While you’re ready to move onto a bigger and better car, you still want to get the best possible price for your used car, and this will depend on how much time and effort you want to put into the sale.
If you spend a little time fixing up those little problems, you can probably get more out of the sale of your used car, but don’t forget that your time is worth something too and you’ll need to determine how to sell your used card the best way and get the most out of it.
1 – Sell it Yourself
You may not have the option to trade it in because you are buying your next car through a private sale, but you can achieve around $2,000 more than if you had traded it in through a dealer.
To get the best price, do some basic detailing yourself by vacuuming and cleaning the seats, washing and waxing the outside, plus adding some tyre black for curb appeal and you’re spending around $50 to make a faster and more profitable sale. Also make sure you clear your used car of all of your possessions and make sure everything is there such as the spare tyre and the jack.
Also look for any obvious little things you can fix because if a buyer notices a blown brake light or ratty floor mats, they will wonder about the other parts of the car you haven’t taken care of. Plus, fixing a brake light should only cost you are $20 and new floor mats can be picked up for $10 to $20 for a set of four.
Learning how to sell your used card also involves getting the word out by advertising in local newspapers and even on Facebook to get the most exposure and the best chance at the best price. You’ll want to make sure your advertising is economical because an ad on an auto site can cost up to $80 depending on how many photos you want to include.
2 – Trade It In
If in relatively good condition, trading it in when you buy your new car is by far the easiest option. A trade in can often be completed in the same day after the dealer has assessed the age and condition of the car to determine its value.
The amount you get for the trade in is then deducted from the price of your new car, and in this way it has tax advantages. If you are buying a new car at the same time as trading in your old one, you will only pay sales tax on the difference between the trade in value and the price of the new car.
Plus when the dealer takes on the responsibility, you are absolved of all liability, whereas with a private sale, the buyers know who you are and will be more than happy to tell you if they come across a problem with your car. While you will be getting less from a trade in, you are making up for that in time saved. You don’t have to pay to place ads or waste your time with countless potential buyers. Instead accept less than it would sell for, because after all, the dealer wants to make a profit when they sell it.
3 – Consignment
Another option for how to sell your used car is by consignment. You can get all of the convenience of a trade in, with the higher selling price of a private sale. Selling through consignment means the dealer handles the sale and takes a 6-10% commission from the final sale price. In return the dealer will detail, display, and sell your used car for the price you set.
You are able to get a higher price than if you had completed a straightforward trade-in, but you may have to do a little searching for a dealer willing to sell on consignment.
4 – Donate to a Charity
If you are wondering how to sell your used car and donate the proceeds, give it to a charity. Generally, charities do not ask for a lot of records, nor do you have to haggle over price. Plus, you can claim the value of the car as a deduction at tax time and you have gotten rid of your used car with very little effort.
5 – Sell It To A Wrecker
No one wants to see their used car crushed into a cube, but if you have an old and ‘well-loved’ car which would cost you more to repair than the car is worth, a wrecker may be the one who can give you the best price. Even if your car isn’t in the best shape, if it is running you can often get a good price from a wrecker.
Learning how to sell your used car to a wrecking yard involves first finding out exactly what is involved in the exchange – for example, do you have to get your used car to the junk yard or will the wrecker pick it up? Also take the opportunity to take anything you want from the car – the tyres, the number plate – to sell later or keep as a memento. Remember, that wreckers will crush cars almost immediately, so there is no time to change your mind once you’ve sold them your used car.
6 – Part the Car Out
Here is a unique way of how to sell your used car. If you have a little more time and patience you can maximize the profits from the sale by selling it in pieces. This can be especially profitable if the car doesn’t run anymore, as you don’t need to find one person who wants the whole car as it is.
Instead, you can place ads for the parts you want to sell in car magazines or even on Craigslist. At the same time, look for ads of people who want to buy car parts because you may have something they need. Car auctions may also let you list your used car for sale and you may be able to drive up the price through demand. Just make sure you are able to set a reserve price so you can get the price you want.
You can also sell the parts on eBay, or if you can find a local buyer you could sell the whole car at once. Even if it takes a little more time to sell your car parts separately, it won’t cost you anything more than a few cents in listing fees, because the buyers will pay the postage.
When selling for parts it is likely the car doesn’t run very well so keep in mind you may need to tow it around to potential buyers or auction sites and you’ll need to factor in the costs of a car trailer.
As you can see there are a number of ways to learn how to sell your used car which no longer meets your needs, but from which you still want to turn a profit. There is almost always a better way than to simply dump it.