So, you've finally decided to sell your car, congratulations! I know how hard it is for some people to make this choice. After all, many car owners have a real emotional attachment to their cars. I get it. The first time I sold my car, it felt like I was selling off a family member!
Now that you've made this decision, it's time to conduct a little research and information gathering. Doing so will help your determine a price, and assist you in choosing whether to sell it yourself, privately, or take it down to a local dealer for trade-in. The main advantage to selling your car privately is traditionally a higher selling price than what a dealer will give you for a trade-in.The main advantage to taking your car for trade-in is the simplicity of being able to accomplish both the sale of one vehicle and the purchase of a replacement, all in one place, and often in one visit. The main disadvantage to either choice are having to negotiate with strangers who will attempt to talk you down on your asking price however they can, leaving you vulnerable to accepting too low a price. To level the playing field, a little, easy research is called for. Don't worry, this "research" isn't hard or too time consuming, and will provide you with the information you'll need to effectively sell or trade in your car.
Begin by gathering all the information you can about your car. Write down what year your car was manufactured, the make (Ford, Toyota, etc.), and the model (Escort, Camry, etc.). Next take inventory of all the features of your car. For example, is it a two-door or four-door model? Does it have power steering, power brakes, manual or automatic transmission, or a rear-window defogger? Make a note of all the features. If you bought the car new, perhaps you still may still have the sticker that was on the car when you bought it filed away. If so use it. After you make a list of the cars basic features, move on to the ones that are options. Does your car have features such as an in-dash CD player, air conditioning, leather seats, seat warmers, custom wheels, sun or moon roof, custom paint? These and other, similar, features will only help to add value and boost the potential sale price. Once your list is complete, take a really close look at the cars interior and exterior condition. Are there a lot of scratches or dings on the doors? Rust anywhere on the body? How much tread do the tires have? How about the interior? Are there any tears in the seats? How about that milk shake that spilled on the carpet behind your seat a month ago? Is it still there? The newer and cleaner you make your car look and smell, the more you'll get for it. For example, I recently sold a truck that I purchased new in 1988. It was in outstanding condition and had many desirable features. However, twenty years old is quite old in the car world. My research indicated that even looking new, I would be fortunate to get $1300.00 for it, despite its outstanding condition and features. To improve my chances of getting the most for it, I spent $68.00 at a local auto-body shop to have it detailed. It looked so good when I picked it up that afternoon, I almost changed my mind about selling it. My truck sold for $2800! That was $68 well spent.
Now, it's time take your information on-line. Web sites such as Kelley Blue Book, Edmund's, and Auto Trader, allow you to input all of the information you've gathered, and generate current market and trade-in values for your car. These sites also offer comprehensive information and tips on car selling and buying, and how to avoid rip-offs. Next, visit e-bay, and Craig's list, to see how much others are buying and selling the same make, model, and year car. Based on what you find, decide on a price or trade-in value you'll accept, and add 20% to that price for negotiating elbow room.
Ultimately deciding which way to go: private sale, or trade-in at a dealer, will hinge on how much time, energy, and availability you have, and which will offer you the best overall deal. If you're not home very much or don't want to commit to spending your evenings and weekends being available for potential buyers, you may want to take it down to the dealer for trade-in. Having done the research first, you'll know how much to expect from a dealer, and will be in a better position to negotiate a decent price. If you do have the time, can afford an ad, and don't mind meeting potential buyers, then you will have a good chance of getting the most dollar for your car selling it privately.
One other, and largely overlooked option is to find a used car dealer who will agree to take your car on consignment. You tell the dealer the net amount you want for your car. Any amount over that price will be the dealers profit. A used car dealer in a great, highly visible location with lots of traffic can often get as much or more than what a private sale would command. This offers you the benefit of getting a decent price, requiring virtually no effort or cost on your part aside from anything you might spend to preparing your car for sale.