When selling your car there are so many options. It is often hard to work out what to do and which option to go with. In this blog we'll give you 5 tips which will help you work out the best option to get the most value and the best price for your car when selling it.
Tip 1 - Invest in a detail
It’s the best $220-$300 you will spend. You can almost guarantee that you will get this money back, whether you are selling it privately, selling to a wholesaler or trading to a dealer.
Tip 2 - Cosmetic repairs
Should I repair or leave as is? Depends on what sort of condition your car is in and what is wrong with it. Depends if you are thinking about trading in or selling privately.
Most people trade their car into a dealer, simply for convenience. You will usually get the least amount of return on your car as a trade in. However, it is convenient. This convenience comes at a price.
If the car is being traded to a dealer, they can usually get a lot of the little repairs that need to be done a lot cheaper than you can and are less likely to worry too much about them. ie; you may have a few shopping trolley dents in the doors. If you go to a panel beater to repair, they’ll probably quote you around $700-$800 to repair. The dealer can get the same repairs done for $300-$400. Which they will factor into valuation. So there is no point paying $700-$800 to only gain $300-$400. You are out of pocket.
If its a major repair and you can potentially get it repaired under your insurance if have it covered, definitely worth considering. If the repair is $3000-$4000, excess only a $1000. Do it. Because the chances are, the dealer will allow at least $2000 off the price anyway.
Tip 3 - Do I service or not?
Service or not bother? We often see customers bringing their car in for trade in, they say “I’ve just done a major service and spent $2k on it". If trading, don’t bother, will make minimal variance to value to dealer, as they can get all this for less than you can. A dealer will do at trade price while you will pay a retail price.
Besides, depending on age of vehicle and what the dealer will do with it, maybe a straight wholesale transaction for them.
If selling privately, you may consider or just factor into price by adjusting a little. For example, if the service is going to be a major one at a cost of $1000-$1500, just factor into price adjustment and reduce your price accordingly. That way you maintain a competitive price advantage when listing online.
Although, be mindful that if you are selling privately and a car is registered, you will need to provide buyer a road worthy certificate, so make sure that car meets that at the very least. If you don’t have time to do all the running around to prepare, look at options like One Stop Repair Centre in Northgate, they can do all in one place, paint, panel, mechanical, tyres and road worthy.
Tip 4 - Do I sell privately, trade it in, or wholesale?
Almost instantly after listing your car online, you will start getting calls with silly offers. Literally, stupid offers.
Some from private sellers, some from dealers trying to buy your car at wholesale. Many customers get frustrated with this process for that reason.
Upside of selling to wholesaler, you don’t need to worry about Road worthy certificate and preparation. However, still recommend a detail. If they see your car presented clean and well, they will generally pay more for it over a car that is poorly presented.
Selling your car privately, you will generally get a better return on it, but there is a process and to be frank, most people find it a real pain. Having to deal with tyre kickers, people making silly offers, no finance arranged, need to sell their car first and the list goes on.
Trade in is a convenient way if you are purchasing another car, but you are somewhat of a captive, so they can offer you less and because you want the convenience and service, but you also pay for it. Just a matter of how much you are willing to forfeit.
Tip 5 - Selling on consignment
This is a great option if you can get the right dealer to do it for you. There aren’t many that will do that, but there are a few around. Just a matter of finding one. Here in Brisbane we can handle the entire transaction for you.
This has some great benefits but also some negatives as well.
- If you need your car on a daily basis, you may not be able to leave with a dealer to sell for you.
- However, unlike others, here at eCarz.com.au in Brisbane, we allow you to keep your car, as long as you can make it available when there is a confirmed appointment for someone to view.
The benefit of being able to sell on consignment is that you will get as close to a dealer price as possible. So essentially get a dealer retail rather than wholesale. And the benefits of having a dealer sell on your behalf, they can usually handle trade ins and finance for prospective buyer. That will immensely increase your audience to sell to.
Customers may also be able to purchase warranty on the vehicle, again giving them more comfort to purchase your pre-owned car and pay more than they would to you. Other benefits; lets be honest, time, hassle, negotiation, time wasters, etc.
An alternative that you may want to consider, is a full service car broker. Not many out there, but they are definitely worth what you pay for.
At www.ecarz.com.au we save our clients approximately $5000 on an overall transaction. From buying their car, selling their car and finance, plus don't forget the time and hassle - what is that worth?
Happy Motoring - we hope these tips help you sell your car for more. For more genuine, non nonsense advice, why not contact us today.