The used car market in the United States is on fire right now. In fact, used car prices increased by nearly 10% since last year.
You may be wondering why used cars are selling so fast. The answer is that the coronavirus pandemic halted production lines in the spring. New cars never made it to dealership lots and the end result was an inventory crunch.
This shortage made used cars more popular than ever while driving up prices at the same time. You can take advantage of the strong demand for used cars.
Read on to learn about used car selling mistakes. Explore five common mistakes and how to avoid them.
1. Selling a Dirty Car
One of the most common mistakes that sellers make is trying to move a dirty car. First impressions are significant when you are selling major items like houses and cars.
Washing and vacuuming your car goes a long way. They highlight the car’s potential rather than its flaws.
In addition, buyers value a car based on its condition. A dirty vehicle may lead to a lower condition ranking than the car deserves.
2. Online Valuation
A surprising number of sellers do not research the value of their car. There are so many online valuation tools for you to use.
You only need a few basic inputs to get a private party or trade-in value for your vehicle. Online tools ask for the make and model of your vehicle.
Next, it asks for mileage and a condition assessment. Any potential add-ons can also be priced in. Having a valuation handy is one of the few ways to ensure you receive fair market value.
3. Don’t Forget the Paperwork
There are a number of documents that you need to make a car sale. If a buyer wants your vehicle, for example, you will need to transfer the title over.
Some buyers want to know if the vehicle was properly maintained. You should provide receipts of any repairs, modifications, or preventative maintenance performed.
With the demand for used cars so high, it is a mistake to skip the negotiation process. Do not accept the first offer if it is below your expectations.
Instead, issue a counter-offer to see how high the buyer is willing to go. You can afford to play hardball in this type of seller’s market. There are always companies that pay cash for cars as a backup plan.
5. Skip the Repairs
It does not pay to make costly repairs on your vehicle before selling. You are unlikely to recoup the cost of the repair.
Instead, leave the repair up to the buyer. If the buyer identifies the need for a repair, roll the cost into the negotiation process.
A Recap of the Most Common Used Car Selling Mistakes
Far too many people get cheated when they sell a used car. They forget simple steps like doing online research or washing the car.
With this article, you can avoid those mistakes. If you enjoyed this article about avoiding used car selling mistakes, check out our blog for more great content.