1. Consider the market. 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.
- Family sedans, while boring to many car enthusiasts, are in constant demand by people who need basic, inexpensive transportation.
- Getting a good price for a convertible or sports car depends on the season in which you sell it. Sunny, summerlike weather brings out the buyers. If you sell in the fall and winter, prepare for the process to take longer.
- Trucks and vans, which people often use for work, sell quickly and command competitive prices. Don’t underestimate their value.
- Collector cars take longer to sell and are tricky to price. However, these cars can bring good sale prices — if you find the right buyer.
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 fuel prices are high, you will be able to ask more for it than when gas is cheap. Similarly, selling a supersize SUV for top dollar is going to be tough if fuel prices are sky high.
2. Prevailing price. Before deciding on the price, you should first research about the prices on the market. You need to have information about the best selling cars and make sure that your vehicle is in a good mechanical state. Some of the cars that are currently on high demand include; Toyota models.
3. Seating capacity. The seating capacity is also essential especially for people with big families. They prefer cars that can comfortably accommodate their families. Other buyers particularly business people are interested in the loading capability.
4. Price your car competitively. 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.
5. Availability of spare parts. Availability of spare parts also matters in car pricing since secondhand cars are commonly preferred by people with limited income. They usually avoid vehicles whose spare parts are not readily available.
6. Year of manufacture. Some car buyers consider the year of manufacture and distance covered. Therefore, one should price the vehicle in consideration of the manufacture date and the distance it has covered.
7. Tap your intuition. Once you have considered all the hard data, 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.