Selling an old or unused vehicle can be a great way to generate extra income. With the proper knowledge and preparation, you can turn that car, truck or SUV taking up space into cold, hard cash. This ultimate guide covers everything you need to know to successfully get top dollar when you decide to sell your wheels.
Evaluating Your Vehicle’s Worth
Before listing your car for sale, it’s essential to assess its current value accurately. This will help you price it appropriately and negotiate confidently with buyers.
Get an Appraisal
Consider getting an appraisal from a professional auto dealer for an even better sense of real-world value. They have experienced eyes for spotting custom features, wear-and-tear, and resell potential that could impact price. An appraisal costs around $100 but can help justify pricing it higher.
Be brutally honest in assessing wear and tear, dings, faded paint, stains or other flaws. Better condition means better offers. Consider the cost of repairs like new tires or brakes to help price it.
Research Local Listing Prices
Check classified ads to see the asking prices of similar vehicles locally listed. This gives you insight into what buyers in your area will realistically pay. Price it competitively based on comparables
Set the Right Price
Now, you’ve got all the data points to list at an optimal value. Price it too high, and it may not sell. Too low leaves money on the table. Settling in the sweet spot takes some strategy.
Prepping Your Vehicle for Sale
First impressions matter, so take time to clean up and make repairs to get it looking its best before listing.
Wash and Wax
There’s no substitute for elbow grease! Squeaky clean inside and out makes flaws less noticeable and shows you cared for it. Consider paying for professional detailing.
Fix Any Issues
Address minor repairs like chipped glass, damaged panels, leaks or rattles. While you don’t want to over-invest, making it road-ready shows its sound.
De-clutter and Clean the Interior
Shampoo dirty carpets and seats. Remove trash and personal items to make it inviting. The cleaner, the better.
Take Great Photos
Wide-angle shots in natural light from multiple angles showcase its shining best for online listings. Capture any upgrades, newer parts, or specialty features close-up.
Gather Service Records
Collect all service records, ownership documents, and anything showing maintenance was done. These demonstrate you kept it running smoothly.
Choosing the Best Way to Sell Your Vehicle
Selling privately or to a dealer has distinct advantages. Pick what makes sense for your situation.
Sell to a Dealer
The easiest route is letting a dealer name their cash price. They’ll handle all paperwork and take the vehicle as-is. However, offers tend to be lower since they need a profit margin.
You’ll typically get significantly more selling directly to a buyer yourself. However, listing it, fielding inquiries, showing the vehicle, and negotiating takes more effort.
Consign on Consignment
Some shops will sell it on consignment for a fee or percentage when sold. These offloads show it, but they take a cut, so you get less than a private sale. Consignment simplifies the process.
Sell to an Online Buyer
Online buyers like to submit instant offers after you enter details, saving you listing hassles. Just enter your license plate and get a cash quote for your car in minutes. Quotes may be lower, but it’s the easiest way to turn your old vehicle into quick cash.
Tips to Seal the Best Sale Price
Use these pro-negotiating tactics to maximise your vehicle’s resale value once a severe vehicle is hooked.
Pad your listed price by 5-10% over expected value. This leaves wiggle room for buyers to bargain you down while still getting what you want.
Know the Lowest Acceptable Price
Determine the absolute minimum you’ll take so you don’t get talked down past what’s profitable. Stick firmly to this number when buyers inevitability try to negotiate.
Get Bids In Writing
A serious buyer will put their money where their mouth is with a deposit and written offer. This locks them in.
Pitch Incentives Like New Parts
Highlight things you’ve maintained, like new tires, batteries or other components, to justify higher pricing. This shows the buyer they’re getting more for their money.
Be Ready to Walk Away
Feel free to walk away if a potential buyer won’t meet your minimum price even after negotiations. Another buyer will come along, so settle for an amount you’ll regret later. Stick to your bottom line.
Selling your used car, truck, or SUV can generate significant extra income, but only if adequately compensated. Follow these tips and leverage online instant offer tools to turn your unneeded vehicle into maximum cash – the ultimate win-win! For example, you can get cash for cars in Sydney by using an instant online quote tool to sell your unused vehicle to a local buyer.