These tips are intended for people who do not work in the auto industry, if you are a professional car salesperson then these secrets do not really apply to you as you’ll probably know them anyway.
Demand for used cars is at unprecedented highs
There is a lack of new cars being produced and the used cars that are in the market are being swooped up the moment they go up for sale. This frenzied buying is probably why you are thinking about selling your used car.
Before the pandemic, there was not much interest in used cars because consumers would just go and buy a new car whenever their current vehicle was no longer a viable option.
With the reduction of new cars and a limited number of used cars to choose from, car buyers are willing to pay a premium to get a car today.
What is your used car worth in today’s market?
The answer to this question depends on where in Canada the vehicle is located. If you are living in the Maritimes then shipping costs can eat into your profit, especially if the buyer is living on the other end of the country.
Another variable that will impact the perceived value of your used car is the overall condition of the vehicle. If the car was well-maintained then you should be able to get a higher asking price but you will need proof. The only way you can prove your car was well-maintained is by providing the prospective buyer with copies of all the work done on the car, from every oil and tire change to routine maintenance. If you do not have the paperwork the prospective buyers will not pay your asking price.
How to find serious buyers
You are not going to find serious buyers on Carfax, Kelley Blue Book, Auto Trader, eBay, Craigslist or Kijiji. These platforms are used primarily by individuals who are looking to buy cars cheaply then flip them for a profit.
The serious used car buyers will use platforms like eBay Autos. These platforms are only for serious sellers and buyers because they charge an upfront fee to list the vehicle, and buyers must go through a vetting process plus have proof of funds.
As we mentioned to reach the serious sellers on these auction platforms, you will need to pay a listing fee and there is no guarantee your car will sell for the asking price you want or if it will sell at all.
The only bonafide way to find a motivated and serious buyer without having to spend a dime is to head over to a local car dealership.
Your local car dealerships are always looking for used cars especially now since there is a limited supply. The dealership specializes in buying and selling cars all the time so they can accurately determine what your car is worth in today’s market.
After the dealership has prepared a formal appraisal of your used car, there will be a cash offer for your consideration. You can always try to negotiate a higher price but the appraisal is usually near what the car is worth. If you accept the cash offer made by the dealership, they will pay you right away so you will have the cash to buy whatever you want.
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, please don’t hesitate to contact us here!