If you have decided that it is time to either sell or trade in your old car on a newer model, we have some easy tips that will help you get the most for your car. It doesn’t matter whether you are planning on buying new or used, the tips will still be relevant.

1.       Be realistic about what your old car is worth.

Just what is your old car worth and how do you find out its true worth? To begin with, any used car is only worth what someone else will pay for it in its present condition. Take a look at your car. Walk around it like a dealer’s used car appraiser would. Be critical. Just because you have gotten used to seeing those blemishes and faults, others have not. Look at the flaws and mentally deduct from what a “clean” used car is worth. If there are safety issues, repair those at once.

Mileage

Mileage is often a good indicator of a car’s value. Is it is a recent model with high miles or a 10-year-old cream puff which was rarely driven, always garaged and pampered? The general rule for normal mileage is 12,000 to 15,000 per year. Therefore a three-year-old car with 51,000 miles is considered a high mileage car, and any dealer would deduct from its “normal” trade in value.

How to find out your car’s real value

There are three relatively easy ways to get a good idea of what your car is worth--the Internet, your local newspaper, and Car Max. The Internet has revolutionized car buying and selling. It is the great equalizer with numerous places to get the wholesale and trade in value of your car. Three good locations to get this information on-line are Kelly Blue Book, Edmunds.com, and NADAGuides.com. These Internet sites allow you to enter the year, make and model of your car along with current mileage, condition and your zip code and get wholesale and trade in values in your area of the country. Please keep in mind that the information is only a guideline.

 Another good source for finding out what your car is worth is to go to Car Max. Car Max will give you a written firm quote to buy your car whether or not you buy a car from them. This quote is good for 7 days or 300 miles.

Setting the price

After determining what the price of your car should be, give yourself some room to negotiate. If you set the price too low, you then have no room to accept a lower offer. On the other hand, be careful not to ask too much, as you might scare away potential buyers. Know what is the bottom line price that you will accept.

2.       Preparing your car for sale

In order to get top dollar for your car, it should look good and be ready to go for the buyer. At a minimum, you should wash the car and clear out any trash that has accumulated inside. Even better would be to take it to a car wash and have it washed, waxed, and vacuumed. You could even have some of that temporary car perfume sprayed in it. You should change the oil and have the fluid levels checked if service is due soon.

If you really want to get TOP DOLLAR, though, you should take care of minor scratches and paint chips. More than one buyer has walked away from a perfectly fine car just because of a few minor surface imperfections.  

3.       Advertising your car

There are several good places to advertise your car if you wish to sell it yourself. The local newspaper is a good place to start. You should also consider the local “cars for sale” magazines that often are distributed in area restaurants, gas stations and grocery stores.

With the advent of the Internet, E Bay has become a prime spot to sell your car, as it can be seen by people from around the country or even internationally. E Bay allows the prospective buyer to get a good look at your car, and can even arrange third party inspections as well as transportation to the buyer’s location.

Of course, you also can simply park your car in a visible location and put a FOR SALE sign on it. If you try that, be sure to include your phone number on the sign.

4.       Showing your car

Now that your car is cleaned up, inspected, properly priced, advertised and ready for sale, you must be prepared to show the car when you get a phone call. Don’t lie about the condition of your vehicle. But you don’t have to be up front about every little thing wrong with the car, either. Any safety issues, like bad brakes, should be disclosed to the buyer. Be ready to get a low-ball offer from some who are testing the water to see if you are desperate and will accept any price. Counter their offer with a slightly reduced asking price. Remember your bottom line price. 

5.       Getting paid

Will you accept a personal check from a stranger? If so, you should be ready to go to their bank to cash the check before turning over the car and the title. (You will need to have the title to complete this transaction, remember.) If they are financing through a bank or credit union, you should receive a check for the full purchase price made out to you. If you are not comfortable with the “deal,” don’t go through with it. Wait for another buyer.

Selling your car can be time consuming and at times frustrating, but you will likely end up with more cash in hand than if you had traded in your car at a dealership. That’s because the dealership has to make a profit after paying sales commissions and other overhead expenses. Where did that money come from? It came right out of your pocket on your trade in value.

Good luck selling your car!

Dale Barkalow