There have been major changes in the used car market over the past few years. With car manufacturers cutting back on incentives, consumers are buying cars that are used but in good condition.
Wondering what’s the best way to sell my old car for cash? Here are a few tips to ensure that you get the most money for your used car:
Get to know the seller
During your initial meeting with the seller, ask about the vehicle’s history and if he or she has had any problems with it. If you’re not comfortable with that kind of information, then try to maintain a positive attitude about the sale until you receive a more thorough inspection report.
Request a pre-purchase inspection
When purchasing a used vehicle from a private party, request a pre-purchase inspection from an independent third-party certified mechanic before signing any paperwork. This will allow you to see if there have been any hidden mechanical issues that might affect the vehicle’s value. You can also request this inspection at no additional cost if you’re buying from a dealership or repair shop. Do a pre-purchase inspection before purchasing a used car. If possible, have an independent mechanic inspect the vehicle before you sign off on the purchase. You’ll need to do this anyway if you’re going through an independent dealer, but if you do it yourself, you’ll know whether anything major is broken or missing.
How much are you willing to pay?
Your answer depends on three factors: how much you can afford; how old the car is and whether or not it has been in an accident. If it’s a newer model with fewer miles on it, you’ll probably be able to get it for less than $10,000, but if it’s a clunker with 50,000 miles on it and dents all over the place, you might pay as much as $20,000 for it
Is this what I really want? Is there something that would make me happier with my purchase? If so, go ahead and find another vehicle. You don’t have to buy what you want; you just need to buy something that meets all your needs. That way, you’ll end up with more money in your pocket at the end of the process.
Are the prices fair? Does everyone else think this is worth what I’m going to pay for it?
Get an independent appraisal
A third-party appraisal will give you an idea of the vehicle’s worth without manipulation by the seller or dealer. You can also request this inspection at no additional cost if you’re buying from a dealership or repair shop.
Before you sell your car, do thorough research on how to sell it on a car auction site like eBay or Cars.com. This will help you in deciding whether you want to list it for auction or sell it privately. Make sure that you get an appraisal done by a certified appraiser who specializes in auto sales. This way, your money will be secured by a third party rather than going through you as the seller. When selling your car, make sure to have an inspection done before the sale is conducted and have a professional clean the interior of your car so it looks good before the sale and you are not under warranty. If you have any car issues at all, make sure to get them fixed before the sale is conducted and save yourself from any further headaches.
Take photos of every inch of your vehicle before selling it. This will ensure that no one has any doubts about what they’re buying and will help increase the overall value of your car when you’re finished selling it.
Take photos of all paperwork associated with the vehicle — all service records and warranties included. Ask for a full description from the buyer before making an agreement to sell their vehicle.