Selling a car in the 21st century isn’t how it used to be, these days there are many factors that will influence your selling decision including where to sell, or even determining your car’s expected value. Before you sell your car, there are some common mistakes that you need to take note as they have potential to affect your car’s value or overall pricing at the end. Making sure that you do not make these mistakes will ensure a good selling experience for you and your vehicle.
Not Knowing Your Car’s Value
Whenever you intend to trade your old car or sell it privately, you should have a rough estimate of your car’s value. This is important as you would not want to lose money over your car and you should get the best price for your car according to its worth. For starters, you could go over the car dealers and get a general idea of the car’s current market value. If that doesn’t work, you could also visit car listing websites that gives you a rough estimation of the current market value of your car.
Forgetting Service Records
Keeping up with scheduled maintenance is very important as it safeguards the value of your vehicle. Having the service records will come handy, as you can show potential buyers the service receipts for proof. Maintenance records also help to reassure a potential buyer of the car’s conditions of past repairs. Keep your maintenance records safe and make sure that they are organized and up-to-date.
Not Understanding the Specs of the Car
If you intend to sell your car, the first thing you need to know is the specifications and details of your car. You have to know what transmission it uses, engine power or capacity. This will allow you to explain it to potential buyers when they ask about any modifications previously. You certainly do not want to make simple mistakes like not knowing your car’s engine capacity and yielding a lower value due to that.
Lack of Basic Cleaning
Another huge psychological factor is the cleanliness of a vehicle that you are selling. Having a clean car, and an equally clean interior, can impact how much money someone is willing to pay for it.For many of us, cleaning a car and taking care of it may seem like a hassle. However, if you are thinking of selling your car privately or trading it off, make sure you clean the car thoroughly. Make sure the car you sell is clean and in good condition, as a dirty car is a message to prospective buyers that they are buying something old or unreliable.
Basic Tips to Clean The Inside Of Your Car
Mechanical Repairs or Upgrades to Increase Your Car’s Value
Before trading in your car, there are few things you have to take note. A car is not like a house. Adding accessories and forking out money for upgrades will hardly increase the value of a car just the way it would increase a house's value. Things like sunroofs, leather seats have no real bearing on the resale value. Significant repairs, or any bodywork upgrades to your car should be avoided at all costs, if you are planning to sell the car. If you are listing your car online, do disclose the problems in the advertising. This would give buyers a close understanding of the car’s problem and prevent any huge misevaluation of the vehicle from what you're expecting.
Not Planning Your Road Tax or Insurance Refund
It is important to plan your road tax, insurance disposal time wisely. You will need to refund your road tax and cancel your insurance policy before transferring the ownership name of the car. After you inform your current vehicle insurer that you will be selling your car, do get an endorsement letter from the insurance company stating the amount of NCD (Non-Claim Discount) you still have. Keeping this document will be important for the purchase of your next vehicle when you purchase insurance for it as you will need to submit this document hand in hand.
Clearing Off Your Debt
The process of settling car payment debts is pretty straightforward. In some cases, you can even negotiate for a settlement of your car debt with your lender. As a borrower, you should keep in mind that if a debt is left unsettled, it will have massive dent on your credit scores. Also, to clear the debt, remember that you don’t have to go to the home branch to pay off the settlement unless the original car registration card is there. If you have the car registration document with you, you can simply head to any branch with auto finance department to clear off the debt.
Yielding to a Hard Sell
Once we decide to sell our car to a used car dealer or showroom, we are bound to encounter a common occurrence – hard sell tactics. Most salespeople are trained to present only the good parts, hide the negative when conducting a sale. We must be wary of these tactics as they might take advantage of our lack of attentiveness or knowledge of the car industry. Always survey around before deciding where to sell your car, and remember that you always have the final say in the dealings, and when to say no and just walk away.
Setting the price too high or too low
If you opt to sell your car in an open market, it can amass a higher value than selling to third party dealer or a trade-in. It is important to get your car valued properly. Who doesn’t want to get a high price for your car? It is however important for us to keep our price expectations reasonable. Too high a price might deter your potential buyers and pricing it too low can make you lose money. You can survey the market price by going to dealers or checking the value on online car websites.
Being Naïve and Not Wary of Frauds
We do not know the background of the potential online buyers that contacts you. There are few important pointers to remember when dealing with them, to avoid frauds or scams. It is advisable to always meet in a public location for test drives, also make sure to ask for the driver’s license of the potential buyer. Never part with your car during test drives, do so only after receiving payment. To be safe, bring someone you know with you if you’re concerned for safety.
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