Selling a used car can take time and effort, resources most people don’t have the luxury of spending. As a result of the time-consuming and labor-intensive process, most car owners will either sell it to the lowest bidder or won’t sell it at all. Either way, these two paths lead to less profit. If you want to get the best deal out of your used car, then here are 9 ways to maximize the potential profits.
Timing
Get a feel of what the economy is like right now. Is your local neighborhood thriving with job openings and luxury assets? Or are the people you meet and greet everyday unemployed or living off paycheck to paycheck? Aside from economic factors, what other internal factors might affect your decision? People who are working around time-sensitive matters, like a financial emergency or an investment opportunity, will require a more aggressive action plan than those who can wait out markets.
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Know Your Market
What age groups will the car appeal to? According to car sellers, selling your car shouldn’t have to be a pain in the boot. It should be simple, speedy and stress-free. In order to make that happen, getting to know your potential buyer is important. This will aid in directing your marketing efforts towards the right kind of buyer. Knowing the type of person who will likely buy a car, and use that information as an edge when marketing and negotiating. If the person has a high interest for your used car, he/she will be more flexible with the price than someone who doesn’t even appreciate the machine. You can verify your target market by asking locally or conducting surveys via social media.
Car Makeover
You don’t necessarily need to change every part of the car. A new paint job, replacing those worn-out tires, or even getting alloy wheel refurbishment are some great ways to improve aesthetics and, consequently, increase the car’s value. While there are costs to making these changes, it pays for itself once you sell the car, so think of it as an investment rather than an expense.
Get the Car Listed Online
Perhaps the easiest way for car sellers to gain a ton of exposure to potential buyers is by putting an ad up on online listings. Aside from broader exposure, the setup process is easy and simple. Most listings are free to use, so you don’t have to spend a dime to get your car listed.
Have the Paperwork Ready
No buyer wants to handle the paperwork themselves when buying secondhand. Make sure any minor or major issues are resolved before you list the vehicle up for sale. If you did not make the necessary repairs, be sure to give potential buyers the heads up. Finding out for themselves can be a deal breaker for many buyers.
Let Them Test Drive the Car
When letting a potential buyer test drive a car, make sure he/she has a driver’s license. A learner’s permit or a revoked driver’s license is not acceptable and can affect your own driver’s license. It’s worth looking up through your insurance provider to see if the buyer is covered in the event that the test drive leads to an accident.
Meeting with Potential Buyers
Don’t give out your home address to potential buyers as this can present safety issues for you and your family. Instead, meet with potential buyers somewhere you both know. Ideally, it should an area that is accessible and convenient for both parties.
Ready Your Haggling Skills
Don’t expect the asking price to be the final price. Cars can be a huge investment despite their secondhand nature. Understandably, buyers would want to haggle with the prices to get the most discounts possible. Before you even put your car up for sale at online listings, work on the lowest number you would expect. If the number is hit and the buyer still doesn’t take it, walk away.
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Closing the Deal
Once you’ve settled on an agreeable price and the buyer has committed to purchasing the car, provide them with a receipt indicating the car is being sold as seen. Make sure you leave yourself a signed copy of the terms agreed upon. In addition, do not hand over the car keys to the buyer until they’ve paid it in full. Although they look trustworthy, this is strictly business and not something you should be emotionally involved in.
In today’s economy, it can be difficult to sell even used and discounted cars. Using these 9 tips, you can simplify the process and at the same time maximize the price.
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