Planning To Sell Your Car

January 13th, 2020 by

Every car owner wants to get the most for their old vehicle. This isn’t just about sentimental value, but being able to help put some of that money toward a newer car or other financial situations that may need their attention. However, there are a lot of outside factors that may impact exactly how much you get in terms of compensation for your car. So, when you’re ready to get a certified Hyundai in Muncie but need to unload your old vehicle first, here’s what to do.

Your Selling Method

The first thing you need to do is decide which of the three main routes you’re going to sell your car with. These can include selling to a private buyer, working with a dealership, or trying to trade you your car to a dealership to put the credit toward a new car.

If you opt for private sales, you may find yourself having to do the most work out of all of these options. As a start, you need to advertise the vehicle yourself on a variety of online platforms. However, at the same time, you also need to do the additional work of taking on phone calls from other buyers as well as going with them on test drives. If you buy a new car and can’t get the old one sold yet, you may also find yourself grappling with two monthly payments.

However, the tradeoff here is that selling to a private buyer is likely to mean the most profit for you if you end up getting that sale. Private buyers want a car to drive, while dealerships are more concerned with a car they can sell for as much of a profit as possible. However, dealerships put more of a premium on convenience. No added legwork, marketing, or vetting buyers. Just bring your car to the dealership and they will take care of the rest.

Now, let’s take a moment to address what happens if you decide to trade in your used car. In these circumstances, you’re likely able to use the value of the car as a sort of down payment or credit toward your latest vehicle. If you still have a loan on said car, this changes things up a bit. Some dealers pay off said loan for you after you trade in the car. However, if you owe more than the car’s value, the responsibility falls on you.

In any event, before getting ready to sell, you also need to have some basic documentation and information in place. These include your car title, maintenance records, as well as the original documents of sale. For example, if you want to transfer ownership of a car to a private seller, you need the title. The problem is your loan isn’t paid off, chances are your lender will hold on to the title. Be ready to reach out to them and figure out exactly what you need to do to put together the proper sales and paperwork. Sometimes, the buyer may need to make a check out to your lender to get the title.

Your state’s local department of motor vehicles or transportation agency will also mention whether or not you need additional information like a bill of sale, odometer disclosure statement, or release of liability. A maintenance schedule record isn’t a bad idea, either.

Getting The Best Price

Now, we can focus on the pricing element when to your selling price. No matter where you plan on selling, a little bit of research is essential to help put expectations in place on how much you think you can get for it. A good place to start is using resources like Edmunds of Kelley Blue Book to see what private sellers are asking for the make and model of your car. You can also see what dealers in your area are offering. This is a good starting point when it comes to what you can ask for from private parties. Just note that some people want to negotiate on the price, so you may want to start a little higher than market value.

For trade-ins, these serve as an estimate, but understand that your average dealership is going to put together its own appraisal, and give you a price based on what they feel your car is worth.

When you’re ready to list the car and screen with possible buyers (assuming you’re not going to a dealership) you want to do a little work to help boost the car’s curb appeal. This includes cleaning the exterior and interior, maybe even having some detailing done. Depending on how much you think you can get, it may be worth it to have some minor maintenance and repair jobs done as well. Many buyers end up having their mechanics do an inspection before buying, but if you get this done ahead of time, it may be able to win over someone on the fence.

The test drive also serves as a good opportunity to help close a sale. Make sure your test drives are done in a safe and public place, ideally during daylight. Take advantage of the time to share things you know about the car, and be ready to answer any questions they may come up with, just like if you were working on a car lot. You can also start a conversation about what they are looking for in a vehicle, giving you an opportunity to talk about its strengths. If a buyer wants to take your car for inspection, that’s okay, but this is something they generally pay for.

This also marks a good time to brush up on your negotiation skills to try and get a better sale price. With the estimates you researched in mind, come up with a price range that you are willing to accept. For dealerships, consider working with several dealerships and getting quotes to ensure you have the best price for your car. You can also counter-offer if you think their initial offer is too low. Want to learn more? Learn what Hyundai means today!

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