No matter how much you love your car, the model will go old one day and its systems will start malfunctioning. Selling it off or exchanging it for a new one is inevitable, and it should be done at the right time. However, selling a used car is not as simple as it may seem.
Once you start planning to sell your old car, the first consideration that comes to your mind is whether you would get the right price.
You may choose to sell it though those used car shops, but will have to part with a cut. And if you plan to sell it privately through dealer websites, that process too is quite cumbersome and exhausting — listing the car on the website, taking calls from interested buyers, offering a few test drives, striking a deal and finally the transaction.
Selling an old car calls for making strategic moves at every step to get the maximum value. Here are a few tips that you can consider before you part with your beloved car:
1. Do proper market research
It is crucial for you to know the exact condition of the car you are going to sell off — mileage, overall condition, specific features or any development/changes or issues etc. You must also check out cars from the specific year, make and model put up for sale on various dealer websites. Online classified ad websites such as Truebil, Droom, Cars24, Quikr etc list all the old cars up for sale, a perusal of which can help you determine the average price range for a car similar to yours. Sellers can also figure out the number of vehicles currently available for sale in their area. Older or unique vehicles might take longer to find buyers.
2. Get an assessment of your used car done
Before selling your old car, you must find out whether it is actually ready for sale. Try to sell a used vehicle with old tires, major scratches or dents, broken headlights or taillights to private individuals might be counterproductive. Buyers generally avoid a car with such and other flaws. A smart piece of advice will be to find someone who can give a balanced opinion about the condition and saleability of your car.
Once you have detected the issues, spend some time and money fixing them to prepare your car for sale. Even though changing the clutch plate, fixing power windows and repairing the dents may be an expensive proposition, but they can help you ensure a good price for your used car.
3. Evaluate the price range
According to available data, Indians are opening up to buying and selling used cars big time. For every two new cars sold, there are three used cars getting sold. To close the deal quickly, it is hence crucial to do some swift homework and find the best value for your car.
You can find help online in this regard. At Truebil, you can get a detailed inspection report prepared on the basis of the car’s condition, age, mileage, number of kilometers driven etc. Using its TruePrice metrics, a proprietary car pricing tool, the seller is then given a quote. Another platform, Doom, offers an OBV Premium Report that suggests the fair value of any used car by analysing all the user-given inputs.
4. Keep all your documents in order
While you get the price determined, don’t forget the documentation part. For a clean transaction, all documents of your used car are necessary, to prove that the inputs given by you are authentic. The mandatory documents include insurance papers, the registration certificate of your, Pollution Under Control certificate, and a no-objection certificate from your in case you had taken a loan to buy the car.
Another important to keep in mind is a fully insured car with zero depreciation has a higher resale value than the one with a basic insurance. It improves your chances of getting shortlisted.
5. Create a striking ad and publish it
Now that you are ready for the deal, having completed all the refurbishing, assessment, price evaluation and documentation, it’s time to market your prized possession that you are going to part with. You need to put up an ad on websites for which you have to make sure it stands out amid the sea of sellers out to lure your potential buyer.
Click proper and clear images of the car, inside out, to be posted along with a striking headline. The photos should be accompanied with a compelling description of your vehicle, complete with useful specifics and a detailed summary.