People sell their cars for different reasons; some have urgent financial requirements, some want to upgrade to a newer model while others want to clear a debt with a bank. But regardless of your reason, you still need to consider some factors before you make that bold move.
Selling a car can be an overwhelming work, there’re a lot of processes involved when one is selling a used car. The following are factors you should consider before you sell your car if you want to get a great payoff.
- The Condition of the car
Everybody wants value for their money. Before you sell your car, make sure that it’s in a good condition. When potential buyers come to see the car, they can make up their mind whether to buy the car or not because of the first impression of the car
You need to take the car to a mechanic to inspect and repair anything that might need some fixing. This will help you because some buyers may require mechanic inspection before they buy the car and lack of it can make you lose a buyer.
You need to take the car to a car wash for a thorough wash and vacuuming.
- Paperwork
This is a very important factor that you’ve to consider. Make sure that you have all the necessary paperwork. This is in regards to the title. The title is proof of ownership, it shows that you’re the real owner of the car.
If you still have a loan on the car, then you need to find out the exact amount that you owe the bank. Then the buyer will have to write two checks; one to the bank for the amount that you owe them, and one to you. If you don’t have a loan on the car have and you’ve got the title, you can just go ahead with the transaction.
If the title is lost or misplaced, maybe because it was issued several years ago and you can’t remember where you placed it, you’ll need to get a duplicate from your state’s motor vehicle department before you sell the car.
- Method of sale
You can decide which method you want to sell your car. Whether you want to sell it to a dealer, an independent buyer or a third party. Selling your car to a dealer is easy but you’ll earn less money. Selling through the classifieds will earn you a good money but it requires more effort.
If you decide to sell your car to an independent buyer, the profit will be high but there’re risks involved because you are dealing with a stranger.
- Economy
It plays a huge role when you’re selling your car. If you’re selling a used car then economic trends can have a huge influence on your selling price.
In a bad economy, the interest rates will be higher and it will be harder for one to qualify for new car loans and this will increase the demand for used cars. Also when gas prices shoot, there’s an increase in the demand for fuel-efficient vehicles. If your car consumes less fuel, then this would be the appropriate time to sell it.