur throughout the course of the sale. If you are dealing with a decent individual, you should have no trouble interacting with them. When prospective buyers approach you, utilize your intuition to determine whether or not they are a good fit. If they appear tough, demanding, or even unscrupulous, look for a another purchaser. Selling a used automobile should be simple and straightforward if you work with the correct person..