If you’re thinking about selling your car, you’ll probably be pleasantly surprised when you look up its value. Between the supply chain issues caused by the COVID-19 pandemic and the subsequent semiconductor shortage, used car prices have never really returned to their pre-pandemic levels. It’s a seller’s market, and that’s a good thing for you – especially if you were fortunate enough to have bought the car before the pandemic.
The current pricing trend cuts both ways, though, and you may be going to experience a bit of sticker shock when you look for a new car to replace your current one. The best way to solve that issue is by getting as much money as possible when you sell your car, and that’s what we’re going to help you do with this guide. Getting more money for your car means that you can afford a higher down payment, which will make your loan terms more favorable.
Let’s jump in. Here’s how to get the most money possible when you sell your car.
Sell Your Car Privately
Before you begin the process of selling your car, you’ll need to decide whether you’re going to sell it privately or trade it in at the dealership. On one hand, the final price that you’ll get for your car will almost always be higher if you sell it privately. For example, here are the Kelley Blue Book values for a 2014 Ford F-150 regular cab truck in very good condition with 90,000 miles on the odometer.
- Trade-in: $8,980
- Private sale: $10,987
That’s a difference of about $2,000, and the difference between the private sale and trade-in values may be even greater for a more valuable vehicle. You’ll want to sell your car to an individual rather than a dealership if you want to get the most money possible for it.
On the other hand, selling your car to a dealership has three potential advantages that you should be aware of before making your decision.
- In some states, applying your trade directly to the price of your new vehicle will reduce the amount of sales tax you pay.
- Trading in your car is much faster than selling it to a private party, and your time is valuable.
- A dealership may offer a higher trade-in price if you have an in-demand vehicle that’s clean, has no mechanical issues, and is ready to sell immediately.
Detail Your Car
A potential buyer expects to purchase a vehicle that’s clean and well-maintained. Cleaning your car doesn’t just help to maximize the amount of money that you’ll get for it – it’s also important because people do their car shopping online. If your car doesn’t look good, getting a bigger offer from a buyer will be irrelevant because the car won’t generate any interest in the first place.
- Wash and wax your car. The wax treatment at the local automatic car wash won’t cut it; you’ll need to use some elbow grease if you want your car to shine. A good polishing treatment can last months, though, which should be more time than you need to find a buyer.
- Clean any grease in the engine compartment. A potential buyer will always ask you to pop the hood, and any sign of an oil leak might scare them away.
- Vacuum your car’s interior and thoroughly clean the seats and surfaces.
- Apply shine compound to the tires.
Remove Any Objectionable Smells
Speaking of things that scare potential buyers off, you don’t want your car to have any objectionable smells when it’s time for a test drive. Don’t just hang an air freshener on the mirror and hope for the best; remove bad smells at their source.
- If you smoke in your car, you need to stop right away and give the smell some time to clear out. According to the National Center for Biotechnology Information, a car that smells like smoke is worth about 7.7 percent less than one that hasn’t been smoked in. Grab a good vape and some Vape Juice.
- Replace the cabin air filter. A new filter only costs around $25, and you can do the replacement yourself in minutes. The cabin air filter is usually located behind the glovebox.
- Check for damage in the weather stripping around the windows and trunk to eliminate the possibility of a moldy smell in your car after heavy rain.
- Make sure that the car is completely free of food crumbs and wrappers.
Take High-Quality Pictures
Everyone shops for cars online these days, and that means potential buyers will want to see pictures of your vehicle before they get in touch with you. If you don’t have a good camera of your own, hire a local photographer to stage a quick photo shoot for you. It shouldn’t cost a lot of money, and good pictures can help your car stand out and generate more interest. It’s especially important to have good pictures if you have a common car that many others might be selling at the same time. The competition can create downward price pressure, which could eat away at the extra money you’re expecting to get from selling your car privately. If your listing stands out, it’s more likely that you’ll be able to sell your car at the top end of its estimated price range.
Have Your Maintenance Records Ready
A potential buyer has come out to take a look at your car, and the test drive went well. The buyer seems serious, and he or she seems ready to make an offer. Here’s the final hurdle that can help you seal the deal: You need to be prepared to show that you’ve taken good care of the car while you’ve owned it. Have all of your maintenance, service, and repair records ready to go. Make sure that the car’s title, registration, and any required safety or emissions checks are current. It’s also beneficial if you have both sets of keys for the car as well as the instruction manual because it shows that you’re an organized and mindful owner.
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