The proper idea to have when selling a used-vehicle is to conduct
yourself as you would want a used-car salesperson to act, if he or she
were trying to sell you a car.
Our "Service to Others" philosophy is that everyone connected to any
of life's transactions should come away as a winner, and that includes
buyers as well as sellers.
The idea that there has to be a loser for every winner is best kept
to the field of sports. Lying or withholding vital information about
your used-car, in order to deceive a fellow human being into buying,
or paying more than its fair market value, is not any part of our advices
here at Canadian Car Prices website.
Endeavor to sell your used-vehicle for what it is worth, no more, no
less.
Honesty is the hallmark here. Also being honest will allow you to relax
and do a better job of selling your used-vehicle.
Each of the following
Private Sale FAQs are answered in detail below...
1. What is the advantage of me selling my used-vehicle,
myself?
2. Is there much of a market for used-vehicles?
3. What are used-vehicle buyers most looking for?
4. Is there a best time or worse time to sell a used-vehicle?
5. Can I sell my car, myself, and get more money than
I can with a trade-in?
6. My '91 Nissan Stanza has about 210,000 miles on it,
will that kind of mileage prevent me from selling?
7. What are the disadvantages of me selling my used-car?
8. Should I tell each potential buyer what I know that
is wrong with my old Toyota?
9. What can I do with my old pick-up to get the most money
for it?
10. How much should I spend in repairs before I try to
sell my car?
11. Shouldn't I ask a little more for my car than I'd
actually accept?
12. My old car just isn't selling. What's wrong?
13. What is the most cost effective way for me to sell
my Mercedes 190E? It looks great.
14. Are newspaper ads a good way for me to advertise
my '93 Plymouth Colt?
15. I want to sell my Corvette, but I hate all the negotiating
that goes with selling cars. Do I have to negotiate?
Private Sale FAQs
1. What is the advantage of me selling my used-vehicle,
myself?
Potentially, it will mean more money for you, more money than you
would receive in a trade-in or by selling your used-vehicle to a dealer.
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2. Is there much of a market for used-vehicles?
Yes. The used-vehicle market is huge, and growing even larger
every year, as more and more American's are being economically forced
into buying used-vehicles as their prime mode of transportation.
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3. What are used-vehicle buyers most looking
for?
The condition of your vehicle, inside and out. The condition
of your vehicle is more important to buyers than its color, mileage,
horsepower, or anything else.
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4. Is there a best time or worse time to sell
a used-vehicle?
Summer is probably the best time, while the Christmas season is
the most difficult time to sell a used-vehicle.
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5. Can I sell my car, myself, and get more money
than I can with a trade-in?
Yes. Dealers will, at best, only pay you a wholesale price,
whereas selling your used-vehicle yourself, you'll be able to come closer
to a retail price.
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6. My '91 Nissan Stanza has about 210,000 kms
on it, will that kind of mileage prevent me from selling?
No. But that is a lot of mileage for a 1991 vehicle. 24,000
kms a year is the national average, however you can still sell your
Nissan.
Mileage is less important an issue than the over-all condition of a
used-vehicle.
Mileage is most important with vehicles less than five years old, and
becomes less important as a vehicle ages.
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7. What are the disadvantages of me selling my
used-car?
Personal liability is, by far, the most serious disadvantage when
selling a used-vehicle. Please do not sell any vehicle to anyone,
without first obtaining all the legal documents you'll need to legally
transfer title and protect yourself from personal and financial liability.
A lesser concern, but nevertheless a concern are weird people who might
seek some sort of revenge over the honest transaction you made with
them, because their vehicle went bad, through no fault of your own.
Of course, you'll have to endure a lot of telephone calls and sometimes
long-winded, and perhaps critical "tire kickers" who seem to have nothing
better to do than waste your time, but that's all in the game.
And it may be unpleasant, but you should insist on being paid in cash,
a bank or a certified check.
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8. Should I tell each potential buyer what I
know that is wrong with my old Toyota?
Yes. You have a moral and legal duty to do so.
With all the consumer protection laws our National and Provincial governments
have, you had better do more than tell a buyer what is wrong with your
vehicle, you must have him sign papers to that effect.
Do not sell a vehicle, to even your best friend, without properly drawn
legal documents protecting you in any eventually that could occur with
your sold vehicle. Now is the time to remind yourself...we live in a
litigious world.
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9. What can I do with my old pick-up to get the
most money for it?
