7 steps to getting top dollar for your car

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Getting your car sold for a good price can be challenging. But following a few smart steps can make it easier. To assist you, here is our popular Private Sellers Guide "Seven Steps to Getting Top Dollar for Your Car". It's packed with tips on how to sell privately on Craigslist.

In it you`ll find steps for getting a good price - point-by-point. You`ll also learn how to avoid payment scams and a few other predictable pitfalls.

We hope our guide makes your car sale both speedy and rewarding.

Step #1: Awesome preparation triggers offers from the best buyers

As you may already be finding out, the private sale market is competitive. Additionally, a substantial percentage of the buyers are bargain hunters who are looking to save the extra dollars you're hoping to make by selling privately.

This said, there are many buyers in the market who are genuinely looking to find just the right car. Additionally, some people would rather buy from an owner than a dealer, so these people are also a part of your market.

These buyers are looking for a dependable car that has been well maintained by a responsible owner. Anything you can do to enhance this impression will help you to sell your car quicker, and ultimately, for a better price.

The following items can really make your car stand-out.

1. Have your vehicle BCAA inspected.

Hands down, the used car buyer's biggest fear is buying a car that has an expensive problem they will have to fix. For this reason, many buyers today make offers subject to mechanical inspection. By having your car pre-inspected by BCAA, you send a message to buyers that your car is worthy of serious consideration. Being able to state the car is BCAA inspected in your Craigslist ad and that the report is available for buyer inspection will encourage the most serious buyers to check your car out, even if it is a little out of their way. And if they like what they see, with the inspection already done, there is nothing holding them back from making an offer.

To learn more visit: http://www.bcaa.com/wps/portal/cars/buying_selling?rdePathInfo=xchg/bcaa-com/hs.xsl/1761.htm

2. Prepare a vehicle history folder

Collect and sort all maintenance and repair receipts. Organizing these items chronologically in a folder gives the impression that you have taken meticulous care of your vehicle. If the buyer is keen on your car, inviting them to review the folder will add to their excitement and belief that they have found a pampered car.

3. Include a third party vehicle history report

Almost all used car buyers today will want to see a vehicle history report to see if there has been any collision damage, or any other problem that could make buying the car a mistake. Having a recent history report in your folder will allow a serious buyer to move forward without the need to go home and run the report themselves.

Carproof, Carfax and Autocheck are companies on the web that provide a comprehensive report that lists collision repairs and insurance claims as well as number of owners, odometer discrepancies and other interesting data. CarProof is the most highly regarded because it is the most thorough in Canada, but you pay a premium for it. Autocheck costs $15.00. Carfax is $30 and CarProof is $59.00. To learn more about each report, click on the following links.

www.carproof.com        www.autocheck.com      www.carfax.com                                                                                  

4. Be Aircare approved.

In B.C. buyers will want to know if your car has passed Aircare. Have the appropriate paperwork in your vehicle history folder. For 2009, model years 2003 and newer are exempt so you do not need to do anything.

If your car is a 2002 or older you can find out your Aircare status by visiting: http://www.aircare.ca/inspinfo-get-results.php

5. Have vehicle transfer forms on hand.

When you find a buyer who meets your price, you want to be prepared to get the deal done. The official transfer forms in BC can be obtained free at any Autoplan broker. Get at least two or three copies in case you make a mistake filling them out.

6. Ensure your insurance will be sufficient if someone test driving your car gets in accident.

You can do this when you drop in at an Autoplan agent`s office to pick up the transfer forms, or by calling them directly.

7. Detail your car for maximum appeal

None of the above will help if the car does not look its best. Make sure the car has been thoroughly detailed. This can be professionally done, but can be expensive. With a little effort you can do it yourself.

Wash and wax the car. Vacuum and wipe down the interior. Make sure the windows are crystal clear. Wipe and polish all door jams, around the gas cap and inside of the engine compartment. Put Tire Shine on the tires and make sure they are properly inflated. Use an air freshener, or spray Fabreeze on the floor mats to eliminate any odors a potential buyer could be sensitive to.

