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Understanding your budget and getting a good price from the dealer is crucial if you don't want the car buying experience to leave a bitter taste in your mouth. Look through our tips to get some pointers on making your investment work for you.
Setting the right price for a used car is almost an art-a blend of research and intuition. Set the right price and you will quickly get the full value of your car. Set it the wrong way and you`ll wait weeks for a call or e-mail from a buyer.
Aim to list your car at a competitive price, but one that`s on the high end of the price range. This allows you room to negotiate and still wind up with a good chunk of change. So decide where you want to close the deal and work backward from there.
There are plenty of tools and resources for finding the sweet spot for pricing your used car. Here`s a step-by-step guide to this important process.
Is your car in demand? Can you ask for top dollar? Is this the right time to sell it? Here are a few general rules to help you answer these questions.
Take into account any other market conditions that might have an impact on your car. For example, if your car gets good fuel economy and petrol prices are high, you will be able to ask more for it than when gas is cheap. Similarly, selling a super-size SUV for top dollar is going to be tough if petrol prices are high.
Contact your insurance company to determine the fair value of your car. Prices are adjusted for kilometres travelled, colour, options, condition and even region of the country. And don`t forget to take a look at other pricing guides for comparison sake.
Review other classified ads to see the asking prices for other cars like yours. Most sites offer advanced searches to find close matches to your vehicle. But keep in mind that these are asking prices, not selling prices, and might just be wishful thinking by the seller. Compare the cars` condition, kilometer reading, geographic location and asking price to your vehicle to guide you in setting the right price.
As mentioned earlier, be sure to leave wiggle room for negotiations. Ask for slightly more money than you expect. If you get your asking price, that's great. But if you have to go lower, it won`t be a terrible loss.
As a private-party seller, however, you don`t want to look like a car dealer.
Once you have considered all the hard facts, it`s time to consult your intuition. Perhaps you have a hunch that your car is desirable, or that the time is right for you to ask a certain price. As you do this gut check, remember that it`s always a good idea to err on the side of a higher asking price. If necessary, you can lower the price until you get callers. On the other hand, if you err on the low side, you'll sell it quickly but won`t get the car`s full value.
Take the time to do some research before you set a price for your used car. If you do your job correctly, the car will almost seem to sell itself.
Once you are satisfied, visit our Sell your Car Feature or visit www.beatmytradein.co.za and list your car free of charge.