Maximizing the Sale

Selling your car for quick cash can be a stressful situation, especially with the uncertainty that the pandemic brings.  Novice sellers will most likely run into a ton of queries about what the best option to take to maximize sale.

Here are some common questions that I encounter.

1. Where to go to get the best price for my car?

This is probably one of the most common questions to answer because as a seller, you would want to get maximum returns.  Personally, being a maintenance freak, I’d normally value my car higher than it’s actual worth. But, sometimes, it really doesn’t matter as everything is dictated by the going market price.  This is why it’s extremely difficult to actually find the exact value of your car.

Customarily, it would be best that you have your cars appraised’ by “buy and sell” display shops or car dealerships that accept trade-ins. But for now that movement is limited, you can look in the net to get an idea of what the going rates are. This is less time consuming and does not require a lot of effort. Facebook Marketplace is one good reference.

Luckily, at Social Media Sites or Internet Websites, you can post the sale for free. Researching on the value of your car is as easy as keying in the details of your car, like Year, Make and Model, and it brings you to a selection of similar cars.

2. What is the best way to sell my car and where?

The best way is the where your sale is maximized. There are so many ways though and all have to be done to, at least, give you the highest chance of max returns.

It also depends on the seller’s time. Some sellers want the cash quick so they tend not to mind a lesser valued offer. Some are looking for convenience and speed, drive the car to the “buy and sell” dealership and accept the outright “spot cash.” This is not the best way to maximize returns but it certainly the quickest.

Typically, you’ll either  post your car in Social Media Classified Ad Sites and Used Car Sites in the net and/or consignit to a used car dealership.Entertain agents and be extra generous with your commissions so they can “hard sell” your car. Safeguard your sale by making sure all agreements with agents are understood well. This way, transactions will be smoother.

Maximizing sale will need maximized efforts. All the avenues of selling should be used. In the last few years, a number of auction style selling in Facebook have also popped up as well. This type of selling can also be explored.

3. Can I sell my car even with an existing bank loan?

The answer is yes. Although you will have to run through the process of releasing your car from encumbrance after you pay your outstanding balance. However, there are other ways like passing on the loan to the buyer and letting him assume the loan balance.  This is only the case if you’re selling your car on your own to a direct buyer and not to a used car dealership. It is wise that you get a lawyer to help you with this as this process requires legal assistance..