For many years, the market for cars remained strong, even for used ones. But the current rate of car loan delinquencies has led to a rise in used vehicle inventory. Nevertheless, it does not mean it’s already impossible to sell your SUV in this market. If you know how to sell and how to sell right, you can get a return of sale in no time.
Follow these steps to selling any car or SUV.
Know your market.
Ask yourself: is there a market for my car or SUV? Is it the more preferred type, or do I have to keep digging to find a match? You can use online sale sites to learn about similar sales and get a feel of the correct pricing based on similar factors (vehicle age, condition, brand, etc.)
Determining a fair value for your car can be a bit tricky. Many sellers are tempted to pull the price higher in an attempt to get more from the sale. But that rarely works. Buyers compare listings and are more inclined to settle into the less expensive option if the specs are similar. It’s important that you put a price higher than your actual desired value to provide room for negotiations.
First impressions first.
Most buyers make their decision even on the first few seconds of looking at the car. Clean it up and show it in its best light. Make sure it is neat inside out, the dents and scrapes cleared, have it tuned up, and make sure the issues are fixed before advertising it for sale. This way, you will not have to panic once an interested buyer shows up for an inspection. It will also save you a world of trouble when, after the sale, the buyer finds a defect and demands a refund, or at least compensation to cover for the cost of repair.
Where to put up an ad?
If you can afford a print ad, that’s great, but if you want to save and depend on the power of the internet to get you a buyer, you can list your vehicle on legit car sale sites. You can advertise via social media, or go around the car itself with a “For Sale” or “Buy Me” sign. Tell your friends, your co-workers, or encourage family members to tell their friends and co-workers for local recommendations.
Make your ad simple.
Brief, informative, and straight to the point. Input the price, make and model, mileage, condition, and other factors that you would find important yourself if you are in the shoes of the buyer. Let them know if you’re up for negotiations, but be firm in your tone of voice. You should not sound too desperate to sell.
Screen and evaluate.
Of course, you couldn’t tell right then and there the kind of person an interested buyer is from an inquiry, but in some cases, some do come off as a bit suspicious. You have a say as to the people you would want to show your property to. If the buyer is recommended by a friend or a family member, that would eliminate initial doubt, but many remain quite uncomfortable with inviting strangers to their garages. If this is the case and you’re a bit wary with privacy, you can arrange a meeting in some other place public. Also know that the buyer evaluates you, being the car’s previous owner. Let them ask questions and answer their inquiries honestly. Assist them in any decent way possible, especially in filling in information regarding the vehicle’s history.
Strategize your negotiation.
Know the extent of the amount you are willing to accept and be firm with it. Do not seem to eager to reduce your price, but do not be too solid to not allow room for further discussion either. If the buyer is asking too low, know that saying yes could be losing a better deal with somebody else. If somebody negotiates online, invite them for an ocular visit first. That would prevent any blames in the future and could allow for a re-adjustment of their initial offer.
Settle the sale.
Make sure the liens are settled and that you no longer have obligations tied to the vehicle. Secure a release-of-liability form from the DMV to legally let go of ownership. If, however, liens can’t be settled yet and the title is still in the bank’s possession, you can conclude the sale with the bank. Once the owed amount is paid off, you can sign the title over to the buyer. Call your bank first to have them prepare the title. If the title is held by a bank that is not located in your state, you can opt to request for a temporary operating permit from the DMV with the buyer, basing on the bill of sale alone. Once the balance is settled, you can then have the title forwarded to the new owner, completely signed. This concludes your sale.
One more thing, remember to sever your insurance policy with the provider. You don’t want to keep paying for the security of a property you no longer own.