Top 7 Tips for Maximising the Sale Price of Your Car
You’ve decided that it’s time to find another set of wheels or you may simply no longer require the vehicle you have. Either way, you now need to sell the vehicle and cash in its value. But how do you know what it’s really worth and how do you get the best value for your prized possession? Below are some handy hints that might help deliver you the best outcome.
1. Present your vehicle in a clean condition
With tens of thousands of used cars available for sale in the market at any point in time, your ability to stand out in a crowd will make a difference. When preparing your vehicle for sale, you should consider having the vehicle professionally detailed. Whilst it does cost a little more than if you do it yourself, a professional detailer will not only have the right tools and techniques to clean your vehicle, but they will also be able to remove or reduce the effect of weathering and any other unsightly marks that may have accumulated over time. You may also take up the option to have them polish the vehicle, making it look as though it has come straight out of a showroom.
2. Provide a detailed service history
A prospective buyer of a used vehicle is understandably wary of what the vehicle may have gone through. A good way to allay some of their fears is to be able to provide them with a detailed service history of your vehicle. It shows the prospective buyer that you have looked after your car consistently. An up to date set of log books can add thousands of dollars to the value of a used vehicle in comparison to an equivalent value without them. The log books generally also show any factory recalls that may have been undertaken by the manufacturer, giving them even greater peace of mind.
3. Repair any existing /unsightly damage
Most buyers of a used vehicle expect to find the usual wear and tear that would be consistent with the age and kilometres of a vehicle. What they don’t want to see is any major or unsightly damage to any of the exterior panels, any broken or cracked lights or glass or any rips or tears to the interior of the vehicle. Paying a professional to fix the damage may require some additional upfront investment but this may generate an even greater return upon the sale of the vehicle which presents in as close to new condition. It is also worth noting that there are many paintless dent removal specialists in the market who generally charge much less than a panel beater to take out dents from the exterior panels.
4. Ensure your vehicle has adequate registration remaining
The re-registration process of a vehicle generally requires additional funds and a small investment in time. However, selling your vehicle with more than 3 months of registration remaining will be much more favourable to a prospective buyer than a vehicle that has no registration or one which is about to expire. A prospective buyer will be wary as to why there is no registration left and may question whether there are some serious underlying faults that would prevent the vehicle from being re-registered. If they know they are going to have to pay for their annual registration as soon as they purchase your vehicle, it is likely they will automatically reduce your asking price by that whole amount. Most Road Authorities now provide the option for re-registering a vehicle for 6 months rather than the whole year, giving you the opportunity to only outlay half the cost whilst giving you an advantage over those sellers with next to no registration.
5. Specification and colour selection are key to resale value
It is obviously too late to change the colour and specification of your vehicle when you decide to sell it but these are key elements to keep in mind when you look to select a replacement vehicle, as they will have a significant impact on the resale value at some point in the future. Most prospective buyers look for traditional and safe vehicle colour choices such as white, silver, grey or blue. Colours that are dubbed “hero” colours such as bright yellows or lime greens may seem to be attractive at time of purchase, but they usually lose their appeal quickly, making them less desirable when you look to sell your vehicle. Equally, vehicles that have a higher level of specification included will always be more sought after than those entry level vehicles that only have the base level of features. The inclusion of options such as rear vision cameras, satellite navigation or a sunroof are all desirable items that are also well sought after by used vehicle buyers.
6. Do your research and optimize your vehicle in the market
When looking to sell your vehicle, take the time to understand exactly where the market is at in relation to your make and model. Websites such as carsales.com.au will not only provide you with an avenue to sell your vehicle but will also provide you with who you will be competing with when you decide to list. Look at where your competitors are and use the knowledge you gain from your research to highlight the strong points of your vehicle. Be sure to draw attention to things such as lower distance traveled, longer remaining registration, any recent servicing elements you may have spent money on such as new tyres, new brakes, major services completed, etc. The more your vehicle stands out from your competition, the more likely you are to attract a higher number of potential buyers and make the sale at your asking price.
7. Consider which avenue to use when selling your vehicle
You may have found your replacement vehicle from a franchised motor dealer who has offered you a trade-in value for your existing car. Whilst it may be tempting to simply accept their offer on your vehicle and drive off in your new purchase, chances are that you will have left significant value behind when you do so. As the dealer does not know your vehicle as well as you do, they will have made certain assumptions about what might be required or what might need to be replaced and built the cost of these repairs into the price they offer for your vehicle. So, selling the vehicle yourself may provide you with the ability to make much more than the trade-in value offered by the dealer. Even if you don’t have the time or inclination to sit around on the weekend waiting for a prospective buyer to ring for your car, there are other re-marketing options worth considering. There are generally a large number of auction houses available in most capital cities where your vehicle may be auctioned to a discerning group of buyers, who are actively looking to acquire your type of vehicle.