How To Sell Your Used Car Fast
The process to sell a car can be a long one indeed. It’s tough and needs careful navigation to get a deal done.
In these tough economic times; it can be even more difficult to sell a car. When you find a potential buyer, there are many points where you can lose the sale even if the car you are selling is fundamentally what the buyer is looking for.
Every car has a buyer. It’s just a question of price and matching your car to the buyer’s requirements. That is, finding the “right” buyer.
Key Questions to Ask Yourself
As a seller, the very first question you need to answer is “Why do you need to sell your car so quickly?”.
Is it because you are impatient? Have you found another car you want and do you need to sell this one as quickly as possible to buy your next car? Are you in financial trouble?
The next question you ask yourself is “How much do you owe on your car (if anything)?”. This could include any “interest” in your car of another party by say a bank (loan) or via the PPSR (Personal Properties Security Register). Savvy buyers of your car will look on the PPSR to see if your car is encumbered in any way.
With the Coronavirus taking hold of the economy, there will be many people who will need to sell their car quickly and possibly even become completely reliant on public transport.
For these reasons, this article provides some guidance on the ins and outs of the fastest way to sell your car.
What Do I Need to Sell My Car?
The Right Price
It would be very naïve of a person to advertise the lowest price they are willing to accept on an advertisement for the sale of a car and not expect anyone to haggle or negotiate. When it comes to buying and selling cars, it is somewhat a part of our culture to negotiate irrespective of the advertised price.
For this reason, it’s very important for you to monitor the market to see what the same cars are being advertised for and price your car realistically against those. This research will also prevent you from being “low balled”.
To do this, you must be very honest with yourself. You need to ask and be able to answer questions such as: Would you buy your own car over the other ones on the internet that are advertised? Why or why not?
Why is my car going to attract the right customer? What is the typical buyer looking for in a car in this segment? What are the most important elements for that buyer?
After you answer those questions and the comparison has been made with other cars on the market, you will be able to set the best price for your car (i.e. your asking price and the lowest price you’re prepared to go).
You will then be in a better position to find the buyer who is looking for the best second-hand car to buy.
Patience is not just a key element when selling your car, it’s also a key element of negotiation.
There have been many deals on car sales and purchases bungled because of a lack of patience.
Selling a car is a journey for all parties and it has many ups and downs. If this process was fast and easy, car brokers would not have any customers.
The car needs to appeal to the right buyer. The advertisement needs to have photos and a description that catch a buyer’s attention and lead them into hitting the “contact us” button or making that call.
Also keep in mind that there will be a number of reasons why people might not contact you when you go to sell your second-hand car. You might have to sit tight until someone contacts you. This can also depend on the car that you are selling. Some cars are more desirable than others.
Once a potential lead contacts you, your only job from there should be to get them to come and look at the car. This is the first step of qualification. That is, you are finding out if this person is actually in the market to buy a vehicle and therefore willing to put their own time into the process.
Qualification of Buyer
Once a potential customer has arrived to look at the car you’re selling, they are already partially qualified as a car buyer. Why? Because they have given up their own personal time to view your car.
From here, you need to qualify the potential buyer to see if they have the necessary finances to purchase your car.
In the past, people have looked at cars only to test drive them with no intention of buying them. Other people may have nothing better to do with their time than to look at cars. This is not uncommon.
To begin the qualification stage, start by asking potential buyers what car they currently drive. Use this to start to paint a picture of your potential buyer.
Are they currently in a sports car and need an SUV because they are about to have a kid or a lifestyle change? Do they drive a ute for work and need something more refined to use for non-work-related activities? You get the picture.
Within these questions, we are trying to ascertain 2 things:
- You are building rapport with the potential buyer
- You are using subtleties to find out more about their lives (i.e. what they do for a living).
The overall goal here is to find out if the potential buyer actually has the available funds so that you can sell your used car to them.
This is often the most challenging element for many sellers. They often do not believe in themselves and/or that they are selling the car that the buyer wants. For this reason, asking someone to commit can be extremely difficult for sellers.
How do you ask them to commit? It’s actually very simple. Ask for a refundable deposit (with a receipt).
Encourage them to invest in a mechanical inspection. Many buyers have a hard time pulling out of a deal once they have committed some money to an inspection.
Sadly, too many people selling a used car privately let the opportunity pass them by. It’s astounding to see this and it must be frustrating for both the buyer and seller too.
You can either choose to sell your car yourself or you can use a car broker to do the hard work for you.
If you decide to do it privately, you can use any of the online sales platforms and market places or if you so desire, the “old-fashioned” way of newspapers and word of mouth.
Another option is to delegate the selling to a car broker. A car broker will ask you the questions above and then take on the process of selling your car for you. This is a valuable option if you are short on time and/or you don’t feel comfortable or confident selling your car yourself.
Car brokers may be able to get you a better deal potentially saving you money, time and heartache.
The choice is yours…….
About the Author
Harvey Milder is the director of Find a Car For Me, a Car Broker in Melbourne. Harvey has been successfully getting deals for customers on buying new and used cars as a car broker for nearly 30 years.
Find a Car For Me offers their car selling services with no upfront fees other than advertising and photography costs. Harvey has a great track record of both buying and selling cars for customers.
If you want to get the best deal on your next car or you would like to sell your existing car for the best price, please contact Find a Car For Me now by emailing firstname.lastname@example.org or phone Harvey on 0411 769 772 to see if you qualify as a customer.