When you start thinking about replacing your vehicle, you need to not only think about your new car but also plan how you are going to sell your used car. In general, you can get more money by selling your car to an individual than by selling it to a dealership or trading it in, but this process also requires some time and effort on your part.
Prepare the Vehicle
Make sure the car looks, sounds and drives its best. Wash and wax your car, clean items out of it, vacuum the interior and remove any stains it may have. Get the oil changed, add coolant so your air conditioner is at its best, and purchase new tires if yours are looking old and worn. If the car has mechanical issues, you may want to fix those as well rather than selling the car as it is and accepting a price cut for the problems.
Gather Paperwork
Collect the maintenance records for your vehicle during the time you have owned it and organize them by date. Buyers appreciate seeing how you have maintained the vehicle, even down to little items like your oil changes. Also consider ordering a vehicle history report from a reputable third-party bureau.
Set a Price
Use classified ads for similar used cars being sold in your area. Websites that specialize in pricing used cars and the recommendations of your mechanic all provide ideas for your asking price. Set a price about 5 percent higher than you reasonably expect to get to allow some wiggle room for the seller to offer something lower.
Advertise the Car
Put a sign in the car window. Also place online classifieds, print classifieds and utilize websites that specialize in listing used cars. Your ad should contain basic information about the car, including its make, model, year, color, mileage, special features and asking price. Including a photograph of the car with the ad can help buyers get a better idea of what the car is like before they contact you.
Meet With Buyers
Meet with potential buyers to show them the car. Pick a location where you feel safe, whether it is your home or a nearby shopping center or gas station. Tell buyers about the car, answer their questions and let them take it for a test drive. If you do not accompany them on the drive, get their driver's license number and phone number before letting them take the car.
Finish the Transaction
Obtain the money and sign over the title when you have found a buyer and agreed on a selling price. If you do not own the car outright, you may need to complete this transaction at the bank or credit union that holds the lien. Another option is to write up and sign a bill of sale and go with the buyer to the DMV to get a temporary operating permit until you pay off the loan and have the title mailed to the new owner.
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