When you’re ready for a new ride, you have to decide what you’ll do with your old vehicle. In many cases, if your old vehicle is still working, there’s a chance you can make some cash. Like any big investment, you can maximize the value by taking a few steps.
Before the Sale
Before you put your vehicle on the market, there are a few things you’ll want to do. Each gives you the potential for the process to go quicker and for you to make more money.
- Look at the market for your car – Each car has a value and demand. For example, Toyotas and Hondas often resell at a good value due to the fact the mechanical work is typically more affordable, and both companies have the reputation of long-lasting vehicles. Use online tools to price the car for your market. Places like Kelley Blue Book and Edmunds.com both have calculators but also look at other ads and see what vehicles of the same make and model as yours are selling for. You may even want to keep tabs to see how fast they go at those prices.
- Gather all of your vehicle’s paperwork – It’s easier to have everything together before listing your car, so you’re not scrambling to make it happen and should it sell quickly. The things you’ll want to gather include maintenance records, title, the bill of sale, a release of liability, any warranty documentation and an as-is document. Some of these are required, but others are simply helpful to assist you in selling your vehicle and protecting you after the car is sold.
- Prep your car – Think about your vehicle like you would your house—you’ll want to add some curb appeal before putting it up for sale. That means you should either detail it yourself, or get a professional detail. If your car is due for maintenance, it may be wise to have it done before you sell. The investment may help drive up the price. You’ll also need to decide how much is enough, and what may be too much in preparing your car for sale. Consider tires, minor paint touchups and other small things that may make a difference in price, and that will let you get a good return on investment.
- Take good pictures – Although cell phones have much nicer cameras than ever before, sometimes they don’t have the flash or pixels for a high-quality shot. Like homes, the nicer the shot, the more someone wants to come take a look. The internet is full of tips, tricks and hints; use them to take the nicest photos you can from every angle of all the top interior and exterior features.
- Create an ad with as much information as possible – You’ll get tired of responding to ads, so the more information you can offer up front, the better. Some must-have information to list is price, VIN, odometer reading, accident history, popular options the vehicle possesses, number of owners, any modifications, make, model and overall condition.
- Advertise in several places – While Craigslist is a great resource for listing ads, also consider other sources. Try local newspapers, car websites like Cars.com and Autotrader.com, and anything else that gets good traffic.
Putting Your Vehicle on the Market
In this step, you’ll list your ad and begin to meet with people. Pre-screen if possible. Are they approved for a loan? Do they have cash? How serious are they? Try and set it up where you have a few set times you’re showing the vehicle. You’ll want to verify people’s information and make sure you aren’t walking into a scam or bad situation. Require a driver’s license if they want to test drive, and it’s helpful if you’re willing to let them have a mechanic look it over if they want. Lastly, you’ll most likely have to negotiate, so make sure you’re clear about what you will and won’t accept. For example, are you willing to take best offer, or are you absolutely firm on the asking price? It’s best to know that ahead of time.
What to Do Once Your Cars Sells
The last part of the sale process is the transferring the car to the new owner and getting paid. Here is what will happen:
- Fill out bill of sale
- Transfer title
- Provide all documents, including warranties and copies of maintenance records
- Fill out the release of liability
- Remove your car from your insurance
- Get your money
- Give the keys
Selling your car can be a big deal, but if you are fully prepared, it can be a pretty straightforward process. By taking the time and right steps, you’re more likely be able to maximize your profits and sell your ride quickly.
