You decided to sell your car but you have no idea at which price to list it? Pricing too high could cause not selling your car, pricing too low could make you lose money. Pricing your used car can be a daunting task, but don’t worry, I’m here to help? As an experienced car seller, I would advise you to sell at the price your car is worth. I can hear you think how? Well, go through the article to get all the information you need to price correctly.
Why pricing your car correctly is so important?
Selling at the right price is important because pricing too high can cause;
- Scaring potential buyers because you’re asking too much and no one wants to be ripped off
- Taking too much time to sell your car
- Not selling at all
On the other hand, pricing too low can result in
- Losing money because your car is worth more
- Attracting the wrong type of buyers
- Phone blown up by greedy care traders (not me hopefully 😂)
Also, know that most people have done research on the value of the car they’re looking for. Another thing is that it’s to your advantage when negotiating about the price. You can always say that similar cars are worth the same, but yours has even this or that option more or fewer mileages. You’ll be confident during these talks and buyers will understand that they can’t fool you.
How to Price your used car?
One word and that’s research! Looking up similar models on local listings and making notes of the prices and specifications is what you should start with. I used to keep an excel file with all needed information, you should do the same. Why keeping these specifications? Because if your car has fewer miles and more options, than it’s worth more, of course.
Now you know how much your car is worth. Do you price it at that price? Of course not, you price it a little more because most people want to negotiate when buying. So if you price it a bit higher it gives you some room to minus from the price. This will let the buyer to have a good feeling that he got a deal whilst actually it was all calculated in the asking price. You see!
Next to research, you can always look for the value online. Some companies provide an online tool where you can enter your car details to get a value. I would just do this to compare with your findings, like a confirmation that you did your job well. Below are some sites where to lookup your car’s value;
KBB.COM is a famous site via VIN, Make/Model or license plate
Edmund is also a good one
These are just two out of many. Oh yeah, one more thing please look at a site that’s for your country. A car in the US is not worth the same as in Asia or Africa of course. Just saying.
Factors to take into consideration
Which factors am I talking about? Some external elements that can or will influence the price. Sometimes to your advantage and sometimes not. Selling a convertible in the winter will not be at a higher price than in spring or summer. Selling an expensive car during a recession might be difficult because tend to buy cheaper cars because they are afraid to spend more money. When gas prices are high people for less consuming cars. You understand what I mean right?
Conclusion
Even though pricing a car might sound difficult but actually it isn’t. Do your research, follow the tips in the article and get the best price for your car.