For most people, buying a new car also means selling the old one. When selling an old car, the goal is to get the best price possible, while ensuring financial and personal safety. Although the way of selling cars has transformed in the last few years with most transactions happening online, the process remains similar – pricing the car, advertising it, and then negotiating with potential buyers to complete the sale.
As simple as this process sounds, it is easy to get caught up in the excitement of selling your car and make mistakes. Here are the top four mistakes people make when selling their car and how you can avoid them.
Not knowing the value of your car
Generally, it is not possible to make a great sale or get the best rate without knowing the market value of your car. The value of a used car depends on a variety of factors such as its age, distance traveled, maintenance, accident history, and much more. Apart from checking with dealerships for expected sale values, make sure you also look at local online portals to find a good estimate for your car.
Making expensive repairs before selling the car
It is natural to think that you may need to make repairs before you sell your car to get a better price. However, that’s not true. While repairs may slightly increase the car’s value, it is unlikely that you will make this money back upon the car’s sale. Instead of going all-out on repairs, have a ballpark estimate of how much maintenance work is required as this could prove handy in closing the deal.
Taking up the first offer
If you’re trying to sell your car as soon as possible, it may be tempting to give in to the first offer you receive and close the deal. However, this may not get you the best value for your car. Take some time to compare various offers so you can find a rate closest to your asking price.
Mishandling paperwork
Apart from passing on your car’s maintenance and repair records, you also need to arrange forms that state the transfer of ownership/liability to the buyer. These documents will clear your name from any liabilities that may arise on the car in the future, such as parking tickets or accidents, and allow for a seamless transition.
