Before upgrading to a new vehicle, you need to think about one major task first: selling your car. At this juncture, you probably think that trading your old automobile for a new one is the best course of action. But, while it may be the easiest route, it comes with several disadvantages, including not getting the most money out of the trade.
If your old car is still in good working condition, you can sell it instead. It might seem like a daunting task, but it is a lot easier than you think. To help you get started, below are five things you need to do first:
1. Know the Right Price
Like everything else, selling your car means you need to know the right price first. This will ensure that you get the most money without the risk of scaring away potential buyers.
To decide on a competitive price, you should consider determining the fair market value of the automobile based on its condition, make, model, and year. Do some research online using this information. You can also take the payment options you want into play to determine a fair price.
2. Prepare for the Haggle
Another important thing you need to think about before finalizing the price of your used car is the price of the competition. Setting an asking price that is a tad lower than other cars being sold in the market can help you get potential buyers.
However, you should still consider padding the price a bit in case buyers try to negotiate for a lower price (which usually happens anyway). The key here is to set a net amount that you want to get and raise it slightly. If the buyer haggles, you can gradually lower it until you reach the minimum price you set for yourself.
3. Check the Paperwork
Before even completing a sale, you should already make sure that your car’s paperwork is in order. Check whether the documents are readily available and complete them if necessary. You also need to check for the insurance policy document.
In the United Arab Emirates, you would need the vehicle’s original registration card. For imported cars, sellers would need to have a conformity letter from by the European Securities and Markets Authority (ESMA) to ensure that the vehicle is compliant with regulations before the sale.
4. Have the Car Inspected
While car inspection isn’t required, it is best to have your vehicle inspected first to determine its exact condition for the purpose of setting the right price. It will also help you prepare in case the buyer uses the car’s condition in the negotiation.
Having a licensed mechanic check the vehicle will also give you an objective point of view on potential flaws that you may not have noticed before. When issues are pointed out, you can either deal with the repairs yourself or lower the price accordingly.
5. Put Your Car Up for Sale
Aside from sticking a for sale poster on supermarket notice boards, you have several other options on how to let potential buyers know that you’re selling your car. Below are the most commonly used methods:
Car dealers help private individuals sell used cars through their showrooms where potential buyers frequently shop around. This is arguably one of the easiest ways of selling a used vehicle since the dealer will take care of all the necessary paperwork for the sale.
The Internet can also help you sell your used car through various national and local websites. However, you need to be vigilant when using these sites and be on the lookout for potential scams.
When creating a car sale post, make sure to include pictures of the vehicle from all angles. If there are flaws and issues, point it out in the post and add photos of them, if possible.
Traditional classified ads are still very useful for selling used cars. This tried-and-tested medium can help you reach potential buyers who don’t usually go online to buy a car. Again, make sure you include as much information about the unit as possible, even if space is limited.
A Final Word
After you find the right buyer, you also need to think about several other things like how you want to get paid.
You would also need to cancel your insurance after confirming that the payment has been made and deal with other pertinent paperwork on the transfer of vehicle ownership to your buyer.
And whether you’ll be selling your car soon or in the future, you can always use this as a guide to make sure you don’t miss any important task in selling your used car.
Mahesh Rohra is the Director of Arabian Automobiles LLC – AW Rostamani Automotive Group, a trailblazer in the automotive fraternity with a legacy of over 50 years. AUTOTRUST by AW Rostamani is the largest automotive multi-brand one-stop shop in the UAE where you can buy and sell quality pre-owned cars.