Sold! What You Need To Know Before Selling Your Car
People have various reasons for selling their vehicles. Maybe they’re moving somewhere else or they’ll be working in another country for a few years. Some also sell their old car after they’ve bought a new one. If you are thinking about selling your car, then you realize how profitable it can be. However, there are a few pitfalls and risks and you need to know about these to avoid future problems. Below are a few things that you have to be familiar with in order to for you to be able to sell your car properly and successfully.
1. Know Your Car
You probably already know everything about your vehicle since you use it every day. However, for you to sell your car quickly, you need to understand what sort of car you’re selling and what market it’ll most likely attract. Consider the following factors – type, model, mileage, and price, to name a few.
Some types of cars sell faster than others. For instance, convertibles are more sought after by individuals who are single and have extra cash, while family sedans are more saleable to those who are looking for less expensive vehicles. As for collector’s items, these will fetch a higher price but are targeted to a specific market.
More modern models will often sell quickly and at a higher price because they are quite popular. You can also make a nice profit with an older model, but expect that you won’t be able to put a higher price to it. Exclusive models, on the other hand, can be much more expensive even when they are quite old.
The more mileage, the less attractive a vehicle is. When people check your car’s mileage and they see that the vehicle has been driven for 100,000 miles, then they’ll easily come to the conclusion that it has been through a lot and it might not last for long even with proper maintenance. The good news here is that some individuals will choose to ignore the mileage if your car is a popular model.
2. Determine a Fair Price
Before you come up with a price for your vehicle, it’s a must for you to first check out classified ads so that you can see how much cars like yours are selling. If you have a trusted friend who knows a lot about automobiles, seek his help in settling on a price. A few considerations that you have to think about are – condition of vehicle, mileage, make and model, color, and also your location. In case you are selling the car privately, which means that you aren’t using a dealer, your pricing should be mid-range. Your vehicle shouldn’t be more expensive than those sold at dealers because it will be more difficult for you to sell it.
3. Have Proper Documentation Ready
Make sure that all the needed documents regarding your car are all ready. This includes registration and car insurance. Regulations governing such issues slightly differ in each state. So, do some research about the requirements in your area and make sure that the person that you’re selling your car to is properly informed as well. Generally, the individual who owns the car will be responsible for its insurance. However, if you’re current insurance is already expired and you are selling, you might need to get short-term insurance in case you are going to allow possible buyers to test drive the vehicle.
- License: Creative Commons image source
Claire Winters is a freelance writer whose interest lies in automobiles. She often blogs about car repair, insurance, and buying vehicles. She knows that auto insurance is confusing, which is why she recommends Advantage Insurance Agency which provides clear and concise explanations for those who have inquiries about such issues.