Tips To Get The Most Cash For Your Used Car
11 Oct, 2016 / By Jennifer Hamilton
Shopping for a brand new car can be lots of fun. However, the thrill of the purchase can come to a halt when you have to deal with selling your old vehicle. The good news is that in order to get you motivated and excited about selling your old car, you can work towards getting the most money out of it. Here are six tips in order to get the most cash out of your used car.
Showcase Your Ride
In order to make your car more attractive to buyers it is a good idea to spiff it up a bit. This can be compared to sprucing up a home in order to sell it on the market. Just as people clean their closets and clear their counter tops, you should make sure to clean your floor mats and any stains that are on your cushions. You may also want to take your vehicle to a professional car wash center in order to get a detailing service that will make your old car look almost like new both inside and out.
Fix the Things that Make Financial Sense
As you evaluate your vehicles condition you should think about what cosmetic changes you want to make like repairing dents, touching up paint and fixing any windshield cracks or chips. For minor dings such as hail damage, looking into dent repair can be much less expensive than replacing an entire part of your car. It is also a good idea to get a certified mechanic to do a mechanical tune-up and do any needed fixes. For instance, you may need to replace your brake system in order to attract potential buyers. However, keep in mind that you shouldn’t put so much money into repairing your car that it eats away at your profits. If you do significantly repair your car then make sure to keep records in order to show buyers the parts of your vehicle that are new.
Know the Worth of Your Car
In order to price your vehicle correctly, it’s important to be realistic and know its current value. Looking at the USAA Car Buying Service will help you determine how much to expect when you trade in your vehicle at a dealership or when selling it yourself. You can also look at other websites such as Edmunds.com, National Automobile Dealers Association and Kelly Blue Book in order to help calculate your vehicles market value to individual buyers and dealers. Keep in mind that the higher the quality of the sources you utilize, the better you’ll feel about the amount you sell or trade-in your car for. When you use these types of sites make sure that you factor in your car’s mileage, interior condition, exterior damage and options. This will aid in getting you a more accurate take on the worth of your car.
Decide Whether Trading In You Car or Selling is Better
It is usually the case that you will get more out of your used car by selling it to a buyer rather than trading it in or selling it to a dealer. This is due to the fact that dealers must put money into your used car in order to ensure it is refurbished and bring it to an auction or market to make a profit on it. Research what the private-sale value versus the trade-in value is, as knowing the difference will help you weigh your selling options.
Get Your Papers in Order
Although your car may be all spiffed-up and ready to sell, you must also be able to present all of the right paperwork in order to seal the deal. You generally need two types of records. The first is service records, which should be meticulously kept. When potential buyers see that your car was cared for they’ll be more inclined to buy it. It is recommended that you keep a notebook that you can write down maintenance work and repairs, as well as the dates that they were completed. The second type of record is a Vehicle History Report or a CARFAX. This type of vehicle report is done through a vehicle identification number or tag number, and offers buyers peace of mind.
Be Savvy About the Transaction
If you sell your vehicle to an individual then you must prepare a bill of sale in order to document the transaction’s service and terms. Include with this the buyer’s name, the price of your car, your name and the date. You should ensure that both you and the purchaser sign the bill of sale and that you keep a copy. Ensure that you include the fact that your vehicle is being sold in the condition that it’s in and that there are no warranties implied.