Looking To Buy a New Car? 7 Best Practices For Selling Your Current One First
Buying a new car can be a lot more affordable and a lot less stressful if you cash in your old vehicle first. Here’s a comprehensive guide on what sale avenues are available and how to prepare your car for netting you the most profit.
Before you sell
There are a few things you should take care of before you try to place your vehicle on the market. Let’s have a brief refresher, since it will ultimately help you fetch a better price.
Get a full service
Do a deep maintenance session as well as all inspections - required and recommended. Each repair shop has a slightly different idea of what a full service specifically entails, so ask in detail.
Generally speaking, expect legal inspections, in-depth engine care, a brake system check, fluid checks, and inspections of the steering, wheels, tires, drivetrain, exhaust, and suspension. Take your time selecting a reputable mechanic with a good track record. A dodgy mechanic could do more harm to your vehicle than any film-villain-esque meddler.
Do the cosmetics
You’ll want your car wrapping Melbourne to look its most attractive. Give it a full detail: vacuuming, brushing, washing, re-painting, polishing, and protection. That said, cars of a certain age could actually benefit from a few scrapes.
Marks of use are naturally expected on old pieces, and contribute to their character and charm. Consider the condition of your vehicle in the context of its age and model, and decide the level of cosmetic treatment that would truly let it shine.
Your sales options
Once your wheels are mended and pretty, it’s time to choose the best avenue for marketing them. There are a few options to consider, and you certainly can try more than one.
Trade in at the dealer’s
Dealerships are the quickest and most hassle-free, especially if you’re looking to immediately buy a new vehicle. They’ll assess the value of your current car and deduce it from the price of the purchase. There’s no need to advertise and haggle, and you can often skip repairs: many dealerships will take a car as-is.
However, a dealer will typically pay you less than what they estimate your car to be worth. They will ultimately resell it and they need to make a profit. As a rule of thumb, the worse the overall condition of the vehicle, the less you’re paid. Opt for a dealership sale if you’re content to take whatever you can get on the spot.
Sell privately or swap
This venue arguably places the most importance on presentation. Since there are no brokers or third parties involved, prospective buyers might scrutinize your car much more closely. If you opt for a private sale, try to keep it local.
For instance, if you’re a resident of the Melbourne area, look for car buyers in Melbourne via social media, adverts, and word-of-mouth. You’ll find it easier to arrange favorable sale conditions with a relative neighbor than someone from a state away. Moreover, different territories might require different documentation for you to legally advertise a private car sale.
Swaps are a variant of this setup. Someone is selling the car you want to buy at the same time you’re selling your current vehicle. You’re wanting similar prices. Meet, compare, and swap cars instead of cash. Just make sure the registration, ownership, service history etc. are all in order.
Auctions and car buying services
An auction service will handle all the advertisement, sale paperwork etc. - for a fee. They might sell outright or offer an in-house trade-in. Auctions are great if you’re looking to sell a car that’s rare, antique, or otherwise prestigious. Consider this option if you’re looking to revolutionize your own transport, like moving from hydrogen to electric, but you still want to make sure your old treasure will go to someone who will appreciate and care for it.
If you don’t have the patience for an auction nor the energy for professional dealers and private hagglers, look into car buying services. They’ll take your car’s details, evaluate it, and give you an offer on the spot. It’s a highly efficient setup, but you get very little negotiation leverage.
Sell on consignment
Think of it as a passive auction. You leave your vehicle at a car yard and it sits in their lot waiting for a buyer. When someone purchases it, the yard takes their commission and forwards you the rest of the sale money. Consignment is a good option when you’ve already got your new car and can afford for your old one to take a while to sell.
Sell to a wrecker
If your current car is a mess and no one else will take it, or it would cost a fortune to repair, a wrecker might be your only option. A few hundred dollars is better than nothing. Alternatively, you could strip and individually sell any parts that are still worth something.
Ultimately, the fate of your old vehicle doesn’t matter much if you’re set on getting a new one anyway, so focus on getting the most profit out of it that you can. This can be money or a good trade. The one exception are vintage or prestigious cars, where you should make the effort to auction them off to a caring new owner who will show them due appreciation. If you're interested in finding out more about cash for cars make sure you check out 1800 Salvage
