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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 goal is to help you make better financial decisions by offering you interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare information at no cost – so that you can make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited 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 that compensate us. This compensation could affect how and where products appear on the site, such as for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the content we publish or the reviews you see on this site. We do not contain the vast array of companies or financial deals that could be accessible to you.
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5 minutes read. Published 27 February 2023
Written by Allison Martin Written by
Allison Martin’s work started over 10 years ago as a digital media strategist. Since then, she’s been published in numerous prestigious 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 the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-studied information that breaks down complicated topics into manageable bites.
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The demand for second-hand cars is high due to the . While the shortage is diminishing and could close this year, many auto producers continue to produce less vehicles than they usually would. So, dealers are still facing lower levels of inventory. This is good news should you be selling a used car because you’re likely to have many potential buyers. Before you place an advertisement on the internet, there are some steps to take to ensure you get the most money for your ride. 8 steps to sell your car used something as valuable as a car, you’ll want to get the most competitive price. Make sure you clean your car before listing it for sale. Also, you should take the time to find the right price for selling and understand how to bargain efficiently. 1. Pick the method you prefer for selling your automobile. There are three ways to sell your vehicle: Sell it to a third party: only is it possible to purchase a car from the dealership . It’s convenient because you won’t have to market the car to prospective buyers. The downside is you probably will not receive as much from your vehicle like you’d at an auction. Private sale: You’ll typically be able to get more in the event that you decide to sell it yourself. However, you will have to work hard to find the perfect buyer and negotiate a fair selling price. Dealership: A lot of dealerships offer a no-cost, no-obligation cash offer for your vehicle. It’s quick and easy and you’ll be given a set period to decide whether you want to redeem the offer. Websites for buying cars: such as Shift and AutoNation promise to make an offer on your car within minutes. You’ll need to provide certain details regarding the car’s make, model, color and mileage. You’ll also need to upload pictures. These companies will pay you cash fast for your car, however they often charge service fees that eat into your profits. 2. Gather the necessary documents You cannot sell your car to a dealer or private event unless you have these documents on hand: Paperwork from the original transaction of selling the car. The title of the vehicle. Any service records available. If you’re lacking any of these documents, make sure you have them in your possession in order to sell your vehicle. In the event that you do not, you may encounter issues when trying to finalize the transaction. It’s also a good idea to have the documentation for emissions tests at hand if you are in a state where emissions tests are mandatory. If there are warranties that still remain on vehicles, having the paperwork on hand is also important. You may even fetch more for a vehicle that is still protected by warranty. 3. Make sure your car is ready for sale Once you’ve decided how you’ll sell your car and collected the required paperwork, it’s time to get it ready for the market. Ideally, you want to improve the appearance of the exterior and interior of the vehicle to make it shine for prospective buyers. Make sure your vehicle is professionally cleaned or spend time cleaning and shampooing your carpets, cleaning the mirrors as well as washing the exterior. applying wax as needed and making your tires shine. Also, take your vehicle in for an oil change. If your brakes or your tires are getting close to the end of their useful life, now is the time to have them replaced. The mechanic should swap out any burned-out lights and windshield wipers that do not work correctly. Plan to fix damaged windshields, scratches or scratches. Bankrate tip
Cleaning your car’s exterior and making the necessary cosmetic changes is like staging a house for sale. The way your car looks is crucial and can result in more money. Many people don’t want to purchase cars that are splattered with scratches or dents, or with a dirty interior.
4. Choose the appropriate price for the sale If you are planning to sell your used vehicle to a private buyer , . An amount that is too high could make potential buyers turn away, and selling at a price that is too low could result in you receiving lower than you’re worth. So, you want to conduct your own research to ensure you price the car right and leave a bit of wiggle room for negotiations. You can use several tools to determine . Use your ” ” feature of Kelley Blue Book or refer to Edmunds to find out what the value of your car. Or you can use Autotrader or refer to classified ads to search for similar listings within your area. 5. Get the word out Tell everyone you know that you’re selling your vehicle and ask to share the news. You can also make a post on social media or advertise on websites that have a used car marketplace -for example, Autotrader, Kelley Blue Book or Cars.com or in the local newspaper. When you create your ad, include photos that capture different angles of the car’s exterior, interior and what it looks under the under the hood. The advertisement should also include the year, year of manufacture and model of the car, its current condition, the asking price and acceptable forms of payment. Also, include things that help it stick out, such as an extended warranty, fuel-efficiency rating or heated seats, and why you want to sell the vehicle. 6. Come ready to negotiate To be prepared for negotiation, regardless of whether you’re selling privately or to a dealership, take your car to a few dealers and obtain offers. Use this information and what you’ve found when looking up the value of your car on websites such as Kelley Blue Book or Edmunds to inform your negotiations with potential buyers. You’ll need to go to your table with cheapest price that you can accept in your mind and be prepared to counteroffer. Start the conversation off by letting the potential buyer give you the number. If it’s a good number then you have to decide whether to seek out more or move forward with the sale. However, if you think the figure is too low, offer a slightly higher amount that is greater than the amount you’re willing to pay. The most important thing is to be ready to walk away in the event that you are unable to reach a fair deal with the other party. 7. Be cautious and secure about the sale It is essential to be safe importance when arranging the sale of your vehicle with a private party. The seller may prefer to make payment in cash. S suggest they use a contactless payment processor, like PayPal instead. A cashier’s cheque is an alternative. The check is guaranteed to clear because the funds are immediately taken from the buyer’s bank account when the check is made. If a potential buyer wishes to test drive the car prior to committing to buy your car, call your insurance company to make sure you’ll be protected in the event of an accident. Additionally, choose a well-populated area and agree to the route prior to it beginning. You may also want to bring someone else with you to ensure your safety. 8. The sale is official final, you’ve discovered the ideal buyer and are now eager to finalize the sale. However, before you can officially close the deal, you must visit the DMV in your area (Department of Motor Vehicles) with the buyer to transfer the vehicle’s title over to the next owner. Keep in mind that this procedure is different in each state. Certain states may require you to provide evidence of passing the inspection or that you call the tax assessor’s office in your county. You can find the rules for your state by visiting . Next steps Whether you’re looking to make some extra cash or swap your car to buy a new one, these suggestions can help you earn top value for your vehicle. A private sale is probably the best method to make the most of your profits. Be sure to obtain several valuations prior to selling your vehicle to make sure that it’s priced correctly and that it sells quickly.
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Written by
Allison Martin’s work began over 10 years ago as a digital media strategist. She’s been featured in numerous prestigious 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing precise, well-researched and well-researched content that break down complex topics into digestible chunks.
Auto loans editor
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