Used car prices are shooting through the roof, the latest reports state the average price is up over 10% and shows no signs of slowing down. This is one of the main reasons why selling your car in Kitchener may be a great idea.
Preparing the right supporting documents
After you have figured out the price you want to ask for the used car, there are some documents you will need to prepare. The prices of used cars have risen dramatically in the last couple of years, prospective buyers will want to see the service records of the car to make sure it was well maintained. If you do not have those supporting documents, it can be difficult to get the full asking price for your car.
Aside from the service records, you should track down the lien release that you received after you repaid the car loan in full. You must be able to prove there are no liens against the car before selling it so be sure you have the lien release available.
Reaching your target audience
When you have the documents ready, you will need to think about how you are going to get your advertisement in front of prospective buyers.
There are websites where you can pay a premium to have your advertisement displayed on the top of the page. This is a great way to get in front of prospective buyers but you are competing with professional sellers who have deep advertising pockets.
Not only are you spending precious time and money on these advertisements, but there is also no way of knowing whether it will work. The professional sellers have more cars and experience than you, so it would be prudent to avoid paying to advertise.
Skip social media
Another commonplace that you could try selling your car in Kitchener is on social media, but social media is not an ideal platform for selling vehicles, if you want to sell digital assets or media, then that is fine but you will notice that most of the buyers on social media neither have the means nor intention to pay the fair market price.
Kijiji auto or similar websites
The buyers on these platforms are slightly more sophisticated than what you would find on social media. These individuals tend to spend most of their time looking for the lowest possible priced comparable. The buyers want to give you a lowball offer by using the lowest-priced comparable. Even if you were to agree on the lowball offer, these buyers may not have the funds on hand to close the deal.
Call in the pros
Your best chance of getting paid fairly and quickly is by turning to your local dealership for help. You could ask the dealer for a quote over the phone but it would beneficial to bring the car in for assessment.
The dealer will look over the vehicle, assess the overall condition, and give you a written proposal on what they are willing to pay.
There may be two numbers on the proposal, one is an all-cash offer and the other is the trade-in value of the car. The all-cash offer will be lower than the trade-in value.
These dealers need to make money from the car if you are taking the all-cash offer so they will give you a lower price which provides them with a margin.
If you are willing to buy a car from them, they are willing to give a higher trade-in value to show their appreciation. To benefit from the superior trade-in offer, you will still need to meet the loan underwriting requirements like having a job and a credit score in the 650-680+ range. If you have bruised credit, the trade-in should help you qualify for the loan since it is treated as a down payment.
The dealership is your best bet whenever you want to buy or sell a car, they want you to have a great experience so you always go to them whenever you have a need.
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!