According to Matthew Davies Stockton, you have to estimate your old car’s market value before you decide how to sell it. To check your vehicle’s approximate value, you can compare listings in your local area or use online calculators offered by Kelley Blue Book or Edmunds. Once you know the trade-in value of your old car, you can proceed with the preparation of the sale. Here are a few ways to sell your old car for cash:
1. Sell your car privately – If you don’t want to trade-in your old car for a new vehicle at a dealership, the other option is to sell your car privately. Finding buyers to sell your old car can take a fair amount of work and much time. However, if you can locate a suitable buyer, you are almost guaranteed to get a much better price than your car’s trade-in value. Plus, you can get cash for your vehicle, which you can put to other uses.
To find potential buyers, list your car on sites like eBay, Craigslist, or even the Facebook Marketplace. However, since these are not targeted marketplaces for selling cars, you would not get the best price or response. Another way is to hold offline auctions. Refer to sites like Edmunds, NADAGuides, and KBB to get a fair idea of asking price and learn about the market condition.
2. Sell your car on CarMax – CarMax is the best used-car retailer if you want to sell old cars that are pretty out of shape. It is simple and easy to book an appraisal, which takes less than an hour. Once you get the appraisal value, you have seven days to consider their offer. So, you can take your time and get offers from other buyers or dealers. This is the quickest way to sell your old car online.
3. Sell to an outside dealer – Many dealers may offer to buy old cars even if you don’t buy a car from them. However, the problem is that these dealerships buy cars for wholesale prices and so you would likely not get the best value for your vehicle. But many such dealers offer instant cash offers after verifying the features, specifications, and the condition of your car. This is an option you should consider if you cannot find any private buyers for your vehicle.
4. Look for ‘We buy cars for cash offerings’ – You may have noticed signs such as ‘We buy cars for cash’ on the roadside. Typically, it would be best if you avoided such ads because the rates, they offer are much lower than what you would get in an excellent car dealership. In fact, they may not even consider buying a car that is not in good condition. This should be your last resort if you cannot sell your vehicle in any other way.
Matthew Davies Stockton suggests that you always explain to your buyers the reason why you are selling your car and what you have enjoyed about it, along with listing the key specs of your vehicle. Clean and wash your car to make it more presentable and be careful of scammers.