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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 mission is to help you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews that appear on this website. We do not contain the universe of companies or financial deals that could be open 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 several leading financial media 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 editing and writing for Bankrate since late 2021. They are committed to helping readers feel confident to take control of their finances by providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.
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The demand for used vehicles is high due to the . While the shortage is diminishing and could be over by the end of this year, many automobile makers continue to make fewer vehicles than they usually do. This means that dealers have less inventory. This is good news should you be selling a used car, as you’re still likely to be able to find plenty of potential buyers. However, before you put up an advertisement on the internet, there are some steps you should follow to ensure you get the most money for your car. 8 steps to sell your car used something as important as a car, you’ll want to negotiate the most competitive price. Invest in cleaning your vehicle prior to putting it up for sale, take the time to research an appropriate price for selling and understand how to bargain efficiently. 1. Pick the method you prefer for selling your automobile. There are three options to sell your car: Trade it in: only is it possible to purchase a car from a dealership . It’s convenient, as it doesn’t require you to advertise the car to prospective buyers. However, the downside is that you will not receive as much from your vehicle like you’d at a private sale. Private sale: You’ll usually receive more when you sell it yourself. But you’ll have to research to find the right buyer and negotiate a concrete sale price. Dealership: A lot of dealerships will offer you a no-cost and no-obligation cash deal for your car. It’s quick and easy, and you’ll have the time to consider whether you want to redeem the offer. Car buying websites like Shift and AutoNation guarantee to make an offer on your car within minutes. You’ll have to provide the necessary information about the vehicle’s colour, model, make and mileage. Additionally, you’ll need to upload photos. These companies provide cash quickly for your car, however they often charge service fees which eat away at your profit. 2. Get the required documents aren’t able to sell your vehicle to a private or dealer event unless you have these documents in your possession Documents from the initial transaction of selling the car. The title to the vehicle. Any service records available. If you’re lacking any of these documents wait until you have them available to be able to sell your car. Otherwise, you could encounter issues when trying to complete the sale. It’s also a good idea to have documentation from the emissions test available if you live in a state where emissions tests are mandatory. In addition, if there are warranties that still are in effect for your vehicle, keeping the documentation on hand is also important. It is possible to get more money for a car that is still covered by warranties. 3. Prepare your car for sale After you’ve determined how to sell your car and collected the required paperwork, it’s time to get it ready for the market. In the ideal scenario, you’ll want to clean up the exterior and interior of the car to shine in the eyes of prospective buyers. Get your car professionally detailed or spend some time vacuuming and shampooing carpets, cleaning the mirrors and exteriors, applying wax if necessary and making the tires shine. Also, bring your car to the mechanic for an oil replacement. If your brakes or your tires are nearing the final stage of their service It’s the right time to have them replaced. You should have the mechanic change out any lights that are burned out 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 the necessary cosmetic changes is similar to staging a home to sell. The way your car looks is crucial and can result in a better price. Many people don’t want to purchase an automobile that is adorned with scrapes or dents, or with a dirty interior.
4. Determine the best price for your sale. If you plan to sell your car to a private event , . An amount that is too high can make potential buyers turn away, and selling for a low price can mean you’ll get lower than you’re worth. So, you want to be sure that the price of the car is right and leave a bit of some room for negotiation. There are a variety of tools to calculate . Make use of the ” ” feature in Kelley Blue Book or refer to Edmunds to get an idea of the value of your vehicle. Also, you can utilize Autotrader or browse classified ads to look for similar ads within your area. 5. Get the word out Tell everyone in your network that you are selling your vehicle. Ask them to spread the word. You can also post on social media sites or advertise on sites with an auction for used carslike Autotrader, Kelley Blue Book or Cars.com — or in your local newspaper. When you create your ad include photos that showcase multiple angles of the car’s exterior, interior and what it looks like under the car’s 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 forms of payment. Additionally, you should include any features that make it stick out, such as an extended warranty, fuel-efficiency rating, heated seats, and the reasons you’d like to sell the vehicle. 6. Be prepared to negotiate. prepare for negotiations, whether you’re selling privately or to a dealership bring your vehicle to several dealers and get offers. Use this information and what you’ve found when looking up the value of your car through websites like Kelley Blue Book or Edmunds to guide your negotiations with potential buyers. You’ll need to go to an agreement with cheapest price in the back of your mind, and be ready to counteroffer. Begin the conversation by letting the potential buyer offer the number. If the number is acceptable for you, it’s your responsibility to decide if you want to ask for more or move forward with the deal. If the price isn’t sufficient, try to try to counter with a price that is higher than the minimum you are willing to accept. Most importantly, be prepared to walk away in the event that you are unable to agree on a fair price with the other party. 7. Be cautious and secure when selling your vehicle. Safety is of the utmost importance when it comes to arranging the sale of your car with a private party. The seller might want to pay cash. S uggest that they use a contactless payment processor, like PayPal instead. A cashier’s check is an alternative. The check is guaranteed to clear since the funds are immediately pulled directly from the buyers bank account when the check is made. If the potential buyer wants to drive the car before committing to purchase the car, make contact with your insurer to ensure that you will be protected in case of an accident. Make sure you choose a safe location and agree to the route prior to it beginning. It is also possible to have someone else accompany you for extra safety. 8. The sale is official last, you found the perfect buyer and are eager to close the deal. But before it’s a done deal, you have to go to the local DMV (Department of Motor Vehicles) with the buyer in order to transfer the title of the car to the new owner. Keep in mind that this process is different in every state. Some may require evidence of an inspection that has been passed or you should contact the tax assessor’s office in your county. The rules for your state by visiting . Next steps Whether you’re looking to earn some extra cash or swap your car for a new one, these tips will allow you to get the best dollar for your ride. However, a private party sale is likely your best method to make the most of your profits. Make sure you get some valuations prior to listing your ride to ensure the price is right and is sold in a short amount of time.
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Written by
Allison Martin’s career started over 10 years prior to that as a digital content strategist, and she’s since been published in several leading financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited 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 control their finances with clear, well-researched information that breaks down complicated topics into digestible chunks.
Auto loans editor
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