The following is an excerpt from Money Magazine – August 2021 Edition.
Need some tips for the successful sale of a vehicle? All it really takes is some preparation.
Plan your sale
Take a look around and decide if now is a good time to be selling your particular car. Do you intend to sell a convertible during the depths of winter? Don’t.
How much do you want?
Due to the disruption of supply lines during the pandemic, prices for used cars have increased. It’s now more important than ever that owners thoroughly research what their car is worth. If you don’t, you’ll likely be selling too cheaply. Check your car’s value at redbook.com.au, but also look at what owners are asking for the same variant and age of car on classified websites. Keep in mind that if your car is the “wrong” colour, has high kilometres on the odometer or is a sedan when everyone wants an SUV, you might have to lower your sights to make a quick sale.
Preparing for sale
If your car is more than five years old, it will have likely suffered minor cosmetic problems, such as stone chips. It may also have developed some mechanical woes, so it’s time to decide whether it is worth getting these fixed. Repairing dints and scratches or noisy suspension bushes could be costly and could eat into the proceeds of the sale. Talk to your mechanic, explain that you plan to sell and ask for advice on the best course of action.
Lights, camera, action
Once the car is washed and you’ve cleaned and polished the interior, choose an uncluttered background to take a photograph. Show the exterior and interior from multiple angles in even lighting. Then assemble all the information about your car and write a clear description to list it online. Provide up-to-date information on mileage and registration and be honest about any flaws.
Traps and pitfalls
If you’ve done everything right, you should get enquiries within a day or two. If you don’t, consider adding more information or adjusting the price. The key hurdles to overcome will be the car’s presentation, price, availability for inspection, proximity to an urban hub and the ease of contacting you, the owner.
The sale process
A potential buyer will likely want to test-drive the car and should have done their research and know what to check. Any serious buyer will ask you for your best price, so be prepared.
Once you’ve agreed to sell, arrange the handover to take place in a safe, public space. And make sure you receive the payment in full before handing over the kets. Then you just have to transfer ownership for registration and insurance and update or cancel any roadside assistance services or toll accounts.
To find out more about buying a new car, check out our blog here.