While selling your car, there are many things you can do to ensure that you get as much money as possible from the sale. Getting the best price possible can help you make a large down payment on your next car.
Your options vary from simply trading it to a car dealership to directly selling it to a private buyer. Although there is a possibility of making the most from direct selling, it requires more effort. And even with all of that, you will need to know how to negotiate, avoid intimidation, and be willing to say no to a bad offer.
Taking the following stepwise approach is the ideal way to get the most out of selling your current car.
1. Decide Mode of Sale
2. Preparing Your Car For Sale
3. Fix a Price Range
4. Advertise that you are selling
5. Safely Show Your Car
6. Allow Prospective Buyers To Test Drive
7. Allow a Pre-sale Inspection
8. Negotiate a Fair Price
9. Complete the necessary Paper Work
10. Get Paid
1) Decide the Mode of Sale
There are many ways of selling your car and each has its own advantages and disadvantages and the potential to get you the most cash.
The easiest way to sell your car is to go for a dealer exchange program, where you can exchange your old car for a new car from the dealer. Although it might not fetch you a good price, it can be hassle free and it may save you some sales tax.
A line of caution is that many salespeople intend to mix the price of your new car, your trade-in value, and the cost of your financing into one puzzling set of numbers that makes it easier for them to overcharge you. Rather, you would want to treat each component as a separate transaction, and negotiate it accordingly.
Generally, dealers won’t offer you the best price for several reasons. For starters, they will be taking care of all the paperwork for the sales exchange and title transfer, saving you sizeable amount of time and hassle. Secondly, they will be refurbishing and advertising the car for resale, which can cost them quite some money and effort.
Selling It Yourself
Opting for a direct sale of your car can bring in the best price possible. Though, by far it takes the most work. It requires time, money and effort to prepare the car for sale and collecting years’ worth of sales paper work, you also have to meet potential buyers and complete all sales related documents.
2) Preparing Your Car for Sale
When you are directly selling to a buyer, a vehicle with a well-documented service and repair history can demand a larger price than one without any documentation. Collect as many service related documents as you can dig up, so that you are prepared to show it to potential buyers.
For instance, the car has been repaired following a collision, a detailed service document on what was repaired and that it was repaired through a reputable dealer can reduce buyer anxiety.
If you are the first owner of the car, showing the original purchase document can get you a little extra.
3) Fix a Price Range
Deciding the right price to ask for your car can be tricky. It has to be high enough to have room for negotiation, but low enough that potential buyers can run away.
If the price that you demand is lesser than the cars in the market, it will attract more attention and hence a faster sale.
Referencing several online vehicle evaluation tools, you can get an idea of the price range of the cars that you are trying to sell. As a direct seller your price range should be somewhere in the middle.
4) Advertise That You Are Selling
Now it is easier to advertise that you are selling your car through online platforms like Craigslist, Facebook market place, OLX etc. There is little delay in publication and you can delete it as soon as you make a sale.
5) Safely Show your Car
There are lot many ways to show that your car to potential buyers. But this should be done carefully, because it is naïve to believe that all has good intention. Moreover you have to take care to ensure your personal and financial security. It would be ideal to meet somewhere like a busy location with plenty of cameras and lighting- such as a shopping mall parking lot.
6) Allow Prospective Buyers To Test Drive
Normally, you would want to accompany any prospective buyer while being test drived by a potential buyer. But before you hit the road, take a little bit of precaution to ensure personal safety. Also, have a pre-set amount of time for the test drive, and be alert if the buyer is taking you to some unchartered waters.
7) Allow a Pre-Sale Inspection
Buyers would demand a pre-purchase inspection by an independent mechanic, and you need to be prepared for the request. You can take your car to the auto spare parts dealer in UAE of their choice or yours. If an issue comes up during the inspection, the buyer might ask you to lower the price, but the decision rests with you.
8) Negotiate a Fair Price
It is not unusual for many to feel that they are intimidated by the idea of negotiating for the best price. But it is important to remember that selling your car is a business decision, and emotions should not play into your negotiations. Always remember that accepting or rejecting the price is your discretion.
9) Get Paid
The final part of the sale is getting paid. This is a tricky part for direct sellers. The safest way to get paid via bank accounts and make sure to sign off any pending paper work before you leave.