The recovering market caused by the impacts of the pandemic, supply chain issues, and the semiconductor shortage has resulted in many Australians looking for cars. Now may be a great time to sell yours. That’s despite a slight decrease in used car prices.
Selling your car puts you in control when it comes to getting a good deal and with so many looking for a new set of wheels now is a perfect time.
Options For Selling Your Used Car
It’s up to you to decide which option is best, depending on how much time you have and whether you want another car.
A private sale usually results in a higher profit, direct negotiation, and avoiding dealer fees. However, it does require some extra effort.
Sell It To A Dealership
There are a number of ways to sell your car, but trading it in at a dealership may be the easiest. The dealership will handle the majority of the work of selling the car. However, that convenience comes with a lower payout than you could get if you sold the car on your own.
The used car market is currently putting dealerships in a position to take the used car off your hands. Before accepting an offer, however, be sure to shop around and get a few so that you can get the best deal.
Trade Your Car
Buying a new car without paying the full price upfront is possible if you trade in your current car. A local dealership usually accepts car trades. The process is fairly straightforward.
Prior to negotiating the trade-in value, be sure to fix any mechanical problems (if possible), clean up your ride, and negotiate the trade-in value separately.
This also applies to an outright sale of the vehicle to the dealership, without actually buying a car from them, however, is often accompanied by lower prices.
Guide For Selling Your Used Car
Here are some tips to help you get the most out of the car you’re selling before the market cools down any further:
Make Sure Your Loan Is Fully Paid
Prior to buying your next car, make sure your loan is fully paid off. Selling a car with an outstanding loan is more difficult than one that has no finance owing. Paying off your loan will preserve your credit and prevent future problems. However these days, having finance is common, so buyers will also often finance their purchase so it does not matter so much, but some buyers are put off by finance on the car, waiting for proof of clear title from the seller’s finance company etc, so may elect just to purchase one that is easier.
Research Your Car Worth
Knowing your car’s value beforehand is particularly crucial when considering selling it privately or at a dealership. Research can help you get the greatest amount possible.
A car in excellent condition that has been well maintained can be listed at a higher price. You may also list your car at a higher price if it recently received a major service, had new brakes or tyres installed, or is still covered by an extended, transferable warranty.
Get A Used Car Inspection
Before purchasing a car, potential buyers may request a pre purchase car inspection. The mechanic would check the car if you agree. Make sure to meet the buyer first and agree on the price/conditions of the sale, then subsequently the mechanic can inspect it at a secure location if you agree. In many cases, buyers are remote/interstate, and may never have seen the car apart from online, so they will want to ensure a professional inspection is done to truly represent the car before they fly down to collect it or arrange for it to be transported interstate.
You can have your mechanic perform the inspection and provide customers with the results so they can check out your ride.
You can establish an appropriate price point for your car if you get a used car inspection prior to putting your car up for sale.