One great way to save money is to make money. It’s not everyday that you have a car to sell, but why not do what you can to make the most of selling your car for even more cash in your pocket (perhaps for your next car)? Selling your car yourself is going to yield a much higher return than trading a car in. Yes, you will have to do a bit of time and work, but it will probably be more than worth it. Think twice before getting the trade-in value.
But before you just go off and sell your car on your own, here’s a few critical steps to take to get the most money out of your car.
Know What it’s Worth
You need to know how much your car is really worth before you can try to sell it. Consult the Kelley Blue Book or the NADA Guide for New and Used Car Prices to find out what your car is worth. These sources will base the price upon the condition of your specific vehicle and will give you high, low, and middle values for it. Knowing what it is worth will help you set your price.
Set Your Asking Price Higher Than Your Goal
When you set your price, set it higher than the amount you really want for it. Someone who is truly interested in buying your car will likely try to negotiate a lower price. You want your price to be high enough that you have some wiggle room to do that negotiation. Don’t set a price and advertise that it is firm. This may scare off potential buyers. Decide upon the minimum amount you will accept for your car then go up from there when you set your asking price.
Spend Some Time (and Money) Getting Your Car in Good Condition
You will get a better price out of a car that looks good, runs good, and is in overall good condition. Take some time and a little money (if you can) getting your car into good shape for potential buyers.
- Clean out all of your personal items
- Vacuum the floors, seats, and trunk
- Spot clean any stains
- Wipe down the interior
- Run it through a car wash
- Polish and clean the tires and rims
- Have it tuned up
- If possible, make sure everything is running properly
Keep in mind that potential buyers will look at your tires and if they need to be replaced, that will play into a decision to buy or not buy. If you have access to better tires for a very cheap price, having them put on your car might snag you a better price for your car. Weigh out whether that investment will offer a greater return or if you are better off leaving the old tires on.
Using these above tips will help you get the best price possible for your car. Even if you have to invest a small amount of money and elbow grease to get your car sold, your investment of time and money will offer a great return when you are able to get the most money possible for your car.