Price Used Cars
So you’ve decided to sell-off your car! The process of selling it is not as complicated as you think. But determining the right resale value of a used car can at times tend to get subjective. There are various factors that can influence the price of a used car such as the car’s general condition, mileage, warranty etc. A great way to arrive at a realistic resale value of your car is by trying to understand for how much the model you are trying to sell is currently being bought or sold in the market.
Steps
- Know the market. can your car sell-off easily? Is it in demand? Will you have to drop your price in case there isn’t much demand? Is it the right time to sell your car?
- Gather information about your car. The next step is to know your car well. Collect all the information about your car that determines its value. Make a note of the year, make, and model using your original paperwork or window sticker. Next, see if your car has additional features like leather seating, built-in music system, rear seat entertainment system etc. These features can add to your car’s resale value. Therefore, do not forget to make a note of all these as well.
- Keep in mind the present condition of your car. Note the current mileage of your car. Check for the manual and find out if your car is still under warranty. It could fetch you more resale value. If you’ve spent on the maintenance and repairs of your car, make a note of the total expenditure by far. It might help you get a better resale price.
- Make price and model comparisons. Once you’ve gathered all the information, you will now have to research on the resale prices of similar cars. This information can be obtained using various pricing sites online. The prices may vary depending on the usage and present condition of the car. After this, you will have to make a note of the average pricing range for similar cars.
- Determine your price. Now that you've got the price range for similar cars, the next step is to determine a fair market value for your car. Choose a number within the pricing range that you’ve obtained with your research. To quote higher or lower is a personal choice. If your car has additional features like stereo system or alloy wheels, you can quote higher. A car under warranty can fetch you more.
- Price your car competitively. As mentioned earlier, leave room for negotiations. Call for a little more than you expect. In case you get what you ask for, that would be great. If at all the buyer negotiates a little, it won’t be much of a loss. You might want to drop the price if you want a quick sale.
Tips
- Try to avoid wasting money on repairs and modifications prior to sale.
- Keep your car clean. It makes no sense showing a dirty car to the prospective buyer, since a good looking car is easier to sell.
Warnings
- Do not trade your car to the store dealer. He will never give you the amount your car is worth.
- Do not use bad photos, especially when you are trying to sell it using the internet.
- Do not hesitate to sell just because you don’t like the buyer.
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