Need to know when it’s finally time to sell your used car? A lot can go into making that decision, as there are many different things to consider. You should think about protecting yourself from unexpected value drops or from paying unnecessary bills.
Some of the most important factors you should consider are the car’s condition, the market conditions, and your personal circumstances. For those who depend on their car, you especially want to know when you should sell your car and get back your independence. We’ll break down what you should consider before you sell your car.
1. Consider the Season
Experts would agree that the best time to sell your car is during Spring and Summer. As the sun comes out, so do people looking for their next best car. Avoid winter holidays since family budgets usually fluctuate then, plus the gloomy weather keeps people at home.
You should also take a look at the kind of car you are selling. It could be hard to sell a convertible Mustang when there’s snow on the ground. While selling a four-wheel-drive SUV during that time could be a piece of cake!
On the contrary, the season to sell your car will heavily depend on the supply and demand. If too many people are trying to sell their used car in a particular month, the market becomes flooded and prices drop. If you’re seeing dozens of Honda Civics available online in your market, for example, it would be wise to wait a few more weeks.
The used cars market got much of a bad rep in the past few decades. When you say to people that you provide used car sales, they will have many bad ideas about the entire process.
There are cars that shine the brightest when you buy them new. Despite that and contrary to popular belief, the used-cars industry is thriving because it’s a great market.
Don’t feel dissuaded by myths about buying used cars. Many of them are false and unreliable.
In this guide, we’re debunking 7 myths when buying used cars. These used car buying tips are here to help give you an informed decision when you’re with your local auto sales:
1. Used Cars Are Unreliable
One of the first myths about buying cars on the used market is that they’re unreliable. People often assume these cars have defects that require expensive repairs. This isn’t always true.
Many people trade-in their used automobiles because they are upgrading to a better one. Some are also moving out of the country, so they sell off their assets as well. Even if people trade their fresh repaired unit, there are ways to deal with it.
For one, you can talk to a local mechanic to take a look at the unit for you. Doing a car inspection can give you the best chance at a healthy car. You would also need to take care of the car itself with some consistent oil change and maintenance.
Bringing your car to the marketplace is challenging. Still, a lot of people choose to buy and sell their cars. In 2018, the total sales for used vehicles in the US reached over 40 million.
Fortunately, it’s easy to spot a mistake to avoid when selling your car. We’ve listed 10 of them down below. Read on to stay vigilant and get the most out of any transaction:
1. Top Mistake to Avoid When Selling Your Car: Not Knowing the Value of Your Car
Before you sell your car, you put a price on it first. How can you put a price on it when you don’t know its value? Chances are you’ll be guessing how much your car is worth instead.
The simple solution to this problem is to get an expert to examine it and estimate its value. A lot of people put a smaller price on their car when they sell it. Factors like repairs play into their reasons for assessing the values of their cars.
It’s also worth noting that SUVs and pickups continue to be the top choice for buyers. Acura’s RDX SUV gained 17.3% increase in sales from April 2018 to April 2019.
2. Being Dishonest About Your Car’s Condition
Deceiving your customers is never a good idea. The deed can backfire and keen buyers will be able to see through the lies. The best way to sell a car is by doing it with honesty.
What if your car has bad mileage? When your customers ask about the mileage, give them a ballpark instead. If your car is in too bad a condition for selling, get repairs instead.
3. Mishandling the Paperwork
Before you put your car up for sale, it’s always a good idea to gather all the documents you’ll need first. These documents include but are not limited to servicing receipts, title, and registration. Don’t forget the warranty if your car is still under the manufacturer’s warranty coverage.
The title is especially important since it’s your evidence of ownership of the car. Service records will also show your buyer you’ve taken good care of your car. Maintenance records of expensive procedures are proof for negotiating the price too.
Get a folder to keep these documents in. Don’t forget to organize them. Place them in the glove box for safekeeping.
4. Getting Repairs to Increase Its Value
You might think it will be a good idea to get your car repaired before you sell it. After all, a more functional car will earn a higher value than one that the buyer will have to repair to function. As great an idea it seems to be, in actuality, it’ll only make you lose money.
Yes, we said earlier that you should get repairs instead of lying to your buyers about your car’s condition. Here, we’re talking about avoiding significant and expensive repairs. If you undertake these repairs, it’s very likely you won’t be getting your money back.
5. Keeping It Unclean
This is a big mistake to avoid when selling your car. You want your car to be as presentable as a brand new car. If you want to know how to sell a car fast, this is one of the biggest tricks that help the sale.
Have your car’s exterior and interior cleaned up. Use vacuums, shampoos, and tire dressings. A thoroughly-cleaned car will have much bigger chances in the market.
6. Taking Low-Quality Photos
In anything you sell, it’s a cardinal sin to use bad photos of the product for promoting it. This is especially true when you’re selling a used car since the market is thriving. With many competitors in the field, you’ll want to put your best foot forward for potential buyers to notice you.
When you buy a new car, you tend to look at the photos of the vehicle first. Notice how online car dealers add photos of the cars they sell from all angles. They include images from both the exterior and interior of the car.
Do the same thing when you’ve got good lighting conditions. Take photos of the exterior and interior angles, under the hood, and in the cargo compartment. You can use a smartphone but you can get much better photos with a professional camera.
7. Neglecting to Screen Potential Buyers
Some people only send inquiries about your car for sale to ask about it. Not all who do this want to buy your car in reality. There are also those who aim to cheat you out of a good deal.
It’s important to screen potential buyers, especially in the internet era. Start screening from the inquiries. Ask potential buyers about some personal information and financial details.
8. Skipping a Pricing Strategy
Investing in and buying a car is no easy or light task. They’re also expensive to get even when they’re second-hand. This is why some people try to negotiate and make offers when they buy cars.
When you sell your car, you will experience negotiating with buyers. This is why it’s important that you have a pricing strategy. Think about the possible scenarios or offers they will make and how you would respond to them.
9. Taking the First Offer
Patience is a virtue, especially when selling your car. Don’t rush the decision and take the first offer for your car. People who do this may find themselves regretting it later when a better offer comes along.
You may be in need of cash ASAP or you’re excited to buy a new model. If you show the first buyer that you’re in a hurry to get rid of the car, they can low ball you. Instead, play it cool and line up buyers so you always have a backup buyer.
10. Doing It By Yourself
You don’t have to sell the car on your own. The entire process of selling a car is already very stressful. You have to screen potential buyers, arrange viewings, and answer the questions you’d typically ask your car dealer.
You’re always allowed to ask for a little help. Professionals can give you the right price of your car for you. Get advertisers to spread the word online.
Remember, selling a car is not a one-man enterprise.
Start Selling Your Car
Spotted a crucial mistake to avoid when selling your car? Do any of these seem familiar or did someone you know make any of these mistakes?
Don’t follow suit! Avoid these mistakes as you gain your own experience from selling your car.
Need more assistance selling your car? If you do, feel free to contact us first!