An extra hour polishing interior and exterior grooves, nooks and crannies should result in a faster sale and hundreds of extra dollars, so be thorough.

Take all of your belongings out of the trunk and glove box.

Ensure the engine oil and transmission fluids are clean and topped up.

Depending on your make, model and asking price, it may take a few weeks to get your car sold. You should wash the car regularly, even if it means twice a week in rainy season. A serious buyer may decide to buy your car because it is clean and all the others he has seen were dirty. Never forget that buying a car is an emotional decision.

Step #2: Properly priced cars sell quicker and at higher prices

Serious consideration should be given to your asking price. Many people believe that you should start high as you can always lower your price later if it doesn't sell. This is true. However, asking too much over market for your car will only result in frustration as your car goes unviewed. Today's buyers on the Internet can quickly see all the cars available in your year, make and model and overpriced vehicles simply don't get any calls.

It is also important to note that auto depreciation is a fact of life. Your car's value declines a little each month, so the sooner you get it sold the more you will typically get. To take advantage of this fact, you are well advised to try and determine your car's fair market value and ask a reasonable amount above this number to leave room for negotiation. Good buyers will recognize a proper asking price and take the time to view your car, which is the starting point to getting it sold. If you don't get this part right, your sale is essentially stalled until you do.

Determining the market value of your car is actually a straightforward process. Look at what has sold recently, and look very carefully at what is currently available that will be in competition with your car.

To know what has recently sold, a publication known as Canadian Black Book is a reasonable place to start. The numbers used in Black Book are based on recent dealer auction data and other research. It is not the final word in determining your car's retail value, but it is a good starting point. BCAA provides a free Black Book tool for its members online at:

http://www.bcaa.com/wps/portal/cars/blackbook?rdePathInfo=xchg/bcaa-com/hs.xsl/cars-blackbook.htm 

Toyota.ca has a trade-in appraisal section as well. This will also give you an idea of your car’s wholesale value:

http://www.toyota.ca/v3/english/confighelp/appraise_tradein.html

Once you have determined the Black Book value, your next and most important step should be to assess the actual competition in the market. This is the real test of what your car is worth. Take off your seller hat; pretend you are a buyer.

Search www.Craigslist.com , www.Autotrader.ca , and www.BuySell.com for cars that match your year, make and model.

What are similar cars to yours asking? Keep in mind that these are asking prices. Be aware there are always overpriced cars on the market that will not sell and buyers will pay more attention to the lower priced cars than the higher ones. What would a smart buyer conclude he will likely have to pay after reviewing all the cars like yours on these sites?

Be sure to compare truly similar vehicles, model, trim, options, and adjust accordingly for differences. If your car is a base model, it is unlikely to fetch the same price as the luxury edition. Keep in mind factors such as recent repairs, mileage, condition, accident history and any aftermarket add-ons you have.

Often, you will see cars similar to yours at varying prices as much as $5,000 apart. Here you must use your better judgment to avoid disappointment. If you were a buyer, would you bother viewing a car that is $5,000 more than three others with identical specifications? Ultimately, your asking price should be competitive enough to attract buyers, while still leaving room for negotiating.

Step #3: Advertise in as many places as possible to create demand

Once you have established your selling price, you need to advertise. Craigslist is a smart choice and a good start, but there are additional sites that will broaden your exposure and hopefully speed your sale. You should be able to get enough exposure through the free sites below. If you are in a hurry, the paid media below can also help the phone to ring.

Use a digital camera and take at least 8 photos of your car to put in the ad. Serious buyers will be more inclined to view your car if it passes picture pre-inspection.

Always include year, make, model, and all notable options that will make your car stand out from the crowd. Only include mileage if it is lower than average, 25,000 km's per year is standard.

Also mention the color, type of transmission, auto or manual, air conditioning, power accessories, power windows, power mirrors, power door locks, sunroof, leather seats, etc.

