Sell A Car, Daunting process |
The process can be daunting when you sell a car. Very few people handle the largest transaction in their lives, selling their home, on their own. Yet handling the transaction on your own is the norm, when you sell a car. Before you even decide to sell your car questions begin to rise.
When is the right time to sell your car?
This is a question with many answers. Part of the answer lies in the declining value of a car as it ages. The other part depends on if you can afford to sell your car. Some brands are known for their long life cycles. Toyota has made a whole niche market out of the fact that their cars last so long. A portion of the price you pay for a new car is based on the value that you can get out of it down the road. The decision to sell a car should come when you feel that you have gotten your money's worth out of the car. It should also take into account what you anticipate the repairs for the car being in the near future.
Based on your driving habits, as well as your maintenance habits your mechanic can help you with this. That information along with a general expectation based on your cars make, model and mileage should give you a clear picture of what to expect in the next 6 months to a year. If the expectation is that your repair cost will approach the half way mark of your car's value, it is time to sell your car.
What is the right price for my car?
For a good starting point you can consult the Kelley Blue Book. This is the industry wide standard for pricing used vehicles when you sell a car. It gives you a range that is based on make, model, mileage, and condition. That price range is a good starting point when you sell a car. Look at local advertisements; the classifieds, auto trader, and internet listings. How much are similar cars being listed for? Now you will need to consider your time frame. Do you have a deadline for selling your car? If not, you can shoot for the high end of the pricing scale and wait for a buyer that is willing. One of the things that are part of the process when you sell a car is negotiations. Set your price a little higher than the number you are actually willing to sell at. This will leave you room to negotiate. Remember to be realistic. If the car doesn't sell for a long period of time then you should consider a reduction in pricing.
How should I handle the sale?
It is safest to accept only cash or a cashier's check when you sell a car. Personal checks leave room for doubt about the buyers available funds. Only when you have payment in hand should you sign over the title to the new owner. Make sure that when once the sale is complete, you contact your insurance carrier to cancel your coverage. |
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