So much to consider when selling a car
Private sales an alternative to dealer trade-ins but rely on research, timing and more
The formula describing how to best sell your own car is an equation with a lot of variables, especially in challenging times.
There are a lot of tools at your disposal to determine what your vehicle is worth.
Many sites, such as AutoTrader, VMR and Canadian Black Book, have built-in calculators that let you drop in your information and send you back your vehicle’s approximate value. Why approximate? Because most people believe their car is in excellent shape and many of those people are wrong.
John Raymond is an automotive consultant and he offers a good overview of how to get ready to sell your car.
First, clean your car. A professional detail is a good idea.
Consider your timing: The best time to sell a convertible is in the spring.
And if you’re throwing in a set of winter tires, make sure you highlight that.
Browse sellers’ sites for cars like yours in your region.
Compare condition and mileage. This will give you a range to work from.
In Ontario, you must have a Used Vehicle Information Package (UVIP).
You can order it online or get it at the Ministry of Transportation for $20.
A Carfax report provides a buyer with more information about liens, crashes and odometer readings. Though either side can get one, as a seller it adds to your transparency. As a buyer, it’s an added layer of safety.
Dig out your service records. Proof of service will help you get closer to your asking price. Proof of how old the tires are can boost your price if they’re new, as can a recent brake job. On the flip side, admit if the car is going to need a new set of tires in the coming months.
Photos help. Take lots and lots of decent photos. If you’re lousy with a camera, get someone else to take them.
Present your car in the best light, but also be honest about damage.
Meet a potential buyer in a public place, not at your home, preferably in daytime. Bring someone with you. Do not hand your keys to someone. If they want to pay an independent mechanic to get your car on the hoist, it makes sense for you to allow it.
Nobody should buy a used car without doing this.
The safest way to accept payment is to go with the buyer to their bank for the transaction. Fraud is more common than you might think, so protect yourself.
Dennis DesRosiers of DesRosiers Automotive Consultants sighed when I asked him about private sales.
“Trading in to a dealer is the safest, cleanest transaction,” he says. “Private sales have zero protection, a lot of disadvantages and a lot of scammers. Hidden accidents, speedometer rollbacks.”
But then switched gears slightly. “Consider the thing that sets prices in the used car market: supply and demand. There is a stunning amount of product in the market right now, which is pushing prices down by around 15 per cent,” he says.
You need to know what’s going on in the rest of the market to position where to sell your vehicle or to decide whether to hold off on selling.
George Iny of the Automobile Protection Association has a message for anyone selling as a result of car-payment panic. “The better and easier solution for financial pain relief is the payment holiday of up to four months on your lease or finance payment. It’s nearly automatic right now,” and offered by many manufacturers.