Tips for Selling Your Used Car Selling Your Used Car There are basically two choices when deciding what to do with selling your used car. You may sell it outright, or trade it in. If you decide to sell your car outright, you will receive a higher price but it will require additional work on your part. Advertising Media Now days, everyone is looking on the Internet for just about anything they are looking to purchase, used vehicles in particular. Most people search the web as part of their research prior to buying or selling their used vehicle. Give yourself the best media coverage by listing your car online. You can't beat the price for the amount of exposure you will receive. Establishing a Price First you must establish a value for your used car. To assist you, used car price guides are available at libraries or book stores. Also check your local newspaper's automotive advertising section for similar vehicles. It will help you set a fair price based on your local market. You may also want to take your car to a couple of used car lots and see how much they'll offer you. Advertise Your Used Car Your used car ad should list the year, make, model and body style, and you might want to include the mileage, engine size, and color. When writing your ad, be honest. Skip the flowery phrases and stick to words that buyers will respond to such as super clean, low mileage, one owner, excellent fuel economy, regular service records, etc. If your used car has any special features such as a car alarm, let people know about them in your ad. The clearer and more honest your ad, the less hassle you'll have in selling. Prepare Your Used Car Prepare your vehicle for resale by having the car cleaned and detailed by a professional detail shop. Having your car cleaned gives you an edge over other vehicles in the market. An attractive car can justify a higher selling price. Also do not make any major repairs. Any major mechanical repairs or body work will almost always cost more than the increase in price you'll get for the car. Instead of spending a lot of money, simply be honest and straightforward in your ad for the car. Respond to Inquiries Once prospective buyers start calling, be ready to answer questions. Prepare callers for what to expect when they see the car. Answer questions honestly over the phone, or through emails. You will save yourself a lot of time and hassle making appointments that will not turn into a sale. Make an appointment with each caller for a specific time, rather than allowing them to come "sometime after work." Making an appointment will increase your chances of the buyers showing up, and if they're late, you don't have to feel obligated to wait for them. Make sure you ask for a phone number preferably a cell phone. Don't be surprised if some of the folks don't show. It comes with the territory. Check Title Transfer Procedures Consult your state Department of Motor Vehicles to determine what requirements you must follow to transfer the title to the new owner. This process usually consists of your signing and dating the title before you pass it on to the buyer and notifying the DMV of the transaction. Making sure that the title is correctly transferred and the DMV is properly notified will prevent you from being liable for any accidents once the transfer is complete. How to sell your used car and transfer title when you still owe money on your auto loan If you owe money to a lender on your car loan, the lender appears on the title as a lien holder, and they are holding the title. To sell the car, you need that title, but you can get it from the lender after you sell it too. When you pay off the loan, they mark the title as lien satisfied, and send you the title. Suppose you owe $10,000 on your car loan, but your used car only sells for $8000. Whatever balance is left after you get $8k, you would pay off the bank directly because you're upside down on the car loan. Sadly, too many people are in this boat, and don't have enough to make up the difference to pay off the loan, so you can't sell the car. But if you do sell the car at a high enough price to pay off your loan, then you just call the lender for a payoff figure and send in the payment. They mail you the title in about a week. Then you sign over the title and FedEx it to the buyer. You can give the buyer your car without title for now, and they can get a temporary white paper tag until your title comes in. Then the buyer can register the car using the title. Auto loan lenders will not send the title to the buyer, they will only send it to you. Take Cash Only Make sure that you always get either cash or a certified check. Do not take any personal checks. If you do not feel comfortable carrying cash you can always go to the bank with the new buyer and make an electronic transfer. |