The used car market in the United States is on fire. In fact, the number of sales last year reached its highest point since 2007. There were nearly 40.5 million used car sales in 2018.
With the economy in great condition, many drivers are trading their vehicle in for a new model. One challenge for car owners is getting what they perceive as fair value.
Read on to learn how to get the most money for your car. Explore five tips and tricks for successfully selling your car to a dealership.
Table of Contents
1. Know the Details
Car dealerships can take advantage of an uninformed seller. They may offer the resale price for a vehicle with standard features. This leads to the seller getting shortchanged for any upgrades or enhancements.
Consider an owner who is wondering how to sell my truck. Before starting any discussions, they should read up on all the technical specifications for their truck.
This research should include whether the truck is heavy or light duty. You should also be aware of any upgrades and know what type of engine the truck has.
2. Research Prior Sales
Before starting negotiations, make sure to research prior sales data. There are a number of online resources that will help you price out your vehicle.
You need to know a few things before estimating an accurate resale value. Of course, the vehicle’s year, make, and model are most important.
Also, you will need to know how many miles are on the vehicle. Next, a subjective self-evaluation of the vehicle’s condition is necessary. These online tools will also ask about any upgrades to the vehicle.
3. Private vs. Trade-In Value
There is a difference between a private sale and trade-in value. A private sale occurs between you and another person or business.
On the other hand, a trade-in occurs when you sell the vehicle to a dealership. Historically, a private sale yields a higher resale value than a trade-in.
4. Consider the Vehicle’s Condition
The vehicle’s condition is the most significant variable to resale value. An honest assessment is critical to setting realistic expectations for what you will get.
The vehicle’s accident history needs to be heavily considered. No vehicle that has been in a major accident will be considered in excellent condition. The dealership has the ability to pull your car’s accident history using the Vehicle Identification Number (VIN).
5. Service History
Many sellers unwisely lump together accident and service history. Your vehicle’s service history has the ability to improve value, not hurt it.
For instance, your car should fetch a higher resale value with a rebuilt transmission or engine. Major repair work of this nature extends the vehicle’s service life.
You should be prepared to itemize any service work performed on the vehicle. Things like new tires or brake pads are good and improve value.
A Recap of How to Get the Most Money for Your Car
There are many things that affect your vehicle’s resale value. Getting the most money requires preparation and research.
If you enjoyed this article about how to get the most money for your car, check out our blog for more great content.