While the guidelines for selling a used car are generally the same no matter how much your vehicle is worth, you can expect subtle differences for some vehicles—especially those priced inexpensively.
To get the most profit possible, use these tips to prepare for the challenges that may come your way. Tips for Selling Inexpensive Vehicles
Whether your vehicle is high in mileage or built in the previous decade, you'll have to make a few unique decisions before you place your advertisement.
Here's what you should consider.
Setting the Price
Like any other car, you'll need to determine exactly how much your vehicle is worth. This can be done by using a pricing guide and by researching comparable vehicles for sale in your area.
This amount, however, isn't what you should use as a starting price. Most cheap vehicles with high mileage or years of wear will attract buyers looking for a good deal, so expect to negotiate. For example: If you're vehicle is worth $1,000, try pricing it at $1,400 to give yourself a little wiggle room with potential buyers.
If you've determined that your vehicle is worth a low resale value—say, less than $3,000— you'll have to decide whether or not repairs will increase the selling price enough to make it worth the additional investment.
It is likely that a car needing major repairs will take longer to sell. Fixing these first could speed along the process. However, if the cost to make these repairs is more than half the vehicle's worth, you may be better off selling the vehicle for parts instead.
On the other hand, if repairs are less than half the value, making these repairs and providing maintenance receipts to buyers could provide reassurance that the vehicle is working properly and increase the vehicle's overall worth.
There are plenty of good websites to advertise your vehicle online. While options such as Autotrader and Kelley Blue Book will attract thousands of potential buyers, these websites aren't free.
If, for example, you're selling a vehicle and only expect to get $500, spending $50 or more on advertising costs will significantly cut into your profits. In addition, most major sites also charge for each picture you post—which can increase costs even further.
For really inexpensive vehicles, Craigslist is one good alternative. Since it's a “for sale by owner" site, you don't have to pay for advertisements. Another option—especially if you choose a paid classified website that charges per photo—is to use a website like Flickr or YouTube. This will allow you to link to additional pictures or even a video in your advertisement without incurring additional charges.
Wood Group is an international energy services company with over $7bn sales and operating in more than 50 countries. The Group is built on Core Values and has three businesses - Wood Group PSN, Wood Group Kenny and Wood Group Mustang - providing a range of engineering, production support and maintenance management services to the oil & gas, and power generation industries worldwide.
Wood Group is a leading international energy services company, employing about 43,000 people and operating in 50 countries.
UK Corporate Office
15 Justice Mill Lane
Aberdeen AB11 6EQ
Tel +44 1224 851000
Fax +44 1224 851474
US Corporate Office
17420 Katy Freeway
Houston, TX 77094
Tel +1 281 828 3500
Fax +1 281 828 3525
Breen & Associates provides clients contemplating all business transactions with the critical intelligence needed to best evaluate advantages, risks, and potential compliance requirements.
Our objective, third-party intelligence is necessary for leveraging advantage, verifying claims of bona fides, while advising on any legal entanglements that may affect the transaction, immediately