Most car owners ready to replace their old vehicle with a newer one get rid of their used car by selling it. The good news is that there are several ways of selling a car: you can auction it off, trade it in with a dealer, or sell it privately. Of course, each of these methods comes with advantages and disadvantages.
Both trade-ins and auctions involve a third party, which is why they don’t give car owners the best price in general. The positive thing about selling your vehicle to a dealer or through an auction house, though, is that they’re both convenient on your part because they involve straightforward processes.
Selling privately, on the other hand, can take time. It also requires the seller to be knowledgeable enough to secure a good sale. There’s the risk of getting scammed as well. However, it could help you maximize the money you’ll get from the sale, and there are safer alternatives to selling a car to anyone interested in your vehicle. One option to sell privately but safely is to sell to we-buy-car companies willing to offer cash for all types of cars. Nevertheless, a private sale is your best bet if you’re up for putting in hard work during the sale process to obtain a higher price for your vehicle. Read on to get some tips on how to sell your car privately and safely.
1.Spruce Up Your Car
The first step in selling your car privately is making your vehicle presentable so that it’ll catch potential buyers’ attention quickly. Remember that no one wants to shell out money for a car that’s seen better days, so make sure to do the following as you prepare your car for sale.
Give your car a thorough clean. This means doing it for the interior and exterior alike.
Touch up any paint scratches.
Get it detailed (upholstery cleaning, vacuuming, and waxing).
Remove any kid’s toys or unnecessary items that may be hidden inside the vehicle’s compartments.
Besides enhancing the appearance of your car, you should also tune it up. Here’s how you can bring your automobile to its best condition:
Top off the engine oil and other fluids.
Test the lights and replace them if necessary.
Check the tire pressure and adjust accordingly.
Many people ask whether it’s a good idea to fix cosmetic damage (more significant and noticeable than scratches) that might put off potential buyers before listing the car for sale. Well, if you want to sell your vehicle fast, you can go ahead and do that. However, it’s essential to note that while it might increase your car’s worth, there’s no guarantee that you’ll completely get back what you’ve spent on repairs. It’s up to you, the owner, to decide on this matter.
2.Price Your Car Right
Determining the correct value for your vehicle can be tricky. Keep in mind that asking for too high of an amount during the sale will discourage potential buyers. But you don’t want to price it too low, either. That’s why car owners need to have an estimated price or ballpark figure.
Here’s what you can do to gauge the value of your car:
Consider the market.
Analyze the current car market by taking note of the time of year you’re selling your vehicle, the type of buyers on the market, and in-demand car models. For example, you’ll find it hard to sell convertibles and ask for a higher price for them if you’re selling them to people who don’t live in a beachside town. Sedans and SUVs, too, won’t sell fast and for more money in non-suburban areas.
Use online valuation tools.
Online resources that list prices of used vehicles are also worth checking. Some of them even allow for comparison of cars based on their model and make.
Head to online marketplaces for used vehicles.
Another way to gauge your vehicle’s value is to join online groups and forums that focus on used cars. Look for conversations regarding the sale of a vehicle of the same model and make in order to get a good idea of the amount you could reasonably ask for your car. Don’t forget to take other factors into account, such as how many years you’ve owned the automobile, the repair and upgrades you’ve subjected it to, and the number of miles it has run so far.
Obtain a valuation from dealerships.
Getting offers from multiple dealers can also give you a rough estimate of your vehicle’s worth.
When doing the valuation for your car, make sure to set a higher asking price than what you want or are willing to receive to make room for negotiations. That way, you can lower the value if necessary.
3. List Or Advertise Your Car
Once you’ve decided on the correct price of your vehicle, you’re ready to list or advertise your car. The good news is that there are many ways you can show your vehicle to potential buyers. Some of your options are online listing platforms, print ads, social media channels like Facebook and Instagram, and local newspapers. Some car owners even choose to only put a ‘for sale’ sign on their car’s side window.
When creating an advertisement, make sure to state the following:
Make and model of the car
Mileage
New or upgraded parts (for example, car subwoofers and similar accessories installed)
Service history
Also, make sure to manage the expectations of potential buyers by being honest about your vehicle’s condition when creating an ad. Photographs can help you with that. Yes, capturing high-quality images of your car is essential. Let potential buyers clearly see all of your car’s features by taking photos of your vehicle from different angles, including:
Exterior
The front view
The rearview
The wheels and tires
Interior
The dashboard
The compartments (e.g., engine compartment)
Selling A Car To A Private Buyer Safely: Tips To Ponder
It’s time to meet interested buyers now that you’ve already spruced up, priced, and listed or advertised your car. Prepare to deal with viewings and, finally, the payment. However, remember that the last two steps are the most crucial part of selling your car privately. If you’re wondering why, it’s because during those stages, scams and theft usually take place. After all, you’re going to deal with strangers when you show your vehicle to potential buyers and negotiate the amount of money you’ll take for it.
Take note of the following to stay safe while selling your vehicle:
Do a background check on the interested buyer.
Make sure to learn everything you need to know about an interested buyer ahead of meeting them. The best way to do this is through cyber hunting; a prospective buyer’s digital footprint will be able to tell you so much about their trustworthiness and credibility.
Hold the viewings in a safe place
Choose a place where there’s always plenty of other people nearby to conduct a safe viewing. Avoid dark areas or unfamiliar parts of a town or city. Also, keep the interactions with the interested buyer outside your house if the viewing will be at your residence. Any request that makes you uncomfortable must be politely refused. If you can bring someone you trust to the meeting or viewing place, do so for added security.
Prefer cash over other modes of payment.
The safest way to be paid is through cash, especially if you can have someone with you who can help count the money and double-check things. Although you can also opt for bank transfers, don’t let the buyer drive away until you’re sure that the transaction has been completed online.
Final Word
Once all the things discussed above have been followed, all that’s left to do is provide the new owner with any warranty documents, remove your license plate, and hand over the keys (including spare ones). Don’t forget to pass on the vehicle handbook and service history as well.