Every car owner may have to sell their vehicle eventually and selling car privately is considered as more profitable nowadays. Car owners have become smart and they know many ways to sell a car privately to get more profit and a quick cash. Undoubtedly, every car seller wants to have more profit but beware of the pros and cons of selling a vehicle by yourself.
There are numerous mistakes which car owners make when selling car privately which could lead to less profit and increased cost. Also, some mistakes could land sellers into physical danger and risk their security as well. Every car selling way has some advantages and disadvantages too. The sellers must educate, research and be aware of the best practices, dos and don’ts of selling a car privately.
Here is the biggest mistake which car sellers make and pros and cons of selling a used car privately affecting the sale process.
Not Knowing the Car’s Value
This is one of the biggest mistakes a car seller can make before deciding to sell their car. Whether you are selling your car privately or to a dealer, make sure to know the value of your car first. This helps you to end up settling for the much better price.
Many websites offer an online car valuation calculator tool which estimates the value of a used car on the basis of its condition, mileage, make, model, specifications and market value. Also, you can check the car market and do a survey before setting the asking price.
Pros of Selling Car Privately
Car selling can be profitable and quick if the seller and buyer are directly in contact. This saves paying off extra money to the dealer as a commission and hence becomes more profitable.
When a seller is putting their vehicle on sale, car buyers asses the advertisement and start contacting the seller to check the vehicle or take a test drive. If you have a car in good condition chances are high to get good profit out of the sale. A buyer can get more impressed by the condition of your vehicle.
The car selling to a private party costs you less than as compared to selling a dealer. As, when you are selling it to a dealer or going for a trade-in, the seller has to do some efforts of preparing the car for sale, fixing the major issues, realising that dealers quote a very less price. Also, the registration fee or commission of the dealer will also be deducted from the sale. While selling car privately does not require any such extra expenditures.
Negotiating becomes easier when selling a car privately. As the sellers have to go through this process, but dealers are trained of such behaviours and they convince the seller somehow to agree to their prices. While selling it privately lets you influence the buyer and negotiate the price for a bit more than what a dealer can quote.
Cons of Selling a Car Privately
As far as there are many benefits of selling a car privately, likewise, there are many disadvantages of selling a car by yourself.
Hassles in Car Selling
If a person is first time seller, they might not be aware of the car selling process, best practices and how to initiate the deal smartly.
No Guaranteed Sale
There is no surety of a guaranteed sale, and it could happen that so many call you and inspect your vehicle but even then your car is not sold. It may happen that you have made a very appealing ad but the buyers just do not want to buy your car.
Demand for Vehicle
The sale of a vehicle depends very much on its market value and demand. If a vehicle is not in demand there are chances of not a successful or quick sale. If your vehicle is not in demand or is a sports car, there are high chances that you do not find an appropriate buyer for that car. This also slows down the process and reduces the chances of a car sale.
Dealing with Buyers
When selling a car privately you have to meet the buyers and give your vehicle for a test drive. This is the riskiest part which not everybody is capable to handle. The seller could be at risk for their information and vehicle’s information is shared. Do not see the buyers alone, always call at a public place, and ask the buyer for a driving license or identity card before giving the vehicle for a test drive. And do not let them take your vehicle for a test drive alone.
Time Consuming and Hassle-some
Selling a car privately definitely requires some extra effort by the seller. From preparing your vehicle for taking photos and posting ads on classified websites. This is a tiresome job for many sellers and the real struggle starts in dealing with the buyers and finalising the deal.
Risky and Insecure
Not every caller is a real and potential buyer who is responding to your advertisements. There are high chances that a seller can encounter fake car buyer or fraudster. Thus sellers have to be very careful and smart when dealing the people contacting you to buy your vehicle.
There are many ways to sell a car and get more price out of it, but not every way is suitable for every seller. There are chances that if a person wants to sell their car in hurry, they choose car dealer and get less price, while some prefer to do more effort and get more price. However, there are easy and safe car selling ways as well, such as car buying specialist and we buy your car offers, who give a better price, gives instant cash and are less hassle-some.