If you’ve decided to upgrade your personal vehicle, you’ll need to figure out what to do with your old one. Should you trade it in at a dealership or sell it privately? How do you even figure out how much your vehicle is worth? This guide will help you sell your car and get the most money for it.
When you’ve decided to part ways with your vehicle, there are a few different avenues that you can take to get rid of it. But before you decide how you’d like to go about selling it, you should understand your car’s value.
Not all vehicles depreciate at the same rate, but no car is ever worth as much as you first paid for it, simply because you’ve added miles and wear and tear. There are a few tools that you can use, like Kelley Blue Book, to determine your car’s value. You’ll need to know certain information about your car, such as:
You won’t be presented with a set value for what your car is worth, but you will get a range, based on the criteria you’ve defined, which can help you determine how you’d like to sell your car, and where to start with negotiation, and how much wiggle room you can afford. If you’re hoping to use your car sales profits to purchase a newer vehicle, knowing this range can help you save and budget appropriately.
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Also, if you’ve recently performed maintenance on your car—replaced tires, gotten a new battery, installed new brakes, or had any other pricey work done—you can use that to negotiate a higher price. Just make sure you have the paperwork to back it up.
Chances are you’ll get the most for your car if you sell it to a private buyer. An individual is likely to offer you a better price than a dealership. That said, there are a few steps you should take before listing your car anywhere or putting a “For Sale” sign in the window.
Take time to make your car look its best. The better your vehicle looks in picture and in person, the easier it will be for you to justify its price to potential buyers. You’ll definitely want to clean your car. Use this checklist to make sure you don’t miss anything:
You may want to have it professionally detailed before taking any listing photos, so that the interior is spotless and any questionable smells from sports equipment or fishing trips are eliminated.
You may also want to consider handing minor repairs before you list your car. Get your oil changed and have your vehicle inspected so that you can disclose any potential issues to a prospective buyer. You’ll have the inspection report to back you up if a buyer balks at your price because of a faulty lock or window.
When you sell your car, you’ll need to exchange documents, so it’s a good idea to have them ready to go. Paperwork you’ll need can include:
If you’ve decided to trade cash for convenience and to sell your car to a dealership, there are a few options there as well. The most popular option is to trade in your car and get a newer vehicle, but you can also simply take your car to a dealership and ask what they’ll pay for it. Some national chains exclusively sell used vehicles and are constantly looking for inventory, so you may be able to shop your car around at different dealerships to see who is offers the best price.
Selling your car can be stressful, but if you take the time to get your vehicle looking its best, understand what it’s worth, and get all your necessary documents in order, you should be in good shape whether you sell to an individual or a dealership.
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