The used and pre-owned car market is hot right now. With a global chip shortage still affecting the supply of new cars, savvy buyers are looking for used cars to fill in the gap. If you’re looking to get rid of an expensive extra car, why not take advantage of the market and make some extra cash? Check out these top 5 tips that can help you strike while the used car market is hot.
Make sure the price is right
Your first step is to find out how much your car is worth. Remember, a car starts depreciating in value the minute you drive it off the lot, so in most cases, you won’t be able to get a new car price for your used vehicle – even if you’ve only had it for a few months. Use a site like Kelley Blue Book to see how much your car is worth, and check out what other similar cars in your area are going for. And be sure to leave some extra room for negotiating, in case a prospective buyer makes a lower offer.
Get your paperwork in order
Whether you’re selling your car to a dealer or selling it privately, it’s important to get all the right documentation together so the buyer knows you’re legitimate. Important documents include:
- The title
- Bill of sale
- Notice of transfer and release of liability
- Vehicle history report
- Warranty documents OR as-is documentation
Shine up your vehicle
Odds are, you’ll still be using your vehicle while you’re preparing to sell – and you don’t want to be caught off guard by a buyer when your vehicle is covered with dirt and filled with trash. Make your car stand out by making it sparkle – inside and out!
- Wash and wax your exterior.
- Vacuum the floor and seats.
- Freshen the inside with an air freshener.
- Fix any cosmetic issues (such as chipped paint).
- Clear out personal items and empty the trunk.
- Make small repairs and tweaks (such as fluid levels or broken exterior pieces).
Meet your buyers safely
Once you’ve posted your car for sale online and spread the word that your car is for sale, it’s time to prepare to meet them! It’s important to take the right steps to protect yourself and make sure you’re meeting with serious buyers only.
- Screen buyers over the phone, and make sure to get their full name.
- Agree on acceptable form of payment – remember, cash is always the best way to go!
- Sell locally if possible.
- Agree on a neutral meeting place.
- Bring a family member or friend along to the meeting for your safety.
Negotiate the price
After a test drive, it’s time to negotiate! Be sure to have a threshold for the lowest offer you’ll accept, and don’t be afraid to walk away and wait for a buyer who’ll meet you in the middle. One important thing to remember – never sign away the title until you’ve received the full payment. Once you’ve signed over the title, there’s nothing you can do to make the buyer pay.
Selling an expensive car is a great way to get some extra cash to help you pay off debt and continue on your journey to financial freedom. Need a little help getting started? Book your FREE consultation with Strong Tower Consulting, and get the peace of mind about your finances that you deserve!