Whether you’ve bought and sold used cars before or it’s your first time, it can be hard to know how much you should expect to sell your car for, especially if you want to sell your car quickly. The fact that car prices on the used car market are apt to fluctuate doesn’t help when determining an asking price either.
Knowing how to get the most for your used car is key to maximising its value. With the right information and a little bit of research, you can get the best possible price when selling your used car. In this article, we will discuss some tips and tricks that can help you maximise your profit when selling cars.
Get the Most for Used Cars
While the make, model and mileage matter when it comes to getting a fair price for your car, keeping your vehicle well maintained is key to getting a good deal when selling your car. This may sound extreme but you need to think of how to retain as much of your car’s value as possible from the moment you purchase it. For example, a clean car with a full service history is much more likely to fetch top dollar compared to a vehicle with ripped leather seats and a sketchy service history. These are some good habits that can help you get more money for your car than similar vehicles that are not as well maintained:
You are more likely to get the most money for your used vehicle before it hits that all important 100,000 mark on the odometer. It can be a good idea to consider selling your car before it hits that.
- Fix Dents and Scratches:
Whether you own a luxury vehicle or a pick-up truck, your vehicle is bound to get a few dings and scratches. While you don’t need to pay for an entirely new paint job, getting your ride professionally fixed can help increase its curb appeal.
Rust is likely to put prospective buyers off. Make sure you wash your car regularly to get rid of salt deposits in winter and coat your vehicle with wax regularly. A one-time ceramic coating would be even better, but those can be costly. It may seem like a lot now, but you’ll be grateful you did when it’s time to sell your car, as the investment often pays dividends.
- Clean Your Car
Nobody wants their new vehicle to look like it’s been lived in. Make sure your car is clean inside and out. Get your car professionally washed if you need to.
Evaluate Your Car’s Value
The first thing on any seller’s mind is how much they will get for their old car. Do your market research to calculate the average price for your vehicle. MintList offers a free online valuation tool that compares multiple offers from other car sales sites, so you can see how much money you can get for your used car.
Determine Selling Channels
There are numerous ways to sell used cars. The most obvious way is to sell your car to a local dealer. You can also opt to sell your car to a private party or attract potential buyers by advertising your private sale on online platforms like the Facebook marketplace, Craigslist, Kijiji or eBay. If you want to replace your used car with a new vehicle, you may want to consider a trade in deal to save taxes.
Dealerships can be an easy way to sell your car and are often the first option most people think of. When it comes to money, this usually won’t muster the highest price. However, selling your car at a dealership will mean that you don’t have to worry about finding a buyer. The dealer takes on every aspect of the resale of your car, from clean-up and required repairs to obtaining like-new certifications. This means that used vehicles are generally purchased by dealers for less money than you might expect.
One advantage of a dealership is you will be able to purchase a new car and apply the value of your old car as a trade-in against a new one. However you need to be aware that trading in your car at a dealership means you’ll have to purchase your new car at the same place to take advantage of taxes saved, and you’ll most likely have to accept a wholesale price for your car.
A private sale means you can control your selling price which may help you receive better value for your used car. However, to get the most money for your used car while selling to a private party means you must do everything you can to help it sell. To really get the most money, you’ll need to detail your car, have it pre-inspected, pay for a CarFax report, list all the vehicle’s factory features and options, take good photos of your car, add a video, organise a test drive for each interested private party, deal with low ballers and potential scammers, and generally keep a sharp eye out for every single red flag you can think of. In most cases, you won’t be able to offer financing to prospective purchasers either (unless you want to take on all that risk) so selling more expensive vehicles can be tricky and take a lot of time.
MintList: The Best of Both Worlds
What if you could sell your vehicle without worrying about who’s coming over for a test drive and get much better prices than at a dealership? How about being able to choose where you use the trade in value of your old car to buy your new car? This is where MintList shines. It makes it easy to sell your car quickly, or to trade it in for a new one from multiple dealerships, without having to negotiate, look for buyers, or worry about transferring the title or other paperwork once the car has been sold. Best of all? You can expect to get your money much faster than traditional sales methods. Additionally, since the trade-in value of your car is not negotiated as a package deal with a dealer, you’ll save a lot in taxes.
How MintList Works
MintList is an online vehicle auction site that has hundreds of pre-approved buyers. Our AI powered platform guides you through every step of the way, so you don’t miss giving potential buyers any important information. If you would prefer to speak to a person, our team is on hand to guide you through the entire process and answer any questions.
All you have to do is:
- Create an account
- Upload the necessary information
- Sit back and watch as buyers bid for your vehicle.
- Apply the value as trade in credit against your new vehicle from one of the many dealers we have on MintList.
The Bottom Line
MintList is revolutionising how you sell your car. With every buyer for your vehicle pre-vetted, selling your car is hassle-free. All you need to do is take some photos as we guide you through, and then sit back and watch the bids roll in. Trade in your car on MintList today.