Are you considering selling your used car? Follow these top tips on what you need to know first:
1) First you need to find out how much you can realistically expect to sell your car for. It's best to check the value of your car across a variety of sources including magazines, local newspapers and online. Used car price guides are also available at libraries and book stores. Remember to consider the manufacturer, model, condition, mileage and age of the vehicle.
2) There are options when deciding how to sell your used car. It can be sold outright or traded in for a different model. Selling your car outright may result in a higher price but it will generally require extra work and negotiation to achieve this. Think about whether you want to sell the car quickly or whether you have the time and inclination to field lots of phone calls.
3) Advertising your car on the Web is usually much more cost effective than in newspapers and the adverts often run for much longer online than offline. Why limit your ad to a few local people who might want your car, when you can put it on the Web where there are thousands of users doing searches? Online classified ads have the advantage of your car appearing in a buyer's search of cars within hundreds of miles of their house. Conversely, local newspapers usually cover a much smaller area.
4) When advertising your car, whether it's online or in magazines or newspapers, always state the manufacturer, model type, mileage, style, number of doors and engine size. If it has low mileage on the clock, say so. Mention extra features that will be popular with potential buyers, such as air conditioning, in-car entertainment, car alarm, power steering and good fuel economy.
5) Once prospective buyers start calling, be ready to answer their questions. Most serious buyers will usually want to take the car for a test drive. It's important to make time for this and always arrange appointments that are convenient for you. Remember you will need to add anyone taking the car out for a test drive to your insurance, if they're not already covered.
6) Cash is always the most preferable payment option but a bank draft or electronic transfer is an alternative as it can only be issued if the buyer's account has sufficient funds. If you are accepting a cheque, make sure it is certified and don't hand over the keys until it has cleared.
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