maximize your cars resale value

Getting your used vehicle off of your hands in exchange for some quick cash may be easy, but if you aren’t careful, you might end up with less cash than you should. Junkyards, used car dealers, and prospective buyers that you may have come across all have one goal in mind besides purchasing a vehicle – to save as much money as possible. In turn, the uninformed vehicle seller usually ends up with the short end of the stick. Here are a few different approaches you may take to maximize profits for your used vehicle.

Clean Your Vehicle

First and foremost, you should make sure your car is in tip-top condition. This doesn’t necessarily mean that you have to go out and make a bunch of body repairs or spend a load on detailing, but the car should look both clean and presentable. If possible, eliminate any visible stains, replace the floor mats, and patch away any loose ends or minor damages. The vehicle should be marketable to make a convincing sell.

Find Its Value

As with most other sales, you will likely have to deal with hagglers. To avoid taking too much of a loss, you will need to discover your vehicle’s estimated value. Your best bet is to get it appraised beforehand. There are many websites, mechanical shops, and car dealers that can assist you with this process. After getting a general idea as to what your car is actually worth, determine a realistic price point. This means you should also find the value of every accessory you’re selling with your car. A nice truck camper shell can add 1500 to 2000 to the cost of a truck. Make sure you do your research.

Image courtesy: Jordan Camper

Price It A Bit Higher

Set an asking price that is slightly more expensive than its true value, but doesn’t go overboard. Not only will your higher request potentially earn you more cash, but it also allows you more wiggle room for negotiation. Upon entering a purchase, buyers intend on trying to get the seller to lower the price regardless of how reasonable it is. It is best to ask for a bit more from the beginning, then reduce it in efforts to close the deal. This creates an illusion that the buyer is getting a better deal than they actually are.

Consider Selling Countrywide

Geographics can have a significant impact as to whether your sell is a success or not. The area in which you reside in may not have many potential buyers, but with the help of the world wide web, you can make your vehicle readily available for purchase to those across the country. Additionally, different parts of the country may pay different amounts for salvage or scrapped vehicles. If the difference in price is significant enough, it may make sense to transport the car someplace else and sell it there.

Lastly, remember to market yourself well. Compile all of the necessary paperwork including maintenance work (if you have any) to make for a smooth transaction. Also, if you are selling to another company, always consult with other sources to ensure that you are getting the best deal. Always remain firm to ensure a profit.

References:

  1. Consumer Reports
  2. How to Negotiate
  3. Clunker Junker
  4. CNBC