Selling a used car can be very tricky. A lot of factors ranging from demand for the vehicle, its condition at the time of re-selling and the owner's negotiating capability affect the final deal. The car will be put through lot of examination and owner may be queried by several people. It can be a very stressful job, but calculating your moves can save a lot of headache.
Some of the common things to be kept in mind before selling you car are ?-
1) Marketability: Find out if the car is in demand or will lowering the price get you buyers? The most general assessment is that
a) Small cars are in constant demand. People will choose entry level small cars.
b) Mid-size cars and sedans take longer, but have a higher re-sale value.
c) The bigger cars are usually collected for their exclusivity. These cars take a long time to sell, but can give you handsome returns from a genuine buyer.
2) Pricing: Pricing is a basic factor that buyers will look for when buying a used car. A private seller, who is not used to advertising tactics, will find it difficult to sell his product. Hence keeping the prices realistic will help. Conduct you own research, based on area and product demand. Try getting quotes local dealers and technicians. Calculate depreciation of the vehicle, based on insurance company figures. This will help you arrive at a realistic price and gets you a satisfactory re-sale value.
3) Make it look appealing: Most buyers will arrive at a decision during the first few seconds of laying their eyes on the car. Making the car look appealing can fetch you good returns. Service your car so that all components are functioning properly. Give it a fresh coat of paint, so that it shines. Keep it washed, waxed, the mirrors/windows shining, dent free, fresh feel for interiors (not smelly), shining tires, wheels and radials. Always keep the dashboard and ashtrays clean. All this exercises will go a long way in getting you handsome returns.
4) Advertise it vigorously: In order to sell the car at the earliest, it is best to go for advertising in newspapers/online. Also keep your friends and relatives informed about your intention to sell. Word of mouth advertisement is very powerful and potential buyers could be from you immediate circles. Give clear hints about you intentions like must sell, best offer, price negotiable or price not negotiable.
5) Show your car to buyers: This is the toughest part of selling. Decide on whether you want to sell the car to the caller. The best way is to screen the buyers during conversation. Once they get through the conversation, the potential driver will want to test drive the car. It is always better to enquire if he/she posses a driving license and has had previous driving experience.On the other hand, the buyer could also have doubts about you as a seller. Answering them patiently will put them at ease and convince them about you intentions. If they insist on getting the car examined by their trusted mechanic, allow them to do so. But keep your mechanic informed. The buyer's mechanic could point faults and state repairs. This could further lower the price. Show them the certificate given by your service station. No used cars come in perfect condition. However, giving false information any time is not correct.
6) Negotiating the price: This part can wrap the deal finally. Buyers will place and offer price, which could be lesser than the one quoted by you. Assess whether the offer meets your needs or it is absurdly low. Politely decline the offer if it is not convincing. If the buyer shows sings giving in to your offer, convince him/her that the car is value for money.
7) Handling uneasy situation:Be ready to face any uneasy questions. The question may range from- Why are you selling a one year old car- has it been unlucky to you? Does it have any mechanical problems? time during in the process of conducting the deal, mis-understandings may arise. You can have an upper hand if your stand has been clear from the start. It is best to be very clear about the repairs or changes required in the car. Be tactful while dealing with buyers as they could spread a bad word among other potential buyers later. Refer to you advertisement if it states "as is basis" when finalizing the deal.
8) Clinching the deal: Once the deal is finalized and the amount has been paid to you, record the odometer reading and transfer car's title over to the buyer.But in case you are selling the car to repay the loans, then the best thing to do is to finalise the deal I the bank itself. That way the title of the car passes directly to the buyer from the bank. The remaining loan amount gets accounted in the bank immediately. Once the money has changed hands sign the title over to the buyer as soon as possible. Another important thing is - remember to contact your insurance agent to cancel your policy on that vehicle. You can also get the agent to transfer the coverage to the buyer.
9) Recheck car before giving it away. Before the buyer drivers away with the car, recheck the interiors. Some of your belongings could still be in it.
