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How to sell your used car in 8 steps Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and tools as well as publishing objective and unique content. We also allow you to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site come from companies who pay us. This compensation can affect the way and where products appear on the site, such as for instance, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending products. However, this compensation will have no impact on the content we publish or the reviews that appear on this website. We do not cover the entire universe of businesses or financial offerings that could be available to you.


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5 minutes read. Published February 27, 2023
Written by Allison Martin Written by

Allison Martin's career began more than 10 years ago as a digital media strategist. She's been featured in a variety of top financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing concise, well-studied and well-researched content that break down complex subjects into digestible chunks.

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The demand for used vehicles is very high because of a . Though that shortage is easing and may even close this year, many automobile producers continue to produce less cars than they typically produce. So, dealers are still facing smaller amounts of inventory. However, it's a good thing in the event that you happen to be selling your used car because you're likely to be able to find many potential buyers. But before you post an ad online, there are some steps you should follow to make sure you receive the highest price for your vehicle. 8 steps to selling your old car an asset as significant as a car you'll want to get the highest price you can. Invest in cleaning your vehicle prior to listing it for sale, take time to determine the best sales price and know how to bargain efficiently. 1. Select the best method for selling your automobile.. There are three ways to sell your vehicle. Trade it in: only will work if you're planning to purchase a vehicle from a dealership . It's convenient because you won't have to market the vehicle to potential buyers. The downside is you probably won't get as much for it as you would with an auction. Private sale: You'll usually get more for your ride if you sell it yourself. However, you will have to do the legwork to find the perfect buyer and negotiate a fair price for the sale. Dealership: A lot of dealerships offer a no-cost unconditional cash offer for your vehicle. It's fast and simple and you'll be given an agreed-upon time frame to decide whether to redeem it. Car buying websites like Shift and AutoNation will make an offer on your car in just a few minutes. You'll need to provide certain details regarding the car's colour, model, make and mileage. You'll also need to upload photos. These companies will pay you cash fast for your car, however they often charge service fees which can eat into your earnings. 2. Get the required documents cannot sell your car to a dealer or private event unless you have these documents in your possession The original paperwork from the purchase of your vehicle. The title to the vehicle. Any service records available. If you're not able to find any of these documents, ensure you have them available to be able to sell your car. If you don't, you'll encounter issues when trying to complete the sale. It's also a good idea to have documentation from the emissions test at hand if you are in a state where these tests are mandatory. Additionally, if there are warranties that still apply to the vehicle, having the paperwork available is essential. It is possible to get more money for a car which is still protected by warranty. 3. Prepare your car for sale After you've determined how you'll sell your car and collected the required paperwork, it's time to get it ready for the market. Ideally, you want to improve the appearance of the interior and exterior of the vehicle to make it shine for potential buyers. Get your car professionally detailed or spend time cleaning and shampooing carpets, cleaning the mirrors as well as washing the exterior. applying wax as needed and making your tires shine. Also, bring your car to the shop for an oil change. If your tires or brakes are coming to the expiration date it is moment to replace them. It is recommended that the mechanic replace any burnt-out light bulbs or windshield wipers that don't work correctly. Also, plan to repair cracked windshields, scratches, or scratches. Bankrate tip
Cleaning your car's exterior and making important cosmetic repairs is like staging a house for sale. The way your car looks matters and will help fetch a better price. Most people do not want to buy cars that are splattered with scratches or dents or an unclean interior.

4. Choose the appropriate price for the sale If you intend to sell your old car to a private party , . A price that is too high could cause buyers to be turned off, and selling for too low means you will get lower than you're worth. You must conduct your own research to ensure that you set the right price for your car with a bit of flexibility for negotiations. There are many tools to determine . Make use of the " " feature of Kelley Blue Book or refer to Edmunds to find out what the value of your vehicle. Or you can use Autotrader or refer to classified ads to find similar ads in your local area. 5. Get the word out Tell everyone on your list that you are selling your vehicle. Ask for them to spread the word. You can also share your news on social media or advertise on websites with an online marketplace for used carsfor example, Autotrader, Kelley Blue Book or Cars.com -- or in your local newspaper. When creating your advertisement make sure to include images that show different angles of the car's exterior, interior, and what it's like under the under the hood. The ad should also mention the year, model and year of the vehicle as well as its current condition, the asking price and acceptable forms of payment. Also, include things that help it stand out, like the extended warranty, the fuel-efficiency rating, heated seats, and the reason you wish to sell your car. 6. Come ready to negotiate To make sure you are prepared to negotiate, no matter if selling privately or through a dealership you can take your car to some dealers and ask for offers. Utilize this information along with what you've learned by researching your car's value on sites like Kelley Blue Book or Edmunds to guide your negotiations with potential buyers. You'll want to come to an agreement with most affordable price with a clear mind and be prepared to respond. Begin the conversation by letting the buyer throw out the number. If the number is acceptable for you, it's your responsibility to decide whether to ask for more or move forward with the deal. However, if you think the figure is too low, counter with a slightly higher amount that is greater than the amount you're willing to accept. Most importantly, be prepared to walk away when you can't come to a fair agreement with the other party. 7. Make sure you are safe and knowledgeable when selling your vehicle. It is essential to be safe importance when it comes to arranging the sale of your vehicle by a private party. The seller may want to make payment in cash. S suggest they use an online payment processor that is not contactless, such as PayPal, instead. A cashier's cheque is an alternative. The check is guaranteed to clear because the funds are immediately withdrawn directly from the buyers bank account when the check is issued. If the buyer is interested to test drive the vehicle before committing to purchase the vehicle, contact your to ensure you will be protected in the event in the event of an accident. Make sure you choose a safe area and agree to the route before it starts. It is also possible to have someone else accompany for added security. 8. The sale is official final, you've discovered the ideal buyer and you're eager to finalize the sale. But before it's a done deal, you must visit the DMV office in the area (Department of Motor Vehicles) with the buyer to transfer the title of the car over to the next owner. Keep in mind that this process looks different in every state. Some states might require you to provide evidence of an inspection that has been passed or that you contact the tax assessor's office in the county you reside in. You can check out the regulations for your state by visiting . Next steps , whether you're trying to earn more cash or trade your vehicle for a new one, these tips will allow you to get the best value for your vehicle. But, a private sale is likely your best method to make the most of your profits. Be sure to obtain several valuations prior to listing your ride to ensure the price is right and is sold in a short amount of time.

Written by

Allison Martin's career started over 10 years ago as a digital content strategist, and she's since been published in several leading financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances with concise, well-studied information that break down complex topics into manageable bites.

Auto loans editor

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