Here are 9 Steps that will Help You Turn Your Used Car into Cash:
1. Learn About the Market!
You have to learn if you going to sell your car easy or you will have to drop the car`s price. There are general rules that you should consider before you even start to sell your car.
-If you own a family sedan, you should know there is a constant demand for that kind of cars from a lot of people that are trying to find inexpensive vehicle.
-If you are selling the convertible, than you should do it in spring or summer. Fall and winter season are not appropriate to sell this kind of cars.
--Vans and trucks are always steady sellers with competitive price.
-For the collectors cars you need to find the right buyer if you want to achieve the real price for the car.
2. Determine the Fair Value of Your Car!
Before you price your car, check online how much the others are selling the same model, mileage, options, condition, color and the year of production.
You should ask for more money than you will actually accept. If you want to get $10,000 for the car, you should list the car at $11,500, so you will get your price after the negotiation. Don`t set your car with the price as $11,495 because you will look alike a car dealer or someone who is selling used cars for living.
3. The First Look of Your Car is very Important!
If you want the first look of your car to be positive than make your car to have “curb appeal”. This is your to-do list:
-Make the detailed cleaning of your car
-Make all the mechanical checkups and make sure your car`s engine and chassis sounds good
-Make all the low cost repairs
-Take out all your belongings and junk from your car, because when the potential buyer goes on a test drive, he will visualize the car as he is the owner
-Treat the tire with the gloss product
-Clean all the windows and mirrors
4. Advertise Your Car!
These are the best markets for used cars advertisement:
-The best web sites: eBay Classifieds, Cars.com, AutoTrader.com and Craigslist.com
-Social media: Facebook, Twitter, Google +…
-Message boards on online car forums
-Tell your friends, relatives and colleagues
-Put a “For Sale” sign in the car window
You should create and Ads that will sell your car, so besides the price include make, year, options, mileage, condition and color. When you will make the advertisement you must include the phrases: “Must Sell”, “or best offer”, “Asking Price”…
5. Show Your Car!
Selling a good car should be simple; however you can have difficult and pushy prospective buyers. If you don`t want to sell your car in front of your home, than arrange the meeting in front of the shopping center or a park near you.
The potential buyer is making a big decision, so you should answer the questions about the car`s performance and history very honestly in order to show him that he can trust you.
If you have the inspection report from a mechanic, that can save you a time if the some buyer wants to take the car to the mechanic to have it inspected. However if they still want to inspect the car, than you should consider this as reasonable request and you should go along with them.
6. Negotiate for the Best Price!
If the car passes through test drive than you should expect the negotiation questions like: “What is your best price?”, “Would you accept…”
You should have your final price in your head, be prepared and think of your responses ahead of time. Once you start to sell your car than you can hold to your price, but if you don’t sell it right away, than be more flexible about the price.
If you make a discount on your car`s price by e-mail before they even see the car, than they may ask for another price reduction after they will see it. So, tell them that you can discuss the price when they will see the car.
7. Avoid Complications!
Avoid the agreements with a buyer with additional performing repair work on the car after you sell it. This can lead to a lot of misunderstandings, so avoid this if you can. Make sure that your car is in good running order and write in your “ads” that the car is being sold “as is” and refer to the statement when you will close the deal.
8. Finalize the Sale!
Make sure you check the rules governing the sale of car with the DMV (Department of Motor Vehicles) in your state. The most of the information are available on DMV Web sites.
It is very important to limit your liability when you are selling the car, so once you will get the money from the sale request a cashier’s check, sign the car’s title to the buyer and record the odometer reading.
In some states, the license plates are going along with the car, so the title will be mailed to the new owner. Like an addition in some states, a liability form can be downloaded from the web site of DMV, so after signing this will establish the time when the car left your possession.
If the bank is holding the title of the car and you still owe money, you should conclude the sale at that bank. So, once the bank paid the loan balance and the money changed hands, you can sign the title over to the new buyer.
In case the bank holds the title, go with the buyer to the Department of Motor Vehicles and get a temporary operating permit that will be based on a bill of sale. After you will pay off the balance of the loan with the proceeds from the sale of the car, you should send it by mail with the title to the owner. Then, you should sign it over to the new owner and finally the transaction is complete.
However at the end you should contact your insurance agent to cancel your car`s policy.
9. After You Sold the Car!
The car you already sold can breaks down, however no warranty is provided. In the most states in the US, the condition of a used car for sale is considered “as is”.
So, you have no obligation to pay if the car must be repaired or refund the money to the buyer.
At the very end selling a second hand car can be a win-win situation, because you got your money for the car and at the same time the new owner found a reliable transportation for himself.
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