Long before the internet, if you wanted to sell your car, you would just park it somewhere, put a “for sale sign” on it and wait for the phone to ring.
Thanks to the internet, selling your car has never been easier. But there are some inherent factors when selling an old car online or even in person that we are going to cover.
These factors when selling an old car should help you stay safe, safe time, and possibly make more money!
Online selling 101
You have probably sold items online at some point in your life. Social media has marketplaces that are dedicated to posting items for sale. Some people earn a considerable sideline income by selling on social media.
The majority of items sold on social media are secondhand so they will not come with a high price tag. When selling a car, you are talking about serious amounts of money and the decision-making process to buy a car is more complex than buying an article of clothing.
When selling on social media platforms, you will be competing with other sellers to grab the attention of your prospective buyer.
The majority of serious car buyers do not rely on these platforms but instead go through professional dealer channels. Unless you are selling a car that is worth less than $1,000 you really should consider working with a professional local car dealership.
Benefits of selling through a local reputable dealership
The dealership can first and foremost make a firm offer on your car and put cash in your hand right away. These dealerships are constantly buying and selling cars, so they already have the processes in place to make the car selling experience a truly effortless one.
The dealership can give you a fair appraisal based on the current fair market value of your car. Some websites provide pricing information on used cars but the valuations can be way off.
You will never be able to get 100% of the current market value of the car by selling it yourself or by going through a dealership. The dealership needs to make a profit and it costs money to prepare the car for resale.
Even if you tried to sell the car through online auctions like Copart, you will incur fees, so it’s vital to set your expectations to avoid disappointment.
One strategy you could leverage to get the maximum amount of value from your used car is to trade it in for a new one. The dealership has a greater amount of flexibility in giving you full market value for your used car since you will be purchasing a new one.
Interest rates for car loans are at historic lows, so if you were thinking about buying a car there is no time like the present. There are signs that the interest rates are going to start to rise as we exit the pandemic so you should lock in these low-interest rates now.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns around these factors when selling an old car, please don’t hesitate to contact us here!