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Millions of used cars are bought and sold every year. It could take a few weeks to sell your car, and that’s if you have a car that people want, and you sell it at the right price.
How do you make sure that you get the full value of your car? You have to know how much a used car is worth on the market. You also have to take the appropriate steps to negotiate the best sales price once you have a buyer.
How much is a used car worth? Read on to discover how much a used car is worth so you can set the right price for your car.
How to Find Out How Much Is a Used Car Worth
There are a few steps that you need to take to set the sales price for your vehicle. It will take some time, but it’s time well-spent to get to the sales price. Just follow these steps.
Note Important Information About Your Car
How well do you know your car? The more you know about it, the more you an potentially get for the car. You want to start with the make, model, year, and trim. You want to make a note of all of the features and accessories that you have in the car that can be sold with it.
For example, if you have a car rack that’s specific to the car model, you can add that in as part of the package. Other features to note include heated seats, sunroof, Bluetooth connection, and navigation.
Out of all of those options, you want to make sure that you note the features that work and others that aren’t in working order. Even if you have a junk car, there are still junk car parts that can bring value.
Now take a look at the mileage of your car. If your mileage is still relatively low, your car may still be under warranty, whether a power train warranty or bumper-to-bumper. You’ll want to have the paperwork for those warranties and any other extended warranties for the car.
Now it’s time to examine the car inside and out. Make a note of scratches, dings, and upholstery issues.
Gather Your Paperwork
Buyers are going to want to know the full history of your vehicle. The more that you can show them, the better. They’ll be more likely to trust you when you can provide proof.
You know that you took the car quarterly for oil changes. That documentation of service history will go a long way towards getting the price you want.
Clean and Repair Before Going to Market
If you’ve ever bought or sold a home before, you know the importance of curb appeal. That’s how a home looks to a buyer from the street and is often the first impression.
The same concept applies to cars. Make the car look great and it will sell at a price you want. You may want to get minor repairs done and get the car detailed before finalizing a price.
Arriving at Your Sales Price
Now that you have the details, how much is a used car worth? You’ll want to research car values for similar cars in your area. You can look at other used car dealers and online guides like the Kelley Blue Book.
You’ll want to use a few different sites to do your research. Each site has a different way to calculate the value of your car. You can take several different amounts and then average them out.
If you find that a number of people in your area are selling the same car as you, make a note of the differences and the sales price.
For example, you may be selling a 2014 Toyota Prius that has 70,000 miles on it. Someone a few blocks away is selling the same make, model, and year. Their car has more mileage and fewer features.
It would be a good move to get a second opinion. A lot of the time, owners are a little optimistic about what they can get for the car. They also have some emotional attachment to their car, and that can get in the way of setting a realistic price.
Negotiating the Final Car Price
You finally have the sales price and you have a buyer for the car. The buyer is very likely to want to talk you down from your sales price.
The first thing you can do is to create a sense of urgency when someone contacts you. There’s a big difference between telling someone “I haven’t had any offers,” and “You’re the third person to look at the car and I have three more people scheduled.”
That tells people if they want to buy the car, they need to do it now and not mess around with the price.
Expect People to Give You a Low Offer
People are going to try to get the best deal possible for themselves. You’re going to want to get the best price for your car. Hopefully, you’ll meet in the middle.
When you have an offer that’s too low, take the time to show how you got to that sales price. This is why documentation is important. You’ll need it in the negotiation process.
Make Life Easier and Sell Your Car for Cash
It takes a lot of work to find out what a used car is worth. When you sell your car, you want to get what you think the car is worth.
How much is a used car worth? There’s no easy answer for this. You have to know the mileage, features, accessories, service and warranty information. You have to be honest with yourself about the total condition of the car, too.
You then have to research to come up with the best price and then negotiate with a buyer to arrive at a fair price.
Want to sell your car fast without the hassle? Find out more about how you can sell your used car for cash.