Last month I began looking for a new car. The first step in that process, however, was selling my 22-year-old car. I wondered how I could get the most money for my older used car? Well, when all was said and done, I sold my old car for $9500.
Obviously, bringing the vehicle to a dealership and trying to negotiate what I knew the vehicle was worth—was a fool’s errand. Just for laughs, I used a dealership trade-in estimator tool. Sure enough, they wanted to offer me $500 for my car!
If you’re selling an older car and need to get the most money possible for it, keep reading.
Options for Selling a Used Car
There are a couple of ways you can sell your vehicle: Trade-in/ sell to a dealership, private party. In most cases, selling privately will net you more money for your vehicle. All private party means is that you’re essentially the sales manager in your campaign to sell your car.
In my case selling privately was the only way I’d receive compensation for what I knew my car was worth. However, selling privately definitely isn’t without its pros and cons. One benefit is that you don’t have to deal with sleazy car salesmen. You can set your price and determine how much you’re willing to negotiate. What you end up selling your car for is entirely in your hands.
On the other hand, selling privately can certainly be more difficult. It’s your responsibility to gather all the information on the car, prepare it cosmetically and mechanically for sale, and advertising the car. There’s also the possibility you’ll encounter some deceiving, scammy “buyers.” If you can handle these aspects, selling private party may be the route to take.
In some cases, trading your vehicle in is favorable. For one, vehicles are depreciating assets. Over time as the vehicle ages and more miles are put on it, its value decreases. Therefore, it may be beneficial to trade in your vehicle when the value is greater than what you owe on the loan. The equity or profit you get out of your trade-in can then be used as a down payment for your next vehicle.
Also, some dealerships may offer some cash incentives for trade-ins. Especially when a dealership is looking to bolster its used inventory.
If you want to sell your car for cash today, taking it into a CarMax dealership would be the best option.
Steps to Selling Your Car Privately
To preface the steps I advise you to manage your expectations. Realize that you may have some emotional attachment to your car. However, what you feel about the car doesn’t always correlate with its value. With that being said, here are the steps to selling your vehicle privately:
1. Determine Your Price
First and foremost, you’ll want to set your asking price. Establishing your desired price outlines the selling process. Not only will this help with expectations but it’s also useful for understanding how much work you should put into the car. You only want to work and spend money on things you know will help sell the vehicle.
You can use websites like Edmunds, TrueCar, CarMax, and Kelly Blue Book to help you figure out a reasonable price for your vehicle. However, it’s worth your time to look on some selling platforms (mentioned in a later step) to see what other people are listing your vehicle for. For example, a KBB could value your car substantially less than what your car is actually selling for.
Take your time, do your research, and determine a price you’re comfortable with.
2. Prepare the Car for Sale
It’s time to make your car look like it just came off a dealership lot. You want the interior and exterior to appear as clean as possible so it gives off that new car impression. Take it to a car wash, put some tire shine on, and give it a good wax and polish. And don’t forget to clean the windows.
Pro Tip: Sometimes the interior can be a huge factor in a sale. There will be things you can’t and don’t want to fix (for cost purposes) such as cracks in upholstery or plastic panels. However, normal wear-in-tear is like that and expected in an older vehicle. The best thing you can do is ensure the interior is immaculate.
Start by removing everything from your car. Then, thoroughly vacuum it. Just from vacuuming alone, the interior will look 100 times better. Next, wipe all the surfaces with some all-purpose cleaner and finish with some interior detailing spray for that shine. Oh, and toss some air freshener in the car too! Although we love the look of cars, we don’t drive them from the outside. Ensuring the interior is clean could be crucial in selling your vehicle.
If that’s too much work, just Google search “car detailers near me.” Most detailers will meticulously clean the exterior and interior; which is perfect for selling purposes. Finally, you could elect to get the eyesores (if any) fixed. Just make sure you’re not spending an inordinate amount of money on those repairs if they reflect in the sale.
It could be beneficial to take your car to a trusted mechanic for your “pre-sale” inspection. Call this insurance in case a buyer gets a pre-purchase inspection and comes back with bogus claims.
3. Get Some Flicks
Now that your car is gleaming, it’s time to get your pictures! Find a sunny location with a clear background and snap away. Get pictures of every part of the exterior and likewise with the interior. Lastly, get some shots of the engine bay and do your best to capture the undercarriage. Do not neglect areas with issues. Capture both the beautiful and ugly.
Omitting the flaws from pictures will negatively affect the outcome of your sale. Think about it, if you purposely hide a flaw from the pictures, and a potential buyer finds it in person; they’ll likely become suspicious of the vehicle as a whole. They’ll like try to lowball you or even become so turned off that they decide to walk away from your car entirely. Save yourself the headache and capture it all.
Like most other jobs, you can always hire a professional to do it for you. Reference this car photography guide if you’re struggling.
4. Gather Important Documents
Try to secure pertinent documents such as the title and recent service records. The title is especially important because the buyer will need it to transfer ownership to themselves, whereas the service records just show that the vehicle has been properly maintained and helps to make buyers more comfortable with their purchase.
Also, you may want to look into a vehicle history report. Most notably, the CarFax report will provide a detailed summary of the history of the vehicle. It denotes things like the number of owners, accidents or lack thereof, recalls, services, estimated mileage, and more. You will have to pay for the report which is about $40, but it’s the money. Again, it just shows you’re not hiding anything and will help put a buyer at ease.
5. List and Advertise
You’re probably thinking, where can I sell my old car? At this point, you’re ready to officially put your car on the market. There’s a myriad of car-buying resources you could sell your old car on. A few worth mentioning are eBay Motors, Kelly Blue Book, Bring a Trailer, and Facebook Marketplace. In fact, Kelly Blue Book will give you an instant cash offer based on your car. There’s plenty more but these are my favorites.
Every selling platform will require you to describe the vehicle. Don’t be short-winded! Provide as much information about the car as possible. The description should justify the price. Include any upgrades you gave the car, services you had performed, and alluring information.
Be sure to use plenty of pictures in your listing! The description is important but the visuals are what attracts buyers. Load your listings with pictures that allow buyers to get a “feel” for your car. A well-written enticing description paired with stunning pictures will get your old vehicle sold for top dollar.
6. Negotiate and Close
When you decide on an offer take, it’s time for negotiation. How you handle negotiating is up to you. However, I recommend trying to handle the negotiations over the phone or online. Provided you don’t omit any flaws from your pictures and give an honest and accurate description, the buyer should have no problems negotiating remotely.
This way, any future haggling will be minor. All that’s left to do is agree on a neutral location, meet up, and allow the buyer to perform a walk-around and any other appropriate tests; Such as a test drive or pre-purchase inspection. After that’s done, agree on the price and close the deal!
Conclusion
If you want to know how to sell an old used car, the answer is simple; sell it private party. Don’t waste your time at dealerships because they won’t offer what you deserve. With the help of selling platforms, you can easily sell your car online.
Just be sure you do your due diligence. The more you know about your car, what it’s selling, and its history, the more confident you’ll be in your price. And if you take nothing else from this, accept the offer you feel is adequate. You don’t have to close the deal feeling cheated. Have fun and good luck!
If you’ve sold an older car recently, and have some tips, drop them in the comments!