According to J.D. Powers and Associates, the Internet has now surpassed both newspaper and magazine ads combined in leading buyers to used autos. In fact, the percentage of people who located their vehicle online has doubled in the past five years!
Using the power of cyberspace to sell your car means increased visibility, less expense, quicker turnaround, and the opportunity to make a larger profit. Sounds good; right? Simply point, click, list, and overnight your 4-wheeled buddy is sold. Well, this may be the case for a few lucky individuals, but for the rest of us, applying a little elbow grease is required.
The guidelines below highlight the key criteria necessary in formulating a winning online auto sale.
Setting A Sales Price:
* Perhaps the most important factor determining vehicle saleability is price. A good starting point in determining the baseline value of your car is to use any of the free appraisal websites at your disposal. These include: Kelley Blue Book, Nada Guides, and Edmunds.
* Do a search and find out how much your model is being listed for elsewhere. Remember, it's important not to price yourself out of the marker.
* Decide in advance what your lowest acceptable offer will be.
* Pricing your car slightly lower than the competition will result in more responses.
* Keep in mind, potential buyers have access to the same pricing tools as you. Be honest in your assessment.
Prepping Your Vehicle:
* Make an effort to present your car in the best possible condition. Make it eye pleasing.
* Wash and wax the exterior for photo readiness.
* Polish any stand-out features such as wheels, engine parts, etc.
* Resolve any small maintenance issues.
* Make sure all engine fluids are at the required levels and properly inflate the tires.
* Gather all important documents: manual, service and repair records, and the title.
Photos:
* Simply put, photos sell cars. Always include them if you can.
* Photograph your vehicle in daylight and from several angles.
* Include photos of key elements likely to catch the buyer's eye.
* It's a good idea to add the phrase, “more photos available upon request.” Send these via email to interested parties.
Writing An Effective Ad:
* Develop a descriptive title. Example, “Low Mileage 2004 Corolla” or “Sporty 2006 Mustang.”
* Provide as much detailed information as possible with an emphasis on the vehicle's strongest selling points.
* Including “Or Best Offer (OBO)” may increase buyer interest. Remember, the difference between selling or not selling your auto can be as little as $150. Allow some room for negotiation.
* Posting flyers of your ad on work and/or school bulletin boards is a great way to increase publicity.
Finalizing The Sale:
* Be sure to answer all buyer inquiries in a timely manner. Give clear, concise responses and take the opportunity to “re-sell” the the car while you have their attention.
* Arrange to meet in a public place such as a mall parking lot or your place of work. Never invite strangers to your private residence.
* Always accompany the party on a test drive.
* Make sure the title is clear, in your possession, and you understand your state's transfer requirements.
* Accept Payment. Most common forms are: cashier's check, money order, use of an escrow service, or cash.
* Remove license plates and cancel insurance policy.
* Notify DMV that your vehicle has been sold.
A little knowledge can go a long way in making your next transaction a successful one. Use it to your advantage. Good luck.
By: Brent Lasalle