How to Maximize Your Profit When Selling Your Used Car

How to Maximize Your Profit When Selling Your Used Car

Your search for a new vehicle has begun. The first thing that comes to mind is probably trading in your current one at the dealership. You may trade in your old car at the dealership if you are pressed for time and don't mind losing a few grand. The amount of sales tax on your new vehicle that is equal to the value of your trade-in will be waived if you complete a trade-in at the dealership. At the current 8% sales tax rate, this might amount to as much as $160 for a $2,000 trade-in. However, with little work, the identical automobile that you might trade in for $2,000 might get $3,000 from a private buyer. And that's a fair sum of money for the effort involved.

You must really want that additional thousand dollars if you've read this far. Use edmunds.com to find out how much your automobile is worth right now. Provide the exact information about your car, including its make, model, year, and mileage. Get a copy of this page printed out. Information about your automobile and the price that local private sellers are ready to pay for it are now at your fingertips.

Make a call to your local newspaper on a Sunday and purchase a week's worth of classified advertising in the vehicle section. If your car doesn't sell after a week, you may be able to prolong your ad in certain local publications for a small fee or for free. Specify the manufacturer, model, year, mileage, engine displacement, etc. You can buy and sell cars online at places like motorzoo.com and car.com, which are both worth a look. If a potential buyer is interested in purchasing your automobile immediately, you should get the title and keep it in a safe, easily accessible location.

Do a complete inside and outside cleaning of your automobile by visiting a car wash. Clear the floor, rear seats, and trunk of any belongings. No carpets of any kind are permitted in the vehicle at any time. Don't forget to unload your trunk! Put the jack and spare tire in a safe place. Clean out the trunk. If you can, use a spot remover on the seats and trunk carpet to get rid of stains. Do not spend money on mechanical and electrical repairs for the automobile unless it is really necessary, such as changing a fuse or a bulb. If your car has any sort of mechanical or electrical issue, don't try to hide it from the buyer. Get your oil changed and other fluids topped up at a fast lube. When you take your car in for a fast oil change, transmission fluid flush, or power steering fluid fill, most companies will do it for free. Your tires will be inflated to the correct pressure as well.

Be prepared to field any and all inquiries from potential purchasers about your automobile. If you want to convert that meeting into a sale, you need to give them honest answers. Schedule a time and day to meet. Avoid phrases like "come after work," which might mean different things to you and the customer. Request that the buyer only visit during the day. While this might be an issue during the week during the winter months when days are shorter, it is unlikely to be an issue throughout the summer. Weekend appointments are available throughout the colder months. If possible, obtain the potential buyer's mobile phone number.If a potential buyer is late or does not show up at all, do not take it personally.Always keep in mind that the potential buyer is your customer and that the customer is always right.

Make sure the customer has a valid driver's license before letting them test drive the vehicle. You need to go on a test drive with the customer and show them around the area. Don't let that person drive the automobile anywhere they choose. Don't be too stubborn during negotiations about pricing. You may be able to take a few hundred dollars less than your asking price, depending on the car's resale value. Don't accept personal checks or money orders, just hard currency.

Be wary of any inquiries you get from someone responding to your internet ad. Many cons are active in the cyber world. If an online buyer offers to pay more than you're asking for an item and then requests that you wire the difference to a shipping firm, you may be certain that this is a fraud. A faked check means the recipient will likely cash it and disappear with your money. Spend your windfall wisely.