If you’re in the market for a new car, you probably have another car to trade or sell. In most cases, you can get more for your car by selling it on your own versus trading it in towards your new car. But there are a few things to consider before doing so.
First off, the value of your trade-in will reduce the amount you owe in sales tax on the new car. So when selling your car, be sure to cover the cost of extra sales tax on the new car. For example, if your trade-in is valued at $10,000 then you need to sell it for at least $10,700 to cover the 7% sales tax.
Secondly, selling your car will take some time and effort. Here are the steps you’ll need to take before posting your ad.
Clean it –You’ll need to clean your car inside and out. You can do this yourself or take it to a detailing shop. A good detail will cost around $150, but could be well worth it on your return.
Photos – Most online sites allow 8-10 photos. Use all you are given. Be sure to show all sides of the car (front, back, sides). You can take a 3/4 view photo to cover a couple of these in one shot (see examples below). If you car has any damage, include a photo. Honesty pays and the potential buyer will see it sometime, so be upfront about it. Include pictures of the interior, especially the driver’s seat, dashboard and odometer (to verify mileage).
Description – As you’re selecting the options on your car, be thorough. Don’t just go from memory. Look over your car and check the window sticker (you saved it right?!). In the written description, highlight some key words (always garaged, no accidents, condition of tires, non-smoker, etc.). If you’re unsure what to write, look at some existing ads for cars like yours and see what attracts your eye.
Pricing – Some listing sites will give you an approximate selling price. I recommend checking Edmunds.com, Cargurus.com and Autotrader.com. These sites will show you the value and what similar cars are selling for. If you want to move your car quickly, price it slightly lower. If top dollar is your priority, then go for full asking price.
Posting – I recommend posting it on Autotrader.com or Cars.com. The fee is around $40. You can also list it on craigslist.com, but be prepared for low-ball offers. The other disadvantage to craigslist is that you sell to a limited market. The other sites list across the state and country, whereas craigslist is local.
Be patient – Once your ad is posted, you probably won’t have buyers beating down your door! Stay strong, it could take several weeks to a month to sell (depending on where you priced it). Most of the offers will be for less than your listed price. Because you did your research on pricing, you’ll know how much you can come down. Be prepared to haggle a little, but don’t take less than it’s worth.
Be smart – Now that you have a buyer at an agreed upon price, you need to be smart. Don’t take a personal check and require a cashier’s check. Craigslist has some good information on spotting a scam, so check it out.
If this seems like too much work, you can always trade-in your car to the dealer. Or you can contact me and I'll help you through the process. Just send an email to andy@indyautoshopper.com
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