There will come a day when you want to or need to sell your car. You may be upgrading to a new or slightly used vehicle or maybe you are selling that second car that you kept around and no longer need.
When selling your car you want to get the most you can but you also want to get rid of it as quick as you can.
No matter what condition your car is in there is a buyer out there that wants to buy it. Even if you are only selling it for $50 to a local scrap yard that is still more then nothing but most of the time you can get much more.
Pricing Your Car
First you should use book values NADA and others to approximate the sale price. Book values take the recent market into consideration when setting approximate prices but they do not take specifics into account. They are most often used by banks to value assets for loans or by car dealers to set trade in prices.
Car mileage, condition, age and make and model are used to set a base value. Options may be included to account for transmission type, air conditioning and engine size.
If you add options to your vehicle like wheels, suspension, aftermarket engine or body parts you will need to adjust your price as appropriate.
Remember you can not take the full value of parts and labor unless the repairs were performed specifically for resale. For instance if you buy new tires for your car it does not really matter if they are days weeks or months old as long as they are road worthy and will pass inspection.
Classic Vehicles
Many people get attached to their older cars and misuse the classification of Classic. How often have you seen an advertisement for a 1978 Chrysler placed in the classic section in your newspaper… Classic is more then just a date.
If you have a Classic Car then you should know it. Mustangs, Camaros, GTO’s are just a few. Antique vehicles are often pre 1960 vehicles but even then you need to understand the market. A 1953 four door chevy is really not worth much more then parts.
When Classic Vehicles are classified they are vehicles that have a large interest and a superior resale value.
Pre-Sale Detail
No matter what the age of your vehicle you should always take time to detail it before you attempt to sell it.
Detailing can be as little as cleaning out the interior and having a professional wash and wax or it can include things like buying a new set of hubcaps, applying a spray on bed liner, buffing out oxidation in your paint and cleaning your engine compartment.
The work you will need to do and the cost involved should be weighed against the value it will bring.
If you will be asking a few thousand dollars for your vehicle then a few hours of cleanup and parts costing in total of $100 or less is worth it.
Where to List the Sale
If you are selling the vehicle yourself and not car in against a new one then you have a variety of options.
Online Ads are a good place to list your vehicle. You should search for locations that allow you to list your vehicle for free or little cost.
Online Auctions are another way to sell your vehicle. Remember to set a reserve price high enough to
Local News Papers will list your car for a few weeks and may also include online listing so you can reach people outside of your area. Readership matters.
Specialty Papers that only deal with antique and classic cars are a good place to put your ad if you expect to get high dollar amounts. If you are selling a vehicle of this type then you probably have won local and national events and have lots of documentation.
Protect your Sale
Many people will require either cash or a bank cashier check at the time of purchase. This is not a bad idea and if you do accept a personal check you may want to bring the person to your bank when making the deposit. If possible go to their bank and make the withdraw.
In addition to making sure you are getting paid you want to make sure the buyer changes the title to their name. Many people will simply sign the back of the title but a better way is to go to your local title office and have them do the work at the time of sale.
Before the car leaves your possession you must call your insurance company and have them drop the coverage for your vehicle. If you don’t then you may be liable for the period of time that the new owner gets the title switched to their name and gets insurance.
Final Note
Selling your car is simple even if you take all the steps necessary to do it correctly.
Researching prices for a car you want to sell should be as important to you as researching prices for cars you want to buy.
Getting the best price may mean holding out for weeks, months or even years depending on your specific vehicle.
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