Selling your car is a financially beneficial alternative to trading in, as you'll usually be able to fetch a higher price. When you trade a car in, the dealer generally offers you the wholesale value with plans of selling the car at retail value. Selling the car on your own gives you an opportunity to sell the car at, or closer to, the car's retail value.
Determine the Car's Value
Before selling your own car, you'll want to determine an approximate value for the vehicle, so you can set an asking price. Good resources for determining a car's value are Kelley Blue Book, Edmunds.com and the National Auto Dealer's Association guidebooks or website. Consider the car's condition and mileage. You might also want to search for similar vehicles on local dealers' lots and on the Internet to get an idea of what the car typically brings.
Recondition the Car
Consider having the car professionally detailed and serviced prior to selling it. A dirty car that needs maintenance or work may be a hard sell, and it will generally fetch less money. Don't go overboard; most people understand that used cars are not perfect and will have minor imperfections and defects.
List the Car for Sale
Advertise the car to list it for sale. Consider listing it on websites like Cars.com or Autotrader.com. You might also want to run an advertisement in the local newspaper's classifieds section. The purpose of this is to let potential buyers know the car is for sale. You might also want to place a small sign on the car that indicates it's for sale.
Meet with Buyers
Answer any inquiries on the vehicle in a professional manner, and then try to set up an appointment for the shopper to look at and drive the vehicle. Don't let anyone drive your car on a solo test drive. This could open the door for theft. Make sure the person has auto insurance and a valid license prior to letting them test drive the vehicle.
Negotiate a Fair Price
The typical car buyer will usually try to negotiate the sale price, although you may encounter a buyer willing to pay full price. Be firm but fair when negotiating. Expect a savvy car buyer to low-ball you with a price much lower than your asking price. Don't get offended or upset. Instead, counter-negotiate with a price somewhere in the middle of your asking price and his offer, providing it's close to the vehicle's value.
Complete the Sale
You'll need the title and the assistance of a notary to complete the sale. In general, you shouldn't take checks for a car you are selling. If you take a money order, contact the issuer to ensure it's valid prior to transferring the car. In most states, you'll need to fill out a bill of sale -- a document detailing the sale of the vehicle. You can obtain one from any motor vehicle office in your state.
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