I want to sell my used car. How to sell my car fast? How do I get the best price for my used car? These are the most common questions by a car owner who wants to sell his car.
Selling a pre-owned car seem like a complicated and difficult affair, but with a little time and due diligence, it can be simple and hassle-free. Agents are the easiest way to sell a pre-owned car as they take care of all the formalities, but they also charge a commission from you. Dealers give you a very low price for the car and in turn sell it for a higher price to earn profits. So to get the best deal for your car, selling it yourself is the best option.
Anyone looking to sell a used car can follow a few simple guidelines to get the maximum amount for it.
1. Prepare your Car
A simple rule to follow – Good Products get Good Prices. Buyers are willing to pay for a car that is in good condition. Make a good first impression on the buyer by cleaning the car inside out including the glove box, storage, windshield, and engine bay. The fact that it is a used car is known, but putting efforts into making it look as new as possible can go a long way in impressing the buyer and getting a good price. Minor details and repairs like replacing floor mats, covering up scratches and dents, putting a new air freshener and so on can really drive the value up.
2. Listing your Car
Advertising your car on the proper platform is as important as preparing your car. Online advertising is the best option in terms of price, exposure and time. Putting an ad on a reputed site will spread the word quickly as most people search for used cars online. While listing, include high resolution photographs of the interior and exterior of the car. Specify details like mileage, age, no of previous owners, and insurance type. Without exaggerating, give the advantages of your car (like accident-free, original paint and so on). Ads can also be given in Newspapers.
3. Pricing your Car
Before listing your car, go through multiple listings and websites. Look for cars that are similar to yours and in the same segment. This will give you a fair idea of the minimum, maximum, and average price of the listings. The price can be set at a higher limit and brought down gradually while negotiating with the buyer, however, be realistic with the price. Setting it too high can drive away potential buyers. Be ready to justify the price and mention if you are including any accessories which are not standard.
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Gather all the necessary documents and make them available for inspection. Registration, insurance, receipts for purchase or replacement of parts, service log book are all things that a buyer looks for. Receipts for replaced or new parts are important as these parts could still be covered under warranty/guarantee.
5. Negotiating with Potential Buyer
Everyone wants the best price for the product. Do not be surprised if the buyer starts bargaining for the price to be lowered. Negotiation is an art, but an essential art nonetheless. Do not be afraid to justify your price and have an idea on the minimum price for which you are willing to sell the car. If the negotiation reaches this price, be firm and let the buyer know it is the final price. You are still the owner and no one can force you to sell for less than the car’s worth. If you are declined initially, don’t drop the price dramatically as there are many people looking to buy a car.
6. Transfer of ownership
Before handing over the keys to the buyer, make sure everything is in order and there are no loose ends. If the buyer makes a payment other than in cash, confirm it with the bank, and only transfer the car and documents once the payment has been cleared. If you have a valid insurance on the car, get it transferred to the buyer. Transferring ownership of the car can be done easily at the local Regional Transport Office (RTO). Make up a bill of sale and have both you and the buyer sign it.
All the above steps ensure that you get the best deal for your car, only if the car has been maintained well. Careless driving and maintenance will depreciate the value of the car real fast, and getting it back up to saleable condition will prove to be very costly. Regular services, taking care of damages as and when they come up are small steps that go a long way in keeping the value of the car as high as possible.
When posting an ad or listing the car on a website, do not disclose home and office numbers, and only give your personal mobile number for contact. Do not include your home address anywhere in the listing, and when you want to meet-up with the buyer, always meet at a public place and preferably, take someone along.
It is natural that the buyer will want to test-drive the car before buying to gauge its condition. Do not allow the buyer to test-drive the car without you being present in the car with him. Ask the buyer to inspect the car in your presence to avoid confusion in the future.
Transfer the ownership of the car and handover the keys only after receipt of payment, whether in cash or digital transaction. It is advisable to have a witness along with you at the time of the transaction.