In this blogpost we’ll try to ease selling your car. We understand you need to sell it fast and also cash it out well, so we asked our good friend Sam to share with us some of his tips on how to sell your car fast. For those of you who don’t know, Sam Is a successful dealer, and this is his 21st year in the biz.
VI: Hi Sam, thanks once again for responding to our call. People desperately need to sell their car for various reasons – need to cash out fast, buy new car, expanding their family and so on. That’s why we called you to tell us what should they do in order to sell it fast and for good money?
Sam: Hi everyone, glad I can help. Well, since I sell cars to pay the bills, I can proudly say you’ve got the right person 😊 My personal record was 32 hours to sell the car 😊 I can’t promise you those results , but if you stick to what I’ll say, you can probably sell it in 2-3 days.
VI: 32 hours?! Well, that’s insane. No wonder your dealership works that good. Okay, let’s start.
Sam: Well first thing you should do is collect and prepare your paperwork. Every buyer will instantly ask you for this. We’re living in age of different scams, so no surprise buyers are overcautious. If you have them at hand when buyers call, you got a big plus on credibility there. Two most important are cars title – gives you the legal right to sell the car and proof that no money is being owned for the car, and in case you’re still paying for it, you need to provide info on how much it’s left.
Next thing you should do and what we do, and I advise everything to do this is get a VIN report for the car you are selling. You can tell your buyers 100 times that everything is okay with your car, but when you show them report backing up on what’s your saying, it’s completely different story. It will pretty much close the deal instantly. Not to speak it will save your time and nerves by not having to explain everything over and over again. Just provide the report. Even if your car was in accident, or there’s something wrong with it, being straightforward and showing report with the flaw will bring you points on credibility. Buyers are not looking for perfect car, they are just looking for someone trustworthy. You can get report at VINInsights, at least that’s where we are getting it. It has the most up to date database, with the most info, and It’s pretty affordable $24.99. If you ask us, pretty good invest considering it will help you earn much more.
After that set an asking price. You need to value your car properly and add a little extra above the market price. Be careful not to add too much, just enough so there’s room for negotiation. That way buyers will have a feeling of good purchase because they’ve managed to lower the price, and you’re still getting good price for your vehicle.
Proper valuation is critical in this case. Check out what’s the price of the vehicles in the similar condition, or better yet, get yourself a report I’ve just talked about and create price based on data in there. Also, For cars priced under $10,000, be careful not to go above the nearest $1,000. So, for a car worth $4,200, it would be a mistake to list it at $5,100. Many people will set search engine limits at, say, $5,000, so they’ll never see your ad. Furthermore, there’s a psychological difference between $4,900 and $5,100 that might put off some buyers.
You would also want to give your car a curb appeal. You don’t need to fix every little thing. However, wash & vacuum are must. Everything is about first impression. When buyer sees the car for the first time you want them to say – It’s awesome! Pay particular attention to all the details a prospective buyer will see as approaches the car, opens the door and slides into the driver’s seat. You want that positive impact to continue as buyer sits in the car and, hopefully, picture it as its very own.
Create awesome ad with all important details (don’t make the ad too long) and give your potential buyers as much pictures as you can. That will give you a look of a serious seller who has nothing to hide. Experienced sellers also include shots of the odometer (to show the current mileage), the tires (to show tread depth) and the engine.
Later set up a test drive. The more test drives you have – better are chances you’ll make an actual sell. Meet with the potential buyer at some public and safe place. Some cities are setting up safe locations for buyers and sellers to meet. Go with your potential buyer on a test ride. First – they might be unfamiliar with the area and second – they maybe want to drive it to mechanic inspection. That’s totally ok, but at their expense. Also, at this stage don’t be to pushy. If they return from inspection with a laundry list of problems, you might have to lower your price. But respond only to problems that require immediate attention or are safety issues, not to every last thing on the mechanic’s list. One thing which can help in this case is vehicle history report, where all data is listed, and buyers usually won’t bother going to inspection when they know everything they want to. Also, it will save your from potential unpleasant surprise.
If you came through all those steps, there is one more, the final step. Close the deal! You’re nearly there but be careful. You have to close the deal properly. After the test drive, buyer will start negotiating. Stick to your asking price as long as you can and let the buyer make the opening offer. For example, if he asks, “What’s your best price?” you can answer, “Well, I think my asking price is fair. But you can make me an offer.”
Once you agree on the price, make sure the buyer is prepared to pay either in cash or with a cashier’s check. If you still owe money on the loan, you might need to close the deal at your bank.
Once you’ve completed these steps, the only thing left is to cancel your auto insurance policy — and perhaps start shopping for a new car.
VI: Thanks Sam. Those tips are pure gold. Good luck to you and your dealership as well!
Sam: No problem, glad to help. We should do an interview on how to buy a good car, usually that’s the next step after selling one.
VI: Totally agree with you!
EDIT: As promised, Sam is now helping you buy a right vehicle. Check that post on this link – How to make a good used car purchase?