As we’ve seen lately, the pandemic has caused business shutdowns and restrictions in Ontario. Vehicles that were used multiple times every day prior to the COVID pandemic now are sitting in garages for days. Some people are selling their used cars or downsizing their family vehicle fleet, while many others are looking to purchase a car in order to avoid public transportation. On the other hand, used vehicles are selling for record-high prices. All that means now could be the best time ever to sell or trade-in your used car.
Here are the 5 ways to ensure you are getting the most money out of your used vehicle:
Pricing Your Used Vehicle Accurately
Although some lucky ones have sold their used cars for more than what the cars were actually worth, that’s still some exceptional cases. While everyone would like to get the very top price from their used vehicles, setting a fair price for your used vehicle is important to a smooth transaction.
Determining a competitive asking price is a critical first step when you sell your used car privately. Because if you set the price too high you may result in no potential buyers, while you could undervalue your car and won’t get as much as you’d like to put towards your next vehicle.
It’s also important to understand that there are many factors that contribute to your vehicle’s value, including its history, condition, and odometer reading.
You may want to do some search and learn what similar vehicles in your area have actually sold for. You may use the average as a baseline to value your vehicle. Then list the extra features or history that can impact the value of your vehicle.
For Canadians, a reliable resource to determine your car’s value is Canadian Black Book. You can also corroborate this information with Kelly Blue Book which allows you to add detailed information, like the vehicle’s condition for a recommended private party pricing range.
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Plan For A Replacement Before You Trade Your Used Car
As we discussed, used vehicle prices are now hitting record-high levels. So you need to plan for a replacement vehicle before you trade your used car.
While both new and used vehicles are at record-high price levels and in tight supply. It will be a good idea to find a replacement car that fits your needs and at a price that you can afford prior to putting your used vehicle on sale. That’s also helping you to better plan how much you could get from your used vehicle and put the money towards your next vehicle.
Have Your Car Ready for Sale
It’s important to make sure your car is presentable when you show it to its potential buyers. Any little scratch, dent, or upholstery stain could have an impact on the resale value of your car. Paying a detailer to give it the once-over may add hundreds of dollars to your selling price.
If there are any minor repairs or maintenance that are required, you’d better take care of them before putting your car on the market. Also, giving your used car a good cleaning inside and out before taking pictures is another essential tip for listing your used vehicle online.
Make the Advertisement Look Great
If you decide to trade your used car privately, there are plenty of places to list used vehicles for sale online. Make sure you put excellent photos and a good description.
Here are what should include in your ad listing:
- Good quality photographs
- A listing price
- A note that describes the car’s condition
- The make and model of your car
- The year and mileage
- Contact information
Your ad posting should be simple and to the point, and you may include a bit of extra information that buyers want to know.
Consider Lease Buyout
A lease buyout is in at any point in time in a lease term, you have the option of buying out your leased car at the buyout price. A lease buyout might bring you extra money, especially when the vehicle is at the end of the lease.
Since almost all leased vehicles have a fixed purchase price in the contract for the purchase option when the lease is up. That price was set when the lease began based on expected residual value. While the rapid increase in used vehicle values, the preset price is very likely below the current market price. That means you can buy your leased vehicle and sell it for some profits.
However, ensure you check the purchase price with the lease company, and compare it with the market price before you agree to purchase the vehicle.
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