If you’ve ever sold your own used car before, you know the process is much more difficult than it initially sounds. Still, the major benefit of taking on the extra time and hassle goes without saying: you’ll receive more money by selling your car directly to a buyer, rather than trading it to a dealer for a fraction of its retail value.
Using PaySAFE makes selling your used car directly to a buyer simple, secure and easy, providing peace of mind for both parties that the terms of the transaction will be completed.
But before using PaySAFE, there are some steps you can take to make sure your car is attractive to potential buyers. To help, Consumer Reports offered a guide on how to sell a car, highlighted below.
Selling your car yourself means more money (and effort)
According to Consumer Reports, you can always expect to get more than the wholesale price, but most buyers will expect to pay a little less than the retail price, unless you’re selling a high demand vehicle, such as a classic car. Still, you’ll have to advertise your sale, interact with potential buyers and even show the car in person, perhaps even multiple times.
Price is important
Have a good idea of the local asking price of your vehicle. This will help you set a reasonable price tag. It’s usually a good bet, as Consumer Reports notes, to mark the initial price a little higher than what you’re willing to take for it, leaving room for negotiation.
According to Consumer Reports, some of the most effective ways to advertise your car include:
- Word of mouth (tell friends, family, colleagues, etc.)
- Online classified ads on websites like Cars.com, MSN Auto, Kelley Blue Book — even Craigslist
- An ad in the daily newspaper, weekly shopper and/or local free newspaper.
- Go the traditional route and simply put a “For Sale” sign in your window with basic details, including contact info
Showing the car
After advertising your sale, Consumer Reports suggests to keep your car’s stats, such as mileage and other particulars, nearby. When a potential buyer shows up to take a closer look, answer all questions honestly, be able to provide service receipts and prepare to take the buyer on a test drive to an independent mechanic.
Any savvy buyer will want to have your car inspected by a mechanic before purchase. This shouldn’t be a problem amongst friends and family, but if the buyer is a stranger, as noted by Consumer Reports, you’ll probably want to drive the car to the shop yourself for the inspection.
Know your paperwork
Since paperwork requirements vary state by state, contact the local DMV for instructions. Any outstanding loans on the vehicle require the lender gets its money before you, notes Consumer Reports. Also, be sure to include a proper bill-of-sale as well for both parties sales-tax purposes.
If you’re interested in selling a used car with PaySAFE, learn how it works on our website.