Selling your car privately can potentially result in more profit for you, as opposed to selling to a dealer or doing a dealer trade-in. Dealers have to add padding to their offer in order to make money when reselling the car. Selling a car involves a state’s department of motor vehicle registration, as certain paperwork is required for transfer of ownership, which varies by state. Handling the paperwork is the responsibility of the seller in a private sale, whereas a dealer will handle it in a trade-in scenario.
The used car market is expected to see a drop in prices in 2023. Pricing a used car depends on various factors, such as the current demand for certain types of vehicles, fuel prices, and the car’s condition. To sell a car privately, there are several options, including advertising through various means, as well as trading in a car at a dealership.
To sell a car privately, the first step is to set a fair price by using a car sale appraisal website such as Kelley Blue Book. It’s important to be honest about any defects the car may have, as well as to fix any issues that could affect its sale. Providing a Carfax report and gathering service records provides added peace of mind to potential buyers. Writing a detailed description and taking clear pictures of the car are also important in attracting prospective buyers.
Advertising the car in the right place is key, and scheduling appointments during daylight hours when a notary is available can help ease the transaction process. Negotiating the asking price and cleaning the car before a potential buyer arrives can also increase its appeal.
If you still have an outstanding loan on the vehicle, selling it outright to a dealer or contacting your auto loan lender to obtain the actual payoff amount and following their directions for the sale may be necessary.
When selling a car, safety is of utmost importance. Scammers may be present, so getting a copy of the potential buyer’s driver’s license, asking for proof of funds for high-dollar vehicles, and having someone accompany the buyer during a test drive are some ways to ensure safety. Proper handling of paperwork, including the vehicle history report and car title, is also essential.