Always put the price in your ad. You can choose not to include the price, but in today's busy world many customers will suspect it is overpriced and just not call. Since your objective is to get as many calls as possible, including the price is really the only way to go. If you have a reasonably popular car and no-one calls, the market is sending you a message about your price.

Step #4: Be accessible and easy to talk to

1. You have to connect with buyers to sell the car.

This may be obvious, but 25% of Craigslist car ads do not have the phone number. Unfortunately, the best buyers, the ones willing to pay a fair price because they want to buy a car today, often buy very quickly. Advertising with only email response will prevent you from making contact with many of these people. Put your cell phone number in your ad to maximize your chances of a sale.

2. Have a list of your car's advantages and make sure buyers know them.

Help them understand why your car is worth the price you're asking. A knowledgeable seller can help a serious buyer feel confident enough to make an offer. Also, tell them why you are selling. "It's been a great car and I wouldn't be selling it but with the new baby we need a bigger back seat now." Be sure to tell them you have the service/maintenance history and CarProof report available if you do.

Step #5: Be cautious to ensure safe and effective test drives

Meeting a buyer at your house will instill confidence in buyers, but you might have safety concerns. If you feel uneasy, there is nothing wrong with asking buyers to meet you at a nearby Starbucks or other public place.

You are within your rights to decline a test drive request if you believe they are not legitimate buyers or you are afraid to get in the car with them.

Most of the buyers who call will be genuine. Here are a few tips for making a successful test drive:

• Warm the car up before they arrive.
• Make sure the radio is turned off when they start the car.
• When the buyer arrives, ask to see their driver’s license. Ensure it is valid or your insurance will be void in the event of an accident
• Always accompany the buyer. Your car is harder to steal with you in it.
• Do not hand over the keys until you are in the passenger's seat.
• Bring a friend along if it makes you feel more comfortable.
• Have a pre-set route. Getting stuck in traffic or a construction zone won't create a pleasant driving experience.
• Tell them you are happy to answer any questions they may have.
• Take the keys back before you exit the car.

Step #6: Plan how you will negotiate ahead of time

Most people fear negotiating for good reason. Few other things you do have the potential to cost you hundreds or even thousands of dollars in just a few minutes. Fortunately, doing a good job negotiating your sale is just a matter of getting some basics down.

Based on professional negotiating principles, here are eight tips to maximize your price once you have found a willing buyer.

Tip 1

Know your bottom line. Keep up to date with what your competition is asking online and always know your minimum acceptable price. This is always based on a combination of what you think is fair for both parties, and how urgently you want to sell.

The faster you want the deal done, the lower your minimum acceptable price should be. You still try to get more for the car when you find a buyer, but during the negotiations, if the buyer is tough, the minimum is the number at which you will tell the buyer to take it or leave it, and you must mean it.

Many buyers are good at sensing sincerity and will take the car only when they feel they have pushed you to your limit. So know your bottom line and be mentally prepared to walk away from the table.

Tip 2

When you have a buyer you think is serious, ask them if they would like to buy the car. Often this is not needed, as the interested party will initiate negotiations by asking you how much you're willing to take. Do not make the buyer an offer. If you do, you set a new starting point. They will now try and get you down from there. If you have an advertised price, the buyer should make you an offer, otherwise you are negotiating against yourself.

Tip 3

If they do ask what you're willing to take, pleasantly ask the buyer to make you an offer. You might say, "Well I guess I can be a little flexible - what do you have in mind?" Keep your minimum acceptable price in mind, but do not state it.

Tip 4

If the buyer's offer is too low, wait a few moments before making a counteroffer.

Tip 5

Explain your hesitance, due to the fact that your car is reasonably priced already and the possibility

Tip 6

Make your top dollar counteroffer. This is NOT your minimum acceptable. This is what you think the car is really worth to a good and motivated buyer. Back up why you think it is a good price. Point to print-outs from Autotrader that prove your price is reasonable. Tell him you think this price is fair for both of you. See what they say.

