If you own and maintain a car and want to sell it, there are several options available to you. You can exchange it for a new model, sell it directly to a car dealer, or sell it privately to an individual. A private sale may be the most profitable option for you as you sell it directly to the person who will drive it. Unlike the first two options, what you should get in a private sale will not be greatly reduced, as a dealer will try to mark your car later to make a profit.
7-step car sales process
This profit is something you can keep, but it can quickly disappear if you don’t prepare your car for sale first. Read on and we will explore how you can sell your car privately and make the most money in the process.
1. Clean your vehicle. You will want to have your car cleaned before you put it up for sale. That means going through the trunk, glove compartment and other storage compartments and pulling out anything that won’t be part of the sale. Remove non-contiguous papers, throw away the garbage, and make sure the documentation for your car is in place. This documentation contains the registration and the user manual. Other documents such as your insurance card should remain in the vehicle until they are sold. Also, find the title of your vehicle as you will need this form to sell your car. If the form is missing, get a copy from your state’s motor vehicle department. If you still owe money for your car, then pay off the loan to remove the lien. Once your DMV is paid out, it will issue a new title on your behalf.
2. Describe your vehicle. From top to bottom and from inside and outside, walk across the surface and interior of your vehicle to make sure it’s clean. First, vacuum the interior and shampoo the carpet and seats if necessary. Take an ear swab and clean the vents and pay close attention to every angle. Second, wash the exterior of the car, remove dirt, abrasion marks and fix scratches. You need to apply a wax and possibly mend paint. Remove dents, clean the tires and detail the wheels, fairing and other bright work. Glass inside and out should sparkle. Your trunk should also be vacuumed. The spare tire should be in good condition and inflated; A jack should be present and work. Also clean under the hood and remove dirt and debris. Make sure all wires and hoses are secure. Clean the battery if necessary. Fill up all liquids.
3. Solve mechanical problems. You’ll sell your car “as is,” but obvious mechanical issues can make it difficult to sell your vehicle. Completing an oil change, tuning the engine, turning tires and fixing braking problems are important maintenance steps. Expect to discount your car if there are still unresolved maintenance issues that need to be addressed. Be honest with the buyer about known issues, but hold out if that person tries to peck during negotiations. Wait for your price or wait for another bidder.
4. Find out the current value of your car. Car valuation is a science that is best left to the professionals. Visit the Kelley Blue Book to determine what your car could do on a sale. Determine how much a dealer could pay for your car and what your car can be sold for privately. Your price should be close to his private sales value and definitely above what a dealer would pay for it. Every dollar above the merchant amount is what you will benefit from in this transaction. Keep in mind that the buyer also has this information and will negotiate accordingly.
5. Promote your sale. Place signs on your car that advertise its sale. Provide a contact number – use your mobile number to make sure no calls are missed, or forward your landline to your mobile phone to hide its number. Indicate the vehicle make/model and model year on the plate. Optional ist, whether you want to publish the price. Advertise your vehicle on Craigslist. If you’re selling a classic, consider eBay Motors. Write a flyer with details about your sale and hang them in flashy places like a supermarket bulletin board or other well-traveled place. Get a CarFax history of your car to show to potential buyers.
6. Come at an agreed price. Potential buyers will want to test your vehicle. Always ride with them when they drive and confirm that their driver’s license is valid first. If you’re driving with the car buyer, you can answer questions and point out certain features they may be missing. If a buyer is willing to make an offer, then you will receive it. If the offer is acceptable, close the deal. If this is not the case, then counteroffer until both sides are satisfied with the offer. Move on to someone else if their supply is too low and they won’t move. Once a deal has been completed, you will receive the cash or receive a certified check. Go to the bank with this person to check if their check is good. Go to DMV with this person to transfer the title and meet your state’s requirements to complete the sale.
7. Remove tags and paperwork. Before you leave your car with its new owner, you must remove their license plates or tags, as well as other personal information, including your insurance. Return the license plate(s) to the DMV and contact your auto insurer to cancel your coverage for that vehicle only. Use this time to update your insurance for each of your remaining vehicles.
Considerations
One of the main reasons why some people don’t like to sell their car privately is the problems associated with screening potential buyers. Of course, not everyone has the time to market their car, so other options should be considered. This includes telling your colleagues about your car or the people in your church, group, or other organization. Of course, if you’re uncomfortable selling your car to someone you know, then you may just want to sell it to a dealer and allow them to take care of the details.
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Wendy is now a financial analyst and writer. Wendy has been writing about finance and personal finance since she was a sophomore in high school. She has also been writing for several online publications and published in The Huffington Post, and Forbes Woman.
Wendy is a credentialed financial analyst and has experience working with financial institutions and businesses. Wendy is also a certified financial planner. When Wendy's not writing, she enjoys tending to her many plants, watching TV, and spending time with her family.
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