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You've decided that your old car has to go. So what are
you going to do with it? You could donate it to charity, trade it in toward the
purchase of a new vehicle or sell it yourself for more money than the dealer
will give you.
In most cases, selling your car on yourself will give you
more cash than trading it because there won't be a dealer as a middleman to seek for a
profit. However, consider the amount of time and effort that selling it yourself
requires versus the option of trading it, which is relatively simple and
efficient.
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How quickly do you need to get rid of your old wheels?
Do you need the cash from your old vehicle to buy a new one?
Are you patient?
Do you have the time and inclination to take phone calls from an advertisement, talk to strangers
about the car and meet with them to take a look at it?
Are you a good negotiator?
Do you mind paperwork?
Are you handy at doing minor automotive repairs?
If you need cash for the new purchase quickly, your time is far too valuable to
deal with phone calls and test drives, or you lack confidence in your ability to
negotiate with a buyer, then trading your vehicle might be the best plan for
you.
On the other hand, if you're not in a rush to sell your old car, you
have the patience for phone inquiries and test drives, you can do some minor
repairs and you think you're a pretty shrewd negotiator, then selling it on your
own might be worth the financial gains. If you sell the vehicle yourself, you
also could avoid an upside-down buying situation, where you owe more on your car
than it is worth as a trade-in.
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Preparing Your car for sale.
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Expect a private buyer to scrutinize your used car every bit as much as you
would a new or used car. It might be worthwhile to have your
vehicle inspected or ask for a mechanic's opinion in order to get a true picture
of its condition. The buyer may ask if he or she can have it checked out by a
mechanic anyway. It's best to know up front what an inspection will
reveal.
The mechanic will be familiar with local inspection standards and
alert you to any repairs required for the vehicle to meet state inspections. For
instance, a mechanic can tell you if the emission-control equipment is working
properly or if the brakes operate adequately as required by local
laws.
Ask for a written estimate of what it will cost to repair any
problems the mechanic finds. It is possible that you could make some of the repairs
yourself and increase the value of your vehicle. It is up to you to determine
whether some or all of the repairs are worth doing in order to sell it. In any
event, a written estimate of repair costs could come in handy during
negotiations. If you decide not to make repairs, be prepared to negotiate the
cost of them from the asking price.
Next, prepare your vehicle for sale.
The first step is easy and requires little more time and elbow grease.
A clean car has a far better chance of selling than a dirty one,
and you will probably get a higher offer in return. In addition, a prospective
buyer will get the impression that you've taken good care of the car if it is
clean.
Dust all inside surfaces. Vacuum the carpets. Dump the ashtrays. Clean out the
trunk, glove box and storage compartments. Hose down the floormats, and
spot-clean the upholstery. Minor repairs such as repairing torn upholstery,
replacing worn pedals and buying floormats to cover worn carpet might be a good
idea.
Wash the windows inside and out. Polish the chrome. Wipe down the sidewalls of
the tires. A car wax could add hundreds of dollars to the value; however, don't
have the car painted. It is not worth the cost and could raise the prospective
buyer's suspicion that it is damaged and you're trying to cover something
up.
Also address issues under the hood. The engine shouldn't sparkle
because that also may raise suspicion, but the dirtiest spots — both topside and
underside — should be wiped clean with a degreasing agent like WD-40. Battery
deposits can be sponged off with a solution of baking soda and water.
Top
off oil, coolants, and transmission, power-steering and brake fluids if they are
low. Change the oil or coolant if it hasn't been done in a while. A good record
of your car's maintenance could be a strong selling point, which suggests to the
prospective buyer that you've taken good care of your vehicle.
Prepare
the paperwork for the sale. Make sure the title is clean and has no liens
against it. Take care of any outstanding traffic tickets. Make sure the vehicle
passes any state requirements, such as vehicle-emissions tests or safety
inspections. Also check with your insurance company to make sure it will cover
someone test-driving your car. Be sure it is properly registered so you can
legally allow someone to test-drive it.
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