Sell it yourself. Most people are not overly discerning vehicle
buyers, but everyone can determine if a car, or truck, looks clean and
well maintained. Do what you can to clean up and repair your truck,
without spending a lot of money on it.
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10. How much should I spend in repairs before
I try to sell my car?
That's a hard call. If you are not careful you can have hundreds
of dollar bills flying from your wallet like dirty crankcase oil streaming
from an old engine.
Used-vehicle selling, like its ancestor from the horse-and-buggy days,
doesn't easily suffer one deficient in product knowledge and a good
idea of what the market will bear.
Before you spend any money on your car, determine what its fair-market
value would be after all repairs. Then you'll be in a better position
to decide what repairs, if any, to invest in.
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11. Shouldn't I ask a little more for my car
than I'd actually accept?
Yes. Start out with a price that's 10% lower than the retail
price a dealer would ask for your year, make and model of vehicle.
Remember, your goal should be to receive more money by selling your
used-vehicle on the open market than what a dealer would give you in
a sale or in a trade-in.
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12. My old car just isn't selling. What's wrong?
90% of the time a used-vehicle doesn't sell is because it is priced
too high. Statistics have proven that most used-vehicles that do
not sell are priced from 10-25 percent too high.
Lower your selling price by 5% increments, until your vehicle sells,
or you decide to take it off the market.
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13. What is the most cost effective way for
me to sell my Mercedes 190E? It looks great.
The condition of a used vehicle is its best asset. Even used
Hyundai's and Yugos will sell, if they are mechanically sound and look
good.
The most cost effective way to sell your used-vehicle is to invest
in two professionally printed signs that state, For Sale and your phone
number. Make sure your phone numbers are printed as big as possible.
Place the signs over your rear windows, and then drive your vehicle
until you locate a parking lot, or area, that is on a heavily trafficked
thoroughfare. Then try to obtain the best parking spot you can and leave
your vehicle there.
Keep statistics on how many calls your first lot generates, while you
look for another. In time, you'll be able to determine the lot that
generates the most qualified calls.
If you need your used-vehicle for transportation, great. Drive it,
and you'll be "killing two birds with one stone."
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14. Are newspaper ads a good way for me to advertise
my '93 Plymouth Colt?
Yes, if the ads are free; no, if you have to pay for the ads.
Large urban newspapers are best used in helping you to price your vehicle.
Look at ads for vehicles of the same year, make and model as the one
you wish to sell. You'll need a large sampling of such vehicles to do
you much good.
Remember, you'll be scanning "asking prices," not "selling prices,"
and most sellers have an inflated idea of what their used-vehicles are
worth. Now employ the old 10 and 10 Rule. First take the average of
10 asking prices, then deduct 10% from that figure, plus the cost to
repair anything that would prevent the vehicle from being in top shape.
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15. I want to sell my Corvette, but I hate all
the negotiating that goes with selling cars. Do I have to negotiate?
Yes. But the burden of a negotiation, if there is to be one,
lies primarily on the shoulders of the buyer, once you have determined
an exact selling price for your vehicle.
If a buyer rejects your vehicle, or says he wants to think about it
without referring to price, let it go. Offering to lower your price
in such a situation won't do you much good anyway.
Your car is not likely to be what everyone is looking for, so don't
defeat yourself, psychologically, by proposing to lower your price.
If your vehicle is priced too high, or a buyer has a price consideration
about it, let him or her speak first, and they usually will. In all
likelihood, they'll say something very unique, such as, "I think you're
asking too much."
Your simple response should be, "what do you think is the proper price
for it?"
Now you are negotiating and are about to learn some valuable information.Once
the buyer answers your question, you will have set the price perimeters
for this particular negotiation. Well done.
If price is really an objection, the price they will accept will be
higher than what they stated and below what you asked.
If you're really uncomfortable negotiating, all you'd need state at
this point is, "you'll have to do better than that."
If the buyer responds with a price that's acceptable to you, great;
you've made a deal through your negotiating skills. That wasn't so difficult,
was it?
An important piece of pricing psychology to be aware of is...not accepting
a lower counter-offer too quickly. If you like the buyer's counter-offer,
"hem and haw" for a while before finally "capitulating". Let the buyer
think they've won a small victory, otherwise he or she will begin to
doubt the wisdom of their counter-offer, and may even back out of the
transaction. It's easy to act hesitant and indecisive; merely make a
"pained face" and slowly shake your head.
The disposing of a used-vehicle can be one of the most aggravating
experiences of adult life. Still negotiating can be fun, if entered
into with the proper frame of mind. |