So, you’re ready to sell your car. You’ve had it for a while and for whatever reason you’re ready to part ways with it. If you’ve done any research on selling a used car, you’ve learned that there are several methods to getting the job done. Deciding which method is best for you will ultimately depend on factors like the condition of your vehicle, the value of the vehicle, your financial projections, and the amount of time and effort you’re willing to put into it.
Below, we’ll take a look at your options and what is involved with each so that you can make the most informed decision about selling your ride.
Cash for Car Companies
An increasingly popular way to sell your used car has become going through a third-party vendor. These are private companies who are willing to purchase your vehicle, as is, for a certain amount of cash. You can sell a car in Utah, Arizona, California, or wherever you may live for a reasonable price. However, this avenue won’t generate the most profit for everyone. Those who would be best served by selling to cash for car companies would be those that:
- Have a car that’s less than 20 years old
- The vehicle only needs a little work
- The vehicle has less than 200,000 miles on it
- The brand is popular, The car is otherwise in good condition
Generally, if your car meets the above criteria a specialist would come out to your home or place of business to inspect the vehicle and give a cash offer based on current market price, and the factors listed above. If accepted, you sign over the title and receive cash.
Another way of selling your used car is to do the work yourself and sell it to interested car buyers. This, in some cases, can reap a larger reward in that there’s no middle man to reduce your proceeds, however, it’s a lot of work. Here are some things that need to be considered if you’re going to try and sell your car on your own:
- You will need to find the best platform to advertise your car for sale whether that’s through online classifieds, flyers, or placing for sale posters in the vehicle. Not only that, you’ll need to know how to make your car stand out from others to entice bids.
- Those interested in buying a used car for personal reasons are looking for a vehicle with the least amount of damage. They essentially want to get years of use out of it beyond your typical maintenance. So, if there’s a lot going on with your car you may need to get those things fixed before you’ll get a reasonable offer for it.
- Another thing to consider when deciding to sell your car to independent buyers is the sacrifice of your time. It could take weeks or even months to sell your used car even with the best marketing practices. You’ll have to dedicate time to place an ad, check for bids, follow up on those bids, meet for test rides, and eventually sell the vehicle.
The final option for selling your used car would be to use it as a trade in with a dealership. This method is commonly used for those looking to reduce their out of pocket expenses on the purchase of a new car. Be that as it may, using the car as a trade in is only beneficial if:
- You’re not interested in getting a big payout (dealerships generally only offer the wholesale value of the vehicle)
- You really don’t have the time to sell it yourself
- You’re interested in the potential tax benefit
Selling your used car isn’t as cut and dry as you think. As you can see, there are several factors that need to be considered to make the most effective choice. Reviewing factors such as the year, make, and model, current condition, current market, financial investment, time, convenience, and profit will help you make the most informed decisions on which method works best for you.