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Archive for July, 2009

What is my car value?
This is the first question that comes to mind when it comes to selling a car – how much should I ask? What I can get for my car? To get an idea of the price range you can check.

NOTE: The real car value may vary slightly from the one found in the sources above. The real car value depends on many factors, such as the car’s mechanical condition, the car’s installed options, the time of the year, gas prices, the market conditions etc. There is no guarantee that you will be able to sell your car for the suggested price. For example, it’s very difficult to sell one of those gas guzzlers when the gas prices are high.
You also can check in your area to see what other people are asking for the same model cars. It’s reasonable to set a slightly higher price if your car is well maintained, if you are the only owner and if you have all the service and maintenance records. A clean history report also can help. The best strategy is to set the asking price a bit higher and if there are no real offers, then gradually lower the price.

Should I sell it privately or trade it in to a dealer?
If you intend to buy a new (or a ‘new’ used) vehicle – the simplest thing to do is to trade in your vehicle. “Trade-in” means you swap your old car at the dealer’s for the new one and pay the difference in price. The advantage about a trade-in is that in most cases, you pay taxes only on the amount of the difference. the disadvantage is that the dealer will offer you less than what you would be able to get selling it privately. This is the way dealers make a living.
Even if you don’t want to buy another car, but want to get rid of your old vehicle fast, selling it to a dealer may save you a lot of time. You can offer your vehicle to different dealers or used car lots and sell it to the one who will offer you the best price.
You can get a higher price selling it privately, especially if you prepare your car and make it more attractive. However you have to be careful, people are different: some of the potential buyers may bother you for weeks asking to have your car inspected here and there, constantly complaining about the price and disparaging your vehicle. Others may give you a deposit right after a quick look at the car and the deal is done. You are lucky if you get this kind of buyer.

NOTE: Many jurisdictions may have laws if you fail to disclose vehicle problems that you are aware of to a buyer. You may be found guilty of fraud and be held liable for the cost of all vehicle repairs the new owner incurs. You should check the laws with the department of motor vehicles in the state or province where you live. One of my readers had a similar situation.