If you own and maintain a car, and are looking to sell it, there are several options available. You can trade it in 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 will be selling directly to the person who will be conducting it. Unlike the first two options, what you should receive in a private sale won’t be heavily discounted, as the dealer will be looking to mark up the price of your car later to make a profit.
7 Step Car Selling Process
That 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’ll examine how to sell your car privately and make the most money in the process.
1. Clean your vehicle. You will want to clean your car before offering it for sale. This means going through the trunk, glove box, and other storage compartments and removing anything that won’t be part of the sale. Remove unrelated paperwork, throw out the trash, and make sure paperwork related to your car is in place. That documentation includes your registration and owner’s manual. Other documentation, such as your insurance card, must remain in the vehicle until it is sold. Also, find your vehicle title, as you will need this form to sell your car. If the form is missing, obtain a copy from your state department of motor vehicles. If you still owe money on your car, pay off the loan to remove the bond. Once paid, your DMV will issue a new title in your name.
2. Detail your vehicle. From top to bottom and inside to outside, he will check the surface and interior of your vehicle to make sure it is clean. First, vacuum the interior and shampoo the carpet and seats if necessary. Take an ear swab and clean the vents, paying close attention to every nook and cranny. Second, wash the exterior of the car, remove dirt, scuff marks and repair scratches. You will need to apply a wax and possibly touch up the paint. Remove teeth, clean tires, and detail wheels, trim, and other shiny jobs. The glass inside and out should shine. Your trunk should also be vacuumed. The spare tire must be in good condition and inflated; a cat must be present and functioning. Also clean under the hood, removing dirt and debris. Make sure all cables and hoses are secure; clean the battery if necessary. Top off all liquids.
3. Solve mechanical problems. You will sell your car “as is,” but apparent mechanical problems can make your vehicle more difficult to sell. Completing an oil change, tune-ups, rotating tires, and troubleshooting brakes are all 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 your ground if this person seeks to be picky during the negotiation. Wait for your price or wait for another bidder.
4. Know the current value of your car. Car valuation is a science, it is best left in the hands of professionals. Visit Kelley Blue Book to determine what your car could fetch at a sale. Determine how much a dealer could pay for your car and how much you can sell your car privately. Its price should be close to its private sale value and definitely above what a dealer would pay for it. Every dollar above the dealer amount is what you will get in this transaction. Consider that the buyer also has this information and will negotiate accordingly.
5. Advertise your sale. Put signs on your car advertising your sale. Include a contact number: Use your cell phone number to make sure you don’t miss any calls, or transfer your landline to your cell phone to hide your cell phone number. Include the vehicle make/model and model year on the placard. Optional is if you choose to post your price. List your vehicle on Craigslist. If you’re selling a classic, consider eBay Motors. Write a flyer detailing your sale and post it in conspicuous places, such as on a supermarket bulletin board or other high-traffic location. Get a CarFax history of your car to show potential buyers.
6. Arrive at an agreed price. Potential buyers will want to test drive your vehicle. Always ride with them when they drive, first confirming that your driver’s license is valid. When traveling with the car buyer, you can answer questions and point out certain features that they might overlook. If a buyer is ready to make an offer, then welcome it. If the offer is acceptable, then conclude the deal. If not, counteroffer until both parties are satisfied with the offer. Pass it on to someone else if your bid is too low and you won’t quote. Once an agreement has been reached, get the cash or receive a certified check. Go to the bank with this individual to verify that your check is valid. Go with this person to the DMV to transfer the title and complete your state’s requirements to finalize the sale.
7. Remove labels and paperwork. Before you leave your car with its new owner, you’ll need to remove any license plates or tags, as well as other personal information, including your insurance. Return the license plate(s) to DMV and contact your auto insurer to cancel your insurance coverage for this vehicle only. Use this time to update your insurance for each of your remaining vehicles.
Considerations
One of the main reasons some people don’t like to sell their car privately is the hassle involved in screening potential buyers. Clearly, not everyone has the time to market their car, so other options should be considered. These include telling coworkers about your car or people in your church, group, or other organization. Of course, if you’re uncomfortable selling your car to someone you know, then you’ll just want to sell it to a dealer and let them handle the details.