Being an experienced driver, you must know that a car starts to depreciate the moment the wheel moves for the first time after you purchase it. As a matter of fact, each year that you drive a car, you lose about 10% of its value. To count up the average, after every 5 years, a car becomes next to being called invaluable.
It loses half its value within half a decade. So, it’s always good to look for used cars for sale after 5 years of buying a car. But be it for trading your car or selling it in the market, there are multiple steps that you should be aware of that not only help maximize your profits but also give you a good deal.
Want to make the most out of the deal? Well, learn to think like a salesperson. Keep your knowledge at bay, add more to it, be prepared, and sign the deal. That’s how you do it. And the first step in the journey is to do your homework. Take the right steps at the right time and you are much closer to your deal. Also, try to avoid the hassles that may come your way before you even begin your process of looking for potential buyers.
While many car owners in the US would know how to sell their cars to the right buyers, there are some who would end up getting stuck because of some challenges that they may face. There are two things that can often happen to you. Now, you would either spend too much time working out your buyers and negotiating a deal for a dump of a car of yours, or you would fork out some bucks on repairing those dents and wheels before putting out your car on sale. The choice is yours!
Plus, knowing the right value of the car is imperative. You just can’t ignore this part of the process. It can result in you losing a lot of bucks on the final sale. Besides, negotiating would become easier if you are confident about the actual value of your car.
And if you are not being prudent about what you speak to whom and when you may end up cutting a deal that leaves you with next to nothing and loss of your personal information. Your car selling process shouldn’t leave you or your folks in danger, right!
Now, these are just a few errors from many others that you may or may not end up doing. But we have a long way to go! Let’s dive deep into the top 10 challenges that you may face when selling your car to a dealer or in the market.
Emotions coming in the way of a deal
It’s easy for us humans to get attached to even material things. We are emotional beings, after all. And so, you may be extremely attached to your car but that does not mean that there are no better cars in the world for dealers to bag in. If you plan to get a good deal, you need to keep your emotions aside.
Accept this beforehand, that there may be better cars out there for the dealers to buy at the same price that you’re offering it at. So, do not overprice the car. And always be willing to accept an offer that you feel validates the actual value of the car. Reiterating here: always know the value of your car in monetary terms in the market.
Making expensive repairs to get a better deal
No, that’s not how you do it. You don’t make expensive repairs to a car right before you plan to put it out in the used cars market. Simply because after making expensive repairs to your car, it would be worth much more in your mind, but not that much more in the minds of the investors or the dealers.
Your car’s worth might still remain the same pre or post repairs. While basic repairs are mandatory, you can do away with more expensive repairs before selling. However, you may ask the buyer if he/she wants some specific repairs done before the purchase happens, and then get those done at a cost.
Not thinking through the price strategy
After evaluating the car, you may set up a fair price for your car. But that’s not all. You also have to consider how quickly you need to sell the car and what negotiations you are ready to accept. And this thinking needs to be done in the name of price strategy much in advance.
Make up a plan in your mind as to what and how you’ll respond to prospective buyers. What will you say if they offer much less? What will you do if they negotiate too much? Don’t falter while negotiating the price, and the only way to do that is by thinking it through!
Misunderstanding tax benefits of trading
This one’s for those of you who are planning to trade the car. Of course, you’re already thinking of taking a step back because selling is better than trading. However, in some of the states of the US, you are only required to pay taxes on the difference between your new car’s cost and the trade-in value of your current car. It may help you save some bucks.
Signing the deal without reading the deal
That’s actually advice we’d like to give to almost everyone. You NEVER sign a deal without reading it well. Don’t assume that the dealer is giving you a fair deal on papers as he is telling you on your face.
Besides, your dealer can always make an honest mistake that you might catch when you proofread the document. Before signing on any paperwork, always read the document clearly. If you happen to find the errors, cross-check them with your dealer. Only when you are absolutely sure of the paperwork, sign it.
Accepting the first offer that comes your way
While waiting might not be something you kept on your list of selling your car, it’s definitely something that you’ll find hard to accept.
You have to keep your patience, because accepting the first offer that comes your way is not always the best deal. The first offer might be good, you still need to check some others to come to a conclusion.
And if you are planning to trade the car, it’s imperative that you check with other dealers beforehand. Plus, getting these trade-in quotes might later help you negotiate for a friend or any other car of yours.
Giving-in to price reduction
That’s exactly why we advise everyone to wait for better offers and get more quotes. There are a hundred buyers out there and you can always come back to a great offer later. But getting quotes from multiple buyers is a must when you are selling your car.
Often, dealers have a clause that lets them reduce the price in some way or the other when it’s time to write the cheque. Plus, they can add a clause that saves them from appraising the car but at the last moment, they can re-appraise it.
So, basically, they are not legally bound to give the entire value of your car that you both decided on initially. Make sure you study through the first offer and the clauses carefully and never give in to the price reduction. Call out your dealers if they do so.
Not washing the car before selling it
If you go to a dealer to buy different used cars for sale, which one would you get? A clean one or an unclean one? Of course, you’ll have your finger pointed at the clean one. That’s why washing the car before selling it is always a good idea.
Plus, if you are putting up pictures on an application that helps you sell used cars, pictures of a clean car are much better and impressive. There’s a better chance of a clean car to sell at a good price than an old-looking car. Also, clean up the interiors in case a buyer takes a test drive.
Not taking advantage of free selling options online
A detailed study of your car and the free selling options you can get online is important. There are some websites that let you list your car free of charge. Some common websites or platforms are Facebook Marketplace and Craigslist.
List your car and wait for the buyers to DM you. Free listings might be basic, and a paid ad might do you better, but sometimes great offers come from these listings. And it never hurts to take a chance.
The pictures you upload on these websites should have the For Sale banner on them. Also, play the word of mouth game, park it in an area where people from all walks of life can see and spread the word.
Advertising your car with incomplete/inaccurate info
Your advertisement should be as clear as the front glass of your car. It should have all the accurate information required. If your information isn’t correct or farce by any chance, it would end up wasting the buyers’ time and your own. And it doesn’t leave out a good impression on potential buyers.
Some basic information that your ad should include are year, make, model, features, mileage, interior features, exterior features, safety, etc. Some other info that you can choose to include are tire rotations, oil changes, miles that the tires can run, etc. If there are some issues with the safety features, don’t hide them.
Well, we hope that these challenges will be resolved henceforth, and you are able to sell your car at a great price to a great dealer with these important pieces of advice.
Photo by SCREEN POST on Unsplash