Selling car yourself instead of donating it or trading it in can be the smart choice for some people. If you have more time than money, its quite possibly the right call. Here are the steps to get your car sold for a price that won't sting, and without a headache, too.
1) Know Your Market
As soon as you know you'll be selling your car, start keeping tabs on what similar cars are being listed for and sold for in your town. You probably won't find any cars that match yours exactly, but you want to know things like how often cars like yours become available, what their condition is, and what the asking price is. Notice how long the ads for these cars run. If you can, keep a folder tracking the listings for about a month before you list your car. eBay Motors and AutoTrader are treasure troves of information about what cars are selling for.
2) Know Your Car
Have your car looked over by a good, well-known mechanic or even a dealership (though they'll charge you double) and get a printed report on the condition of the car. Ask the mechanic what he (or she!) figures your car would be worth on the open market. The mechanic or the owner of the shop may immediately know of someone who is looking for a car like yours.
If there is anything that needs to be fixed immediately with the car, and you are hoping to get more than $4000 for it, seriously consider getting the repairs done. People will pay more money than they logically should just to avoid having another thing to do.
Now you need to know how much to ask. Start with the Kelly Blue Book site for the first value. Then consider what the mechanic said, and what other similar cars near you have been selling for, both from newspapers and from eBay or Autotrader.
3) Get Your Car Cleaned Up
Either clean your car up top to bottom yourself, or (and this may be better), bring it to a first-rate car wash shop and pay $50 to $100 to have to made completely spic and span. Some people opt for the additional detailing work to make the car look almost new (from the outside). Its up to you how much you want to spend, but if your car is worth more than $5000, you will probably get your money back from whatever you spend to get it looking really nice.
4) Advertise
No sentimentality allowed here. Set a fair price that will move the car fairly quickly, like within a month. Otherwise the hassle-factor gets out of control, your advertising costs explode, and you only end up getting a lower price than you wanted for the car anyway. Expect to pay at least $100 in advertising unless you've priced the car to go in one weekend. It does happen. If you don't want calls from dealers, say so in the ad.
5) Field calls and make appointments.
You will get a deluge of calls. Set up a new voice mail message on your phone that screens out dealers and time-wasters, and gives more information about the car than you could fit in the ad. End the message with "if you are still interested, please leave your name and number and I will get back to you."
Try to double your appointments up. My father has sold a lot of used cars, and has a technique of scheduling all "look-see" visits at one or two pre-planned times per week. This will save you A LOT of time, and also creates a feeling of scarcity among the buyers, who may buy the car faster and for more money than if no one else was looking at the car at the same time.
6) Close the deal.
Only sign the title over after the check has cleared. Even better, accept only cashier's checks or cash for the car. Call your local Department of Motor Vehicles a few days before the sale so you can be sure you know the local rules and suggestions for transferring ownership. When its closed, cancel your advertising and take down whatever flyers you've put up.
|