Be your own car's dealer and earn 20% more
If you have decided to sell your car, pitching it yourself can earn you extra money upto 20% than trading your car to a dealer. According to used car valuation from Kelley Blue Book, a good-condition 2007 Honda Accord LX is worth $10,925 as a trade-in, but could fetch $12,870 in a direct sale.
It is the right time to sell the car, when the supply is lower than the demand of used cars according to Mark Scott of Auto Trader, the largest online cars advertising site. With very few people to sell or trade their old cars, last year and early this year, number of used cars in the market is less. Low sale of new car last year also affected the used car market.
To get a better deal in direct sale of the car, take care of the following points:
Estimate your car's value. Free online valuation tools in Kelley Blue Book, Edmunds.com, and Auto Trader help you in estimating your car's value by noting the equipment, condition, and mileage of your car. Also, look for sale prices in classified ads for similar cars.
Create a win-win situation for the buyer: quote your sale price 5% to 10% above the amount you have actually estimated. Allow the buyer to negotiate in small steps and create a win-win situation for him by dropping your prices.
Price the car on how soon you want to sell. If you can wait to get a good deal, keep the price similar to the local advertised rates. However, if you want sell it instantly then keep your price a little less than market quote. Price $9500 for a car whose market price is $10000.
Revamp your car. Get your car cleaned up by a professional or at a service station, if you do not have the time to clean it yourself.
Get the minor repair done. Get any minor defect fixed before putting it on sale. It may help you bargain better.
Write an attractive ad. The ad should include facts like make, model, mileage, condition- without over-hyping. State its real condition and specify any special features, like a premium sound system or sunroof. Specify if you are the first owner. It can be an added advantage.
Advertise online and in supermarket pennysavers. An online ad at AutoTrader can help you fetch buyer. Also, put an ad in your local shopper and get the car listed free on Craig's List.
Convince your prospective buyers. Keep the records of oil changes and maintenance handy to show them for assurance. Show the receipts to the buyer if you recently upgraded the car. Prove you have fixed the problem if you are selling a recent recall notices like the Toyota Corolla. For any used car, get a vehicle history report from a service such as Carfax, listing all previous owners (if any) and guaranteeing that the vehicle has not been damaged in an accident or flooded.