Tip 7

If the buyer does not accept, tell him that you want to sell the car but the price is just too low. Tell him if he improves his offer you will consider bending a little.

Tip 8

If the buyer's offer is still not acceptable to you, depending on your urgency to sell, you can either lower your price in increments, or you can simply put your minimum on the table. If you choose to try and get the sale done at your minimum, pause for a few moments and then state "Okay. You are a really good negotiator, so I won't fool around. Here is my bottom line number. I will let you have the car for $X. How does that sound?"

If they still hesitate, tell them you must be going, but they can call you if they decide to go ahead. Tell them if other people are considering the car.

Ending the discussions this way will signal the end of the negotiation. If they really want the car they will often accept your final offer on the spot. Or they may call you an hour later and accept. Most people are just as uncomfortable with negotiating as you are, so don't get emotional about it. Try to make a game out of it and keep it light. If your car is properly priced, someone will buy it.

Step #7: Close your sale carefully

1. Get the terms down along with a deposit

Once you have agreed on a price with a buyer, write up a basic bill of sale. This will also serve as their deposit receipt. We have attached a sample bill of sale at the end of this document. Feel free to print and use it when the time comes.

2. Remove any liens from your vehicle

If you have a loan on your car the lender will likely have placed a lien on the vehicle. When selling your car the buyer will rightly want the lien removed, before giving you the check. Check ahead of time with your lender on how they process lien removals. It may turn out that your buyer needs a loan to buy your car, but can't get one till your lien is removed, so coordination may be required. Knowing precisely how to get the lien removed while doing your deal can make or break your sale with an anxious buyer, so do your research ahead of time if this applies to you.

3. Don't Get Scammed

Be especially careful when accepting payment for your vehicle. With today’s colour printers, it’s not difficult to make up a counterfeit certified check or bank draft. Stolen cars are shipped off shore in containers every day. Tell the customer you have been advised to meet him at the bank and you would like to be there when he orders the certified check to verify the payment. If they have any problem with this, be suspicious.

If the buyer doesn’t have financing yet, take a cash deposit, no checks, with an agreement for them to acquire the funds. Be sure to specify in writing in the bill of sale, such details as to how much the deposit was for, how long they have to get financing, if the deposit is non-refundable and anything else you feel is important. You are entering into a legal agreement now, so make sure you are clear on the details and get everything in writing and signed by both of you. Click here for a complimentary Automobile Bill of Sale template.

Once you have full payment you can go ahead and sign the transfer papers. You will need your Registration Certificate. It is recommended that both buyer and seller go to an Autoplan broker together to complete the paperwork. This will ensure ownership is transferred without dispute avoiding any liability if the vehicle is involved in an accident.

Once the paperwork is finalized at your Autoplan agent or Department of Motor Vehicles, remove any items left in the car, remove the license plates and cancel the insurance. Congratulations! You’re ready to move onto your next car.

What if it doesn’t sell?

If a car does not sell in a reasonable period it can be due to a variety of factors, but you will be faced with what to do next.  Common options are:
Live Auctions – www.auctionvancouver.com - usually best for older, lower priced cars.

Online auctions – like eBay (www.ebay.ca) – unpredictable results, but you can set a reserve.

Dealer trade-in – You sell your car at wholesale to a company who has to sell it again at a profit to stay in business. This means you will get substantially less than the retail prices you see cars like yours advertised for, but it is done quickly and easily. Another major factor that makes dealer trade-ins easier to accept is the substantial tax savings that a trade-in provides. If you are not aware of how this works, check out the following comparison chart. Bottom line, trade-ins are not as bad as they look at first. It’s still typically better to sell privately, but not quite as much as it appears.

Click here for a comparison chart - Private vs. Dealer Trade-in

Once you get your car sold, let Best Price Express make buying your new one a pleasure. We guarantee you the lowest price on any new car, quickly and conveniently. Click here to see how the Best Price Express new car buying experience saves you time and money compared to the dealer.

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