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Written by Terry J. Schultz
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Monday, 09 February 2009 |
If you have the time to spiff up old Bessy, place ads, field calls, and meet with potential buyers, selling your car privately can be a smart move. The yield: as much as 25 percent more than dealers give on trade-ins, say experts, who offer these tips:
- Price it right How can a secondhand vehicle sell when dealers today pitch zero-percent financing and throw in service contracts and roadside assistance? By offering the buyer a bargain. Don't get greedy--overestimating the worth of a car is one of the biggest mistakes owners make, says automotive expert Deanna Sclar. To determine your vehicle's value, check local classifieds and thumb through price guides: The Kelley Blue Book (www.kbb.com), Edmund's Used Cars and Trucks Prices and Ratings (www.edmunds.com), and The N.A.D.A. Official Used Car Guide (www.nadaguides.com). These list the wholesale price (what you get at trade-in if you're lucky) and the retail price (what dealers typically sell it for); set yours about halfway between the two.
- Spread the word strategically Besides telling friends and placing notices in flyers, take out a few classified ads in newspapers. Pick ones with high circulation and run them over weekends. Write straightforward copy, avoiding phrases like "needs good home," which don't improve response rates. And play up features such as four-wheel drive (especially if you're selling a car in a rural area), power windows, or leather seats.
- Act like a used-car salesman Don't allow window-shoppers to leave a deposit; you may miss a sale with a more serious buyer. And don't let prospects test-drive your car without you. Keep the maintenance records handy for potential buyers to review. By law, you must divulge the car's mileage. In most states you also must reveal any known defects, if asked. If your car has been in a major accident, most states require that the information be on the title.
- Secure the deal Once you've found a buyer, get cash or a certified check for the full amount. Sign the back of the title to transfer it over, and have both parties sign and date a receipt (for a sample, go to www.auto-used-cars-for-sale.com and click on How to Sell a Car). Keep a copy for yourself, remove your old plates (check with your state's DMV for disposal instructions), and notify your autoinsurance company immediately.
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Last Updated ( Monday, 09 February 2009 )
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