How to Sell My Used Car
How To Sell My Used Car
Are you currently asking yourself, "How do I sell my used car?" If the answer to that question is yes, then you may be feeling a little overwhelmed by that task. We get it—there's a lot more work involved in selling a car than you'd think.
While some tasks are obvious—like the advantages of cleaning your car before you sell it—others are a little more subtle, like figuring out an asking price. Although we can't give you a step-by-step explanation of exactly what you need to do, we can offer you a few tips to help point you in the right direction.
Do a Pre-Sale Car Inspection
It's relatively common for buyers to want a used vehicle checked out by a mechanic. While some buyers may prefer to have this inspection done by a mechanic of their choice, others may be willing to accept an inspection conducted by your mechanic.
Accordingly, it's ideal to have your mechanic take a look at the car beforehand so that you can approach buyers with an inspection already done. Not only does this help reassure prospective buyers, it also ensures that you know exactly what condition the car is in from the start.
Collect Paperwork
To successfully sell your vehicle, you'll need to exchange certain documents with the buyer. Unfortunately, every Canadian province has a different set of regulations regarding the transfer of ownership. This means that the documents you need may vary dramatically from province to province.
Consequently, it's important for you to make sure you're familiar with your province's regulations before you try to take any steps towards selling your vehicle. Once you know what documents you'll need, it's advisable to prepare all necessary paperwork ahead of time.
Set an Asking Price
To figure out a reasonable price to ask for your vehicle, you'll need to get a valuation estimate. This isn't nearly as intimidating as it may sound—all you'll need to do is provide some information to an online tool on a site like Kelley Blue Book or Edmunds.
Examples of information you would likely be asked about include the vehicle's mileage, make, model and overall condition. Once you have your valuation estimate completed, you can use it to set an asking price—we recommend setting a price that's approximately 15 to 20 percent above what you would take based on the valuation estimate.
Decide: Dealer or Private Sale
Depending on your preferences, you can either sell your car to a dealership or sell it privately. Both methods come with benefits and drawbacks. Selling privately may get you more money, especially if the car is an older model. However, it's also a lot harder to find a private buyer. This means it's a much slower process, often taking weeks or even months.
This isn't really an issue if you're selling to a dealer. The entire process of selling or trading your car in at a dealership typically won't take more than a couple of hours. The paperwork side of things also tends to be much easier when selling to a dealership since the dealership will handle most of the paperwork. However, you may end up getting slightly less money.