Yahoo Finance 11 Things You Must Do When Selling Your Car To Get the Most Cash
So, you’re thinking about selling your car.
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Maybe you have a second or third vehicle gathering dust in the garage, driveway, or even the backyard. Or maybe you no longer drive enough to justify keeping the one vehicle you do have.
Perhaps, even, you’re moving abroad or across the country and plan to sell your current vehicle and get a new one once you’ve arrived at your destination.
Whatever the case, if you’re considering selling your car for some extra cash, here are some things you should do to maximize how much you can get.
Know When To Sell
The key to getting maximum cash back from your vehicle is knowing when to sell it — and giving yourself enough time to make sure you get the best deal.
“The best season to sell is spring and early summer, before the fall,” said Diana Howard, the financial analyst at CouponBirds. “These beautiful seasons are popular for road trips or family vacations and are also before [the] new year’s models hit the market.”
Ian Ball, general manager at First Vehicle Leasing, added, “Try to pick a time of year to sell the car when demand is highest — i.e. convertible vehicles are likely to be more appealing in spring and summer, whereas 4×4 vehicles and SUVs may be more appealing in winter months.”
Keep in mind that selling a car can take time.
“Selling a used car can take more than 60 days, not to mention the time to negotiate with buyers, and all the paperwork,” added Howard. “So, try to be patient and wait for the best offer to maximize your profits.”
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Ensure the Car Is in Good Condition
When selling your vehicle, make sure it’s in the best condition possible.
“In most cases, when buying a used vehicle, buyers want to be sure that they do not buy a financial sinkhole for themselves,” said Peter Dubois, the general manager of Find by Plate.
“Ensure the engine is in the best state possible; consider having a specialist inspect it. Also, consider a plug and oil change.”
Don’t underestimate your prospective buyer as they can often tell when a vehicle is in good condition.
“When the engine of a car is healthy, you hear it in its sound. You can also tell because it does not produce excessive smoke fumes,” added Dubois.
“In order to maximize profits when selling your vehicle, the health of your car’s engine, and its physical state, would have to convince the buyer that you are not trying to get rid of the car because it is a burden to you, but because you need extra cash. Let the state of your car do most of the convincing.”
Make Your Vehicle Presentable
You should never underestimate the importance of presentation when selling something you own — whether that’s your vehicle, secondhand clothes, furniture or otherwise. After all, first impressions can determine whether you make a sale and for how much.
“Consider getting a paint job. Most buyers would underprice a vehicle if it doesn’t look appealing,” said Dubois. “Make sure it is squeaky clean. When a car is tidy, it is easier to conclude that the previous owner cared for its proper maintenance.”
Ball added, “If you’re selling privately, take appealing photos of the vehicle. It’s impressive what a high quality image can do to improve the appeal of a vehicle.”
Do Some Maintenance
Even some minor maintenance can help increase how much you get from selling your car. Just don’t overextend your budget or you could end up paying more than the vehicle’s worth.
“Try to ensure that all aspects of the vehicle are roadworthy and won’t require replacement imminently,” said Ball. “Think about the tyres, the brakes, and the service schedule. If it’s financially viable to update all of these to a decent standard, you’ll more than likely reap the rewards when it comes to sale.”
Find a Private Buyer
Although it might take more time to find a private buyer, you can typically make more money than if you were to go through a dealership.
“It’s a well-established fact that selling your vehicle privately would get more money than selling it to a dealer,” said Howard. “Easy to understand, since car dealers always buy low and sell high to make money.”
Get Your Paperwork in Order
If you don’t have the necessary paperwork, you might be unable to sell your vehicle at all, much less fetch the best price.
“You need to ensure you have all valid paperwork and vehicle history — V5 document, spare keys, service history, and a valid MOT,” said Ball. “Without these, the chances of selling the car profitably are significantly reduced.”
Shop Around and Compare Offers
Unless you’re in a major rush, take some time to shop around and compare offers from several potential buyers. This can help you get the most amount of cash as you’re not going with the first, and possibly lowest, offer.
“After getting offers from several dealerships, you can have them negotiate against each other. Take your highest offer and call the other dealerships, letting them know that another dealership offered you X amount,” said Jonathan Buckley, content director at RAV4 Resources.
“They will submit a counteroffer. Then, you go back to the other dealership to inform them that another dealership offered you Y amount. They will make another counteroffer. They may ask to see the offer that you received from the other dealership, so don’t lie about the offers. Continue this process for a few rounds. Eventually, you will find yourself with offers much higher than your original trade-in offer.”
If you’re not sure what your vehicle’s currently valued at, speak with your local dealership to get an estimated trade-in value of your make and model. You can then use this information as a starting point for your negotiations.
Check Your Warranty’s Transferability
If your vehicle still has an active warranty, you might be able to include that in the sale, thereby increasing the value of your car.
“If you possess an extended warranty or any vehicle protection, it’s worth checking if the contract allows for transferability, as this can enhance its overall worth,” said George Faracchio, vice president at Auto Lenders.
Emphasize Any Bonus Features
If you’ve added on features to your vehicle, these could be another great selling point that could boost your profits, so don’t be afraid to show them off a little.
“If you’ve made aftermarket accessory additions to the vehicle, including these as part of the purchase could raise its value,” said Faracchio.
Market It on Social Media
Take advantage of social media and other online platforms to really promote your vehicle before selling it. This can generate more interest from prospects and help you get more cash from your sale.
Er. Ankit Dhadwal, founder and CEO at Mount Shine, said, “Expand your audience outside conventional channels. Post your listing on forums and social media groups. Someone in your social circle may be in the market for a car.”
If listing your vehicle online, share a compelling story and some great pictures to make it even more appealing.
“A good photo can be worth a thousand words and a higher selling price! Use a decent camera and take photos from all angles, inside and out. Listings with top-notch photos tend to sell faster and for more money,” continued Dhadwal.
“When you’re writing up your ad, be straightforward and detailed. Include your car’s make, model, year, mileage, and any unique features it boasts. Share if you’ve done any recent maintenance or upgrades. A well-written ad can fatten your selling price by 10%.”
Be Open and Honest
Buyers who are looking for a used vehicle typically understand that their purchase might come with a few flaws. If that’s the case with your car, don’t hide them — be open about them.
“Honesty goes a long way. Share your car’s history with potential buyers. Keep a neat folder with all the maintenance records — oil changes, repairs, and regular servicing,” said Dhadwal.
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