How to Decide on the Right Price When Selling Your Used Car
Selling your vehicle is no easy task, and deciding on the right price is the most difficult part. If it’s too high, you may not have any interest in the sale. Alternatively, no one wants to put the price too low and lose profit. This guide may help you determine the right price for your used car.
Market Conditions
If your vehicle is in high demand, you can charge a little higher than you’d think. Vehicles like family sedans, convertibles, trucks, collector’s cars, or extremely reliable cars can fetch top dollar.
Pay attention to the market, as well. If the conditions are less than favorable lately, you may consider charging less for a car that you need to sell immediately.
Price Guides
Several car websites have reliable pricing guides. One of the most reliable is Kelley Blue Book. These guides ask you various questions to determine the worth of your car. Common questions concern any mechanical or cosmetic problems and the mileage of your vehicle. All of these should be answered accurately so you can get a good example of what you could charge for your car.
Competition
View ads in your area that are listing the same or similar vehicles so you can get a feel on what your competition is charging. Consider the quality of each listing. If you found the same make and model, but it was obviously crashed, your car could be worth more money as long as it’s accident-free. Keep in mind that these are asking prices, or what the seller wants for their vehicle. The amount may be much higher than a customer is willing to pay. Attempt to determine how long the listing has been on the site, if possible to judge interest.
Price Competitively
To sell your car quickly, price it competitively. If you notice that your make and model is listed at a certain price, price your listing one to two hundred lower than that advertisement. Customers may view your listing more often because it’s cheaper, even by a hundred dollars or so. It may seem like you’re losing money, but in the long run, you’re attracting potential buyers to your car rather than your competitors’.
Intuition
Once you’ve done all the research, look at your car and think about the number you’ve formulated. If you feel as though your vehicle is worth more than what you’ve seen, ask yourself what you’d be willing to pay if you were the customer. Trust your intuition, and consider the price from a buyer’s point of view.