1962 Ferrari Brings $51 7 Million at Sothebys The New York Times

Some people trade automobiles like baseball cards, while others drive a car until the wheels fall off. However, when talking about owners who want to trade in a car to gain the most value when purchasing a new vehicle, there are some fundamentals to help maximize value. So while the pricing guides may be a good source to get an an overall idea of pricing, don’t think of them as set in stone. The only real way to determine how much your car is worth is to shop it around and see what the market determines.

Read more about Ford here.

Locked-In Price

This is why it pays to shop your vehicle to several different dealers. If you have a late-model, well maintained used car, dealers will compete to buy it. Have their used car manager inspect the vehicle and give you their best bid, then use those bids to try to negotiate a higher price from other dealers. Dealers typically do not want to sell used cars on their lots if they have over 100,000 miles or if they’re an older model going back 7 or 8 years.

CUSTOMER SERVICE VIDEO HEADLINE LOREM IPSUM

For example, touchless online payments, such as Venmo, Zelle, or PayPal are safe ways to collect the payment. All these payment options keep your bank information hidden and your personal information safe as the buyer pays you directly for the car. Any of these methods will help protect a seller against fraud. In most states, selling your car privately will prevent you from getting a trade-in tax credit. This is only a disadvantage if you’re in the market to buy a replacement vehicle at the same time.

Getting a replacement V5C for your car

While most private car sales are complete without a hitch, staying smart and taking preventive measures is still important. Know your lowest acceptable offer beforehand and consider the number of possible buyers you have in hand. The art of negotiation involves feeling confident that other buyers may be out there if you can’t agree on a price. Due to the microchip shortage, more buyers may be willing to pay a higher price for a used car, so bear that in mind. If you feel uncomfortable, say no and come up with alternatives. For example, never drive the would-be buyer to another location.

Before going to the dealership, contact the lienholder to get a payoff quote for the vehicle, and note the payee address for the dealership to send the payoff amount to. Here are a few things you’ll want to know as you’re getting ready to sell.