Published: April 6, 2017 | Updated: April 6, 2021 | Posted by: Moneymax | Car Insurance
There are a lot of ways on selling your car. You can sell it to traders, or advertise them directly to the public through your websites and social media. Along the process, make sure that you get the right person with minimum effort and hassle on your part. Read along:
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If you’re planning to sell your car, it’s important to know how much its value has depreciated. According to PF & Investing, the average vehicle loses between 18 to 28 percent of its value in the first year that it rolls off the lot, and 50 to 70 percent after the first five years.
That’s the first thing you’ll want to keep in mind. If you’re sure that you want to sell your car, you need to make sure that it’s been fully paid for, and that there aren’t any outstanding fees on it. Be on top of is the car’s condition because the price you set will be dependent on it.
Andy Luterio wrote in an article for Top Gear Magazine that a car’s parts will start to wear after 60,000 to 70,000 km, which means that you should check your car for any repairs needed. If you weren’t doing preventative maintenance on the car, this is going to be priced higher.
Once you’re sure that the internal parts are all working, give your car one last wash. Give it a wax and wash treatment, and clean the rims and tires. If the floor mats look worn out, you’ll want to replace those too. Give the interior a nice vacuum, and clean out all your stuff. You’ll want it to look its best when you take photos.
Offering the wrong resale value of your car can either lose you money because of a lowball or overthrow potential buyers with a steep price.
To avoid this, here are some ways you can research on a selling price that can convince your potential buyer to get your car.
Establishing a car selling price not only involves the upfront fee but also take into consideration when the buyer will ask for discounts.
An ideal rate to put on top of your target re-sale price is 10% – 15%. It would be a mistake to put your target price as the published price of the car. This will make your buyer think that you are not giving him a good deal since he didn’t get a discount.
When creating the ad, you’ll have to determine how much your car is worth. A common reference to determine a car’s fair market value is the Kelley Blue Book, but as this doesn’t apply to the Philiipines, the most effective way to determine price is to look at other listings of the same car.
Be as detailed as you can with the information, but here’s a list of things you’ll want in your ad.
o Make sure to note if it’s a firm price, negotiable, or if it’s a quick sale.
o This means whether or not it’s been any accidents.
o Modifications to your car can also determine its price, so be on the lookout.
You’ll receive a number of inquiries when your ad is posted. Be ready to answer their questions, and have your own questions for them ready.
Finding out about your potential buyer will help guard you against fraud and possible crimes. It’s also ideal to determine the form of payment. When you have to meet the potential buyer, make sure that it’s in somewhere public and safe to avoid a dangerous encounter.
If the price of the car isn’t firm, let your potential buyer know that he still has leeway so he will be enticed to buy at a lower price.
Read more: 9 Ways to Make Money Using Your Car
Some of the channels where you can sell your car are:
Some of these will let you have an easier time in selling your car. Especially now when even car insurance can be bought online, you can now easily make money from selling your car.
The photos you take will give buyers a good look at the car. Take photos of the front, rear, and both sides of the exterior; for the interior, take shots of the front and back seats, the dashboard, the trunk, and carpets. Your album should also have photos of the engine and the wheels.
Finally, you’ll want to get the paperwork together in order to sell it. Here’s a list of documents that you’ll need:
For the car’s insurance, you can have it endorsed to your buyer, but it may be more prudent to wait out the policy’s expiration date and have the buyer purchase their own policy instead.
Read more: 5 Tips on Buying and Selling Cars Online
Putting a detailed description of the car you’re selling can decrease back-and-forth and make the car selling process more efficient. This will also set the expectation of the buyer instead of them thinking that the car is in better shape than it actually is.
What your car advertisement should include high-res photos that show the real condition of the car.
There is no point to show the car is more okay than it actually is. The most important parts of the car that you need to photograph are:
It will be a turn-off for a buyer to meet a car seller that is not prepared. This can also result to unpleasant outcomes so better think your meet-up through before doing it.
Here are some tips to get the best experience from your next buyer meet-up.
Get things straight on payment terms so both your expectations are set upon selling the car.
A full payment will be made for the second-hand car in order to avoid scammers from taking your car without full payment.
Do not give the car to your buyer before a check payment is not cleared since it can still bounce after you have given the car to your buyer.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.