It's time to sell your vehicle. You're waving goodbye to a car that has served you well for many months or years, and looking forward to getting a cash sum, buying a new vehicle, and starting a new chapter in your life.
But what is the best way to sell? Which options will give you the most money for the least hassle? Let's find out as we look at the best ways to sell your vehicle.
Best Ways to Sell Your Car
Before you think about selling your car, you need to have an idea of the asking price. That's the amount that you're chasing, the amount that you can accept and move on.
Take a look at Kelley Blue Book to understand car prices on the open market and prepare for the following steps.
Sell Your Vehicle Through Classifieds
You'll usually get the best price when you sell your car privately. The buyer is not looking to sell it on for a profit. They want to drive it or fix it up. They are the end user, and so you'll get the maximum profit.
You can advertise your car through sites like Autotrader, Facebook Marketplace, eBay, and Craigslist. However, you will need to be aware of common scams and other dangers.
Craigslist and eBay are great examples of this. Most of the users on these sites are genuine, but a small number of scammers ruin it for everyone else. Make sure you know what to look out for so that you don't fall victim to these scams.
When you sell a car through sites like eBay, you will also be expected to pay a small fee. They accept most major credit cards, though, and they also give you access to a massive marketplace that can help you to sell your used car to buyers across the state.
Instant Car Buyers
Companies like Peddle, Vroom, Carvana, and Kelley Blue Book will all give you an instant cash offer for your vehicle.
You won't get the best offer, as those companies are essentially operating as middlemen. They will seek to give you as little as they can so that they can sell the car to someone else.
That doesn't mean that you won't get a good deal and it's also a hassle-free process, but if you want the best possible price, these services are not the way to do it.
Imagine that you're selling a phone. You can sell it through one of those bulk buyers or even one of those cellphone ATMs. It's quick, easy, and you might get $100 or $200.
On the flip side, you could list it on eBay, where you have to deal with queries, seller's fees, and shipping. It's a lot more effort, but at the end of the day, you might get up to $500.
It's much the same story with cars. You're getting less money, but you're wasting less time.
Sell to Friends
Put the word out to friends and family that you want to sell your car. It's a long shot, but there's usually someone looking for a car and if you find them, you can skip all the selling fees associated with listing sites and sell directly.
One of the problems with this method is that the closer they are, the more likely they are to expect a big discount. They might expect you to do them a favor, when in fact you're trying to get as much money as you can.
Make it clear that you need the cash and you're not in the business of giving your vehicle away.
Sell or Trade In to a Car Dealership
A car dealership may offer to take your vehicle off your hands. You won't get as much as you would from a private party, but a car dealer will be much less hassle and you should be given a cash offer.
Alternatively, consider a trade in, whereby you use your old car to get some money off the price of a new car. You might get a little more with trade ins than you will by selling for cash, as they'll do whatever they can to complete the sale and sell you a new car.
Sell Your Vehicle to a Junkyard
Selling your car to a junkyard is the best option if it's old, broken, rusted, or totaled. You can sell your car quickly and effortlessly. Just call them for a quote, arrange a time for the vehicle to be collected, and take the cash when the tow truck appears.
Summary: Getting the Asking Price
Whether you're selling a car through a car buying service, a private party, or car dealers, it's important to consider the pros and cons, check your options, and get the best price.
Remember, the more time and effort you put in, the more money you can get out.