What could be
easier than trading in your old car when you’re buying a new one? Just
hand over the keys and use the money the dealer has offered as a down
payment. But although you can skip the search for a buyer, you’re
probably leaving money on the table.
Before you decide between trading in your car and selling it yourself, find out how much it is worth. Car research sites such as Edmunds.com and Kelley Blue Book are good places to start; they base values on recent transactions in your area.
Before you decide between trading in your car and selling it yourself, find out how much it is worth. Car research sites such as Edmunds.com and Kelley Blue Book are good places to start; they base values on recent transactions in your area.
If
you don’t want the hassle of selling the vehicle yourself, at least
shop it around to several dealers and to CarMax. Dealers usually can’t
beat offers from CarMax, but even there you may get $500 to $1,500 less
than in a private sale, says Philip Reed, of Edmunds.com. Ask for offers, as well as how long they’ll be good for, in writing.
A private sale may net you more, but you’ll have to work for it. You can post a free ad on Cars.com, but it’s worth it to pay for a longer run time and more photos. (You’ll pay $20 to $125 on Cars.com, AutoTrader and eBay Motors.) Run a vehicle history report on AutoCheck.com or Carfax.com
($30 to $40), and post it with your ad. If you don’t want to put in the
time to create and manage your listing, try one of AutoTrader’s VIP
packages ($159 to $289, depending on the services provided).
To
prepare the car for sale, it’s usually worth it to fix dents and dings.
Detailing costs about $100, but a good wash and clean windows are often
enough. If your low-value vehicle needs a big-ticket fix, disclose the
cost of the repair and that you’ve dropped your price to match.
Meet
prospective buyers in a public place. Never meet at your home, and
never let the car out of your sight until you have the money in hand. Go
along on test drives. If a buyer wants to take it to a mechanic, go
along, or offer to make the car available for a third-party inspection,
such as one from AiM Mobile Inspections.
Gather
your service and emissions inspection records and the title, and bring
the paperwork to transfer ownership with you to the test drives (you can
download forms from the DMV). A bill of sale isn’t required in all
states, but filling one out is proof of your transaction and that the
car is being sold in “as is” condition. Cash is king, but a money order
or cashier’s check works, too.
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To purchase your copy of Car Dealer Hell, CLICK HERE
For more information about the Summit Murder Mystery series, CLICK HERE
Follow me on TWTTER
Friend me on FACEBOOK
Follow my boards on PINTEREST
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