A car's value depreciates rapidly and it's almost twice as faster now than in 2014.
Too much supply plays a huge factor. This means that the older your car, the harder it will be to sell it at a price you want.
Getting a good amount of cash for cars you're ready to get rid of might be harder now. But it will still be worthwhile in the end if you're smart in making deals.
So how can you be more effective at selling your car? How can you make the most profit?
Pay attention to these 10 tips I'm about to tell you, and you'll sell your car in no time.
1. Prepare Yourself
You're going to go through this, but are you ready?
Selling anything means being able to answer questions. In the case of a car, you should also prepare to meet up with strangers asking to inspect it. Be ready to clear your schedule or drop appointments if need be when such request comes up.
If you know that you can't commit, why not ask a trusted family member or a friend to do it for you? They can make negotiations on your behalf or you can ask for a set price. Make sure they know your car - even the tiny details like dents or the new parts.
But if you're willing to do anything to get cash for cars prepares a sales pitch. Have the answers to these questions:
- What's the fuel economy like?
- How did it perform for you?
- What are the safety features?
- Are there any recalls in the past associated with this model?
Know that selling a car will last a few weeks, especially when you're making repairs. Unless you have a Kia Sportage, named fastest selling car of 2017, don't get frustrated at the wait.
2. Get Everything Ready
You got your sales pitch, your availability is not a problem... now what? Make your car look handsome, of course.
You can still get an ample amount of cash for cars that may not look its prime by cleaning. For the most profits, take the effort to wax it and wash the floor mats.
It's also a good time to take the car to a mechanic and ask for a full report. It may alert you to unknown issues and let you know all the repairs you need to do.
If something's broken, you can choose to fix it so you can set a higher price. You can, however, choose not to. Show the report to the potential buyers so they know what they're getting into.
While your car is being groomed, you can start preparing the documents.
Each state has different requirements when selling a car, but it tends to involve:
- Bill of sale
- Release of liability
Check out your state's requirements before you put your car up for sale here. Aside from these, you can also include the car's maintenance records.
Did you know that a car's value drops 11% the moment you drive it for the first time? If you aim to get quick cash for cars you own, you have to do your research as soon as possible.
After a year, the value decreases by 19% percent on average. When you get to five years, the car will have lost over half of its original value.
So how much is your car worth? This is where research comes in.
Check out the other cars for sale in your area with the same model as yours. How much are they selling? Are there any improvements done? What's the extent of damages? What's the mileage?
Figure out the average and from there, you can estimate how much your car is worth. It's also worth it to check online resources to get a good idea of the price you can set.
4. Make Improvements If Possible
Your car value isn't what you're hoping it to be? Don't worry, there are ways to increase it if you are willing to make the time.
Cleaning your car is a must, but a full-on detailing job can increase the value by several hundred dollars. You can do it yourself, but pay attention to the tires, compartments, windows, and mats. If the floor mats are old and ugly, consider getting new ones.
The tires are also a good area to improve. Replacing them with an inexpensive set can boost the value. Shine the rims and your car will look brand new.
You might also have to shell out money if you want to have the car repaired. Dents and scratches can lower the value, as do some minor issues.
Don't spend a large amount of cash for cars needing major repairs. Rather, work on those small issues, and the payoff will be big. You can even work on them yourself if you're a handyman. If not, it's better to let a professional handle it lest you aggravate the problems.
5. Price Accordingly
Be smart on the pricing - don't set it too high nor too low. A high price will turn away potential customers and a low price might be suspicious. Many people live by the rule, "If it's too good to be true, it likely isn't."
You can be firm with the price, which you should mention on the ad, or you can have a little wiggle room. Prepare for the negotiations because people will ask for the last price anyway. Not a lot of people are willing to pay a lot of that are already used.
On that note, decide on the least amount you're willing to sell the car for and stick with it. Don't entertain lowballers and don't hesitate to reject an offer if it falls below the amount.
You know your car and you've done your research, so you know best how much it's worth. Giving in to the first offer you get will only make you regret later.
A nice trick you can do is set the asking price a little higher than what you expect to get. This way, you're more likely to get more offers for negotiations. You'll also be more receptive, which can make the conversation going.
