Wednesday, 16 January 2013

Car sales and trade-ins

Once you’ve decided on a new car, you’ll need to work out what to do with your existing car (assuming you have one).  Your goal is to get the best possible price in the shortest time.  But what’s “best” and what’s “shortest” differs between people.  Your basic options include:
  • Trading it in to the dealer you’re purchasing the new car from
  • Selling it privately
  • Auctioning it
  • Consigning it
  • Gifting it (in my family we had a lot of hand-me-downs)
Here are some tips to guide you through the sales process, whichever means you choose.

Preparing Your Car for Sale

As with selling a house, selling your car relies on good presentation and things being in working order.  But you don’t want to overcapitalise or go overboard on repairs, which could make potential buyers suspicious.

Key tasks to focus on include:
  • DO clean your car inside and out, including under the bonnet.  First impressions do count, and people associate a clean car with good maintenance.  And potential buyers will open the bonnet, boot, glove box, etc. during their inspection.  Consider getting the car professionally detailed.