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How to sell your used car in 8 steps Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare information for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they may be displayed within the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews that you see on this site. We do not cover the entire universe of businesses or financial deals that could be accessible to you.
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5 min read published on February 27, 2023.
Written by Allison Martin Written by
Allison Martin’s work started over 10 years ago as a digital media strategist. She’s been published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to take control of their finances with concise, well-studied and well-researched content that breaks down complicated subjects into digestible chunks.
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The demand for second-hand cars is high due to the . Although the shortage is decreasing and could even close this year, many auto makers continue to make fewer vehicles than they normally do. This means that dealers have smaller amounts of inventory. This is good news should you be selling your used car since you’re likely to be able to find more than a few potential buyers. Before you place an ad online you must follow a few basic steps you should follow to ensure you get the most money for your car. 8 steps to sell your used car When selling an asset as significant as a car you want to secure the best price possible. Make sure you clean your vehicle prior to listing it for sale. Also, you should take time to determine the best price for sale and learn how to bargain efficiently. 1. Pick the method you prefer you’d like to market your vehicle.. There are three ways to sell your car: Sell it to a third party: only will work if you’re planning to buy a car from the dealership . It’s convenient since you don’t need to promote your car to buyers. The downside is you probably will not get as much value for your vehicle like you’d with a private sale. A private sale will generally receive more in the event that you decide to sell it on your own. However, you will have to work hard to find the right buyer and agree on a specific sale price. Dealerships: Many dealers will offer you a no-cost and no-obligation cash deal for your vehicle. It’s fast and simple, and you’ll have an agreed-upon time frame to decide whether you want to redeem the offer. Car buying websites: like Shift and AutoNation guarantee to offer you a price for your car within minutes. You’ll have to provide the necessary information regarding the car’s make, model, color and mileage. You’ll also need to upload pictures. These companies offer cash in a short time for your car, however they usually charge service fees which eat away at your profit. 2. Get the required documents can’t sell your vehicle to a dealer or private party unless you’ve got these documents in your possession The original paperwork from the transaction of selling the car. The vehicle’s title. Any service records available. If you’re lacking one of these documents, wait until you have them in your possession to be able to sell your car. In the event that you do not, you may face complications when trying to finalize the transaction. It’s also a good idea to have the documentation for emissions tests accessible if you reside in a place where these tests are required. If there are warranties that still are in effect for vehicles, having the documentation in your possession is crucial. You could even get more for a vehicle that is protected by warranty. 3. Get your car ready for auction After you’ve determined how to sell your car and have gathered all the documents, you’re now ready to get it ready for the market. In the ideal scenario, you’ll want to improve the appearance of the exterior and interior of the vehicle to shine in the eyes of prospective buyers. Get your car professionally detailed or spend time vacuuming and shampooing carpets, washing the mirrors and exteriors, applying wax as needed and making your tires shine. Also, take your vehicle to the shop for an oil change. If your brakes or your tires are nearing the final stage of their service, now is the moment to replace them. You should have the mechanic swap out any burned-out lights and windshield wipers that don’t perform as they should. Also, plan to repair cracked windshields, scratches, or scratch marks. Bankrate tip
Detailing your used car and making key cosmetic fixes is similar to staging your house to sell. The appearance of your car matters and will help fetch more money. Few people want to purchase an automobile that is adorned with scrapes or dents, or with a dirty interior.
4. Set the right sales price If you intend to sell your car to a private event , . An amount that is too high could make potential buyers turn away, and selling for too low could result in you receiving less than you should. You must be sure you price the car right, while leaving a little some room for negotiation. There are many tools to calculate . Use your ” ” feature of Kelley Blue Book or refer to Edmunds to find out what the value of your car. Also, you can utilize Autotrader or look up classified ads to find similar ads within your area. 5. Make sure to inform everyone on your list that you are selling your vehicle and ask them to spread the word. You can also share your news on social media sites or advertise on sites with a used car marketplace — such as Autotrader, Kelley Blue Book or Cars.com or in the local newspaper. When you create your ad make sure to include images that show multiple angles of the car’s exterior, interior, and what it appears like underneath the hood. The advertisement should also include the year, model and year of the vehicle and its condition at the time of writing along with the asking price and acceptable payment methods. Include the features that stand out, like an extended warranty, a high fuel efficiency rating or heated seats and the reason you wish to sell the car. 6. Prepare to negotiate. To make sure you are prepared to negotiate, no matter if selling privately or to a dealership you can take your car to some dealers and ask for offers. Make use of the information you found in your research of the value of your car’s through websites like Kelley Blue Book or Edmunds to guide your negotiations with potential buyers. You’ll need to go to the table with the lowest price you’ll accept with a clear mind, and then be ready to counteroffer. Start the conversation off by letting the buyer throw out the number. If the number is acceptable, it’s up to you to decide whether you’d like to ask for more or move ahead with the purchase. If the price is too low, offer a slightly higher price point above the amount you’re willing to accept. Most importantly, be prepared to leave if you cannot come to a fair agreement with the other side. 7. Be cautious and secure regarding the sale. It is essential to be safe importance when it comes to arranging selling your vehicle by a private party. The seller may prefer to make payment in cash. S uggest that they use the contactless payment processor like PayPal instead. A cashier’s cheque is another option. The check is guaranteed to clear because the funds are immediately withdrawn directly from the buyers bank account when the check is signed. If the potential buyer wants to test drive the vehicle before agreeing to purchase the car, make contact with your insurance company to make sure you’ll be protected in the event in the event of an accident. Make sure you choose a safe location and agree to the route before it starts. You may also want to have someone else accompany you to ensure your safety. 8. Get the deal signed off at final, you’ve found the perfect buyer and are eager to finalize the sale. However, before you can conclude the deal, you must visit the DMV office in the area (Department of Motor Vehicles) with the buyer in order to transfer the title of the car to the new owner. Remember that this process looks different in each state. Some states might need evidence of an inspection that has been passed or to contact the tax assessor’s office in your county. You can check out the regulations for your state by visiting . Next steps Whether you’re looking to earn an extra amount of cash or swap your vehicle for a brand new one, these suggestions can help you earn top dollar for your ride. But, a private sale is probably the best option to maximize your profit. Be sure to get several valuations prior to selling your vehicle to make sure that it’s priced correctly and sells in record time.
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Written by
Allison Martin’s work began over 10 years ago as a digital content strategist. She’s been featured in numerous prestigious financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances through providing precise, well-researched and well-researched content that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
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