6. Take Good Pictures
This is the fun part. If you're selling online, this step is a must. But make sure to take quality pictures to generate interest in your ad.
Take your car out of the garage and take it somewhere bright and park it where you can use a beautiful backdrop. You can take photos with your camera phone, but if you've got a better camera, use it.
Take a photo of the front, the sides, and the rear. Position the car's full image into the center of the photo for better results. Get a close-up of the best features or the issues like dents and scratches.
Photograph the interior as well: the seats, the dashboard, and the floor mats. Include photos of the trunk, the engine, and the wheels.
Take your time in capturing the perfect pictures. Play with angles and don't let the sun's glare ruin your photos. Your car needs to look good, but not too perfect that you'll want to hide the flaws.
Remember to take the pictures after you've cleaned and repaired the car! This way, you'll still make cash for cars past its prime.
7. Write a Compelling Ad
A good advertisement is simple in design, but it provides all the details that a buyer needs to know. As a rule of thumb, include this information:
- Exact year and model of the car
- Good photos
- Bought brand new or second hand?
- Is it running or is it junk?
- History of repairs
- Repairs that need doing
- New parts, if any
- VIN number
- Asking price
As for the asking price, make sure to state whether it's negotiable or not. Be familiar with this lingo and what they tell the buyers:
This means you're not likely to give in to pressure. You're willing to take the time to wait for someone who'll buy the car for the indicated price.
Push for a Better Offer
Get ready to entertain offers below the stated price. You can put this if you're in a hurry to get cash for cars.
Needs to Go
This means you're more likely to sell it to the first offer you get. Why not consider tip #9 if you can take any amount of cash for cars ASAP?
8. Get the Word Out
Once you're done preparing and taking photos, it's now time to let the world know you want to get cash for cars.
The internet is a good place to start. Check out forums and advertisement websites. Post your compelling ad on where you did your research if you did it in a diligent manner.
You can also take your social media account to advertise your car. Write a simple status about your intent to sell a car - pictures and description included - and have your friends share it. There are also groups on Facebook where you can advertise for free.
You can also put the ad on the car itself. Stick a "For Sale" sign on your car with your contact information if you plan to still use it to drive around. You may be able to catch the eye of a potential buyer that might not see it on the internet.
On the last note, let everyone you know that you're letting go of your car. A co-worker may get interested, or they may be able to refer you to someone who is willing to hand over cash for used cars.
9. Approach a Buyer Paying Cash for Cars
If you want an easy way to get cash for cars, you can talk to a local dealer instead. Note that you'll still need to do the first five tips if you want to make a nice profit. But, there are pros and cons to this.
The number one benefit is that you'll sell the car right away - no ad posting, no communicating with different buyers, and no hassle of dealing with scammers. Dealerships also handle the paperwork for DMV, which makes the transaction faster.
But you may have to settle for less than your car's value. You can make up to 15% more by selling it yourself, according to KBB. It's up to you, though, to decide if that 15% is worth the hassle and time of organizing the sale yourself.
Another way to get cash for cars is by selling it to an auto salvage company. You can trade in old or totaled cars and still make money.
This has the same benefit as the dealership in a way that you won't have to go through the selling process. You can get your money in an instant and they often have better offers than dealerships!
10. Negotiate and Complete the Sale
Talking to a potential buyer? Great! You're now in the final stage of selling.
Everyone who contacts you or whom you contact will negotiate for a lower price. If you follow tip #2, the outcome will be more favorable because you might get what you want or close to it. Don't forget the least amount you're willing to go for, and the negotiation will be a little easier.
This is also the part where you'll take about payment and delivery. This is crucial. This is where they'll likely pressure you into making a hasty decision, like taking the check or driving to a suspicious location.
Steer the conversation to a conclusion that's favorable for both you and the customer. Set a time and place you're both comfortable in to make the transaction. You can also consider using an escrow service if the client wants the car delivered.
Get Cash and Sell Your Car Quick Today
When you receive the cash for cars, it's time to do the paperwork, such as signing over the title, submitting the Release of Liability to DMV, and more. See the second tip for the documents you need.
These tips will save you some headaches.
If you've decided to forego the stressful steps and sell your car to a junk car buyer instead, contact us to get a free quote. Visit us at our numerous locations across all states to get cash for cars now!