2 - After studying the used car market, you should be able to determine the pros and cons of your vehicle compared to similar ones on the market.
For instance, yours might have lower mileage and be better equipped than most, or it may be in rough shape and have no air conditioning or other desirable features. You need to put a price tag on the pros and cons to determine the market value of your vehicle.
3- Now that you know more about the market, you need to consider the ideal sale price and market prices. Timing is also important. The faster you want to sell, the lower your price should be. If you have time - and patience is no issue - you can set your price higher, especially if your car is in good condition. Remember that there will always be a bit of negotiating with prospective buyers so set your price accordingly, with a three to five per cent mark-up to allow for some wiggle room.
4- If you are placing an in a newspaper or online, it should be short, and include your car's main selling features.
For example: 2005 Honda Civic, excellent condition, 80K, 5-spd manual, under warranty, $4,500, evenings, 555-1777.
However, if you're selling it online and have the luxury of more space, you may wish to include additional details and several large photos.
Don't forget to use a phone number where you can easily be reached and be prepared to answer for a few days. People shopping for cars call around a lot and if you're not there, you could miss an opportunity to sell.
5- Buyers ask a lot of questions. Be prepared to answer them with a folder of all the paperwork, such as the owner's manual, service and maintenance invoices, recall letters, etc. These documents show buyers that you took care of your car and they give a good overview of repairs, mileage, and overall condition of your car. If your car was involved in an accident, put aside all repair invoices and have all the details at hand.
6- Before putting your car on the market, you should have it inspected. Ask the mechanic to provide you with a written statement detailing the car's overall condition and to note repairs likely to be needed. This way the buyer can't come back against you saying that you hid something from them. It'll also give you a good idea of your car's value.
7- After the inspection, time for a clean-up. A clean car is a lot easier to sell. Start with the outside and do all the necessary paint touch-ups, especially the hood and the bumpers. Then vacuum the inside, clean the windows, condition the leather and vinyl, and don't forget to do the trunk. Opinions vary about the engine. Some say that a dirty engine can make or break the deal; others say that an overly clean engine looks like you're hiding something. The choice is yours ...
8- Never give money or any guarantee to a prospective buyer, remotely or in person. The seller has nothing to pay for. Beware of prospective buyers that are too hasty or too generous. There are responsibilities associated with selling a vehicle. Do not sell yours to just anybody and do things the right way - remember that you are responsible for what you do.
Never fax or email a photocopy of an ID card or a driver's license. If the buyer wants to have the car insured to drive it home, the license plate and serial numbers are enough. Only take certified cheques or cash. Meet your buyer at a time when their bank is open. You can meet with them on the weekend if you have previously checked with the bank that the cheque is valid. You'll have to ask the buyer for the bank's name, phone number, and cheque number.
9- When you sell, be prepared to answer questions like these:
Why are you selling your car?
What's the gas mileage?
How much do you pay for a fill-up?
How much does it cost to insure?
Does anything have to be changed, replaced or checked?
How much are replacement tires?
10- If your vehicle is popular and the price is competitive, you may attract several prospective buyers. Be ready for that. If you don't want to waste too much time, always be courteous but brief and concise in your answers so that you don't waste hours answering questions from less serious buyers.
