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When the time comes to sell our vehicle ourselves, there are a lot of elements that need to be taken into consideration. For starters, we have to determine the price of our vehicle and then, where and how we are going to go about selling it.
For many buyers, setting the price of their vehicle is the most difficult step. After all, we all have an idea of how much our vehicle is worth, usually based on how much we paid for it and how long ago, but the reality is that the price we think our car is worth and the price it is actually worth on two very different things.
So, the most important thing to do first is research. We have to go onto the market and see how much similar vehicles are priced. To do that, there is really only one way.
“Each car will have a theoretical value and a real value. It’s a bit like selling a house. There is the price you think your house is worth, and the actual price. The only way to know what the actual price is, is to do a search to find out the price of similar homes in the same neighborhood. It’s the same with cars,” says a sales representative at Mini of Ottawa.
The good news is that there are a lot of resources out there that will help you find out how much your current vehicle is valued at. It all begins with pre-owned vehicle websites. There are hundreds out there, but start with the most popular ones. Do a search for your vehicle’s make and model, and expand the years to include vehicles that are one year older, and one year younger that yours. If there aren’t enough results, expand to two years.
You will then have a listing of similar vehicles. Now it’s time to check the price of vehicles that have roughly the same equipment as your own. For example, if you have the fully equipped model, disregard the price of entry-level versions.
You will undoubtedly see several different prices. The key is to see for how long the vehicle has been on sale at that price, especially if the price is above average. If it has been the market for several months, it is obvious that its price is probably too high.
Think about how your vehicle will show up in these listings. You want a price that will pop up and be competitive, without being too low. Once you have set your price, it’s time to take a bunch of pictures so that potential buyers can get a good idea of your car. Then, create a detailed descripting, highlighting any items that are important to buyers, like repairs that may need to be done. Also, make sure that your price is negotiable. It will end up being negotiated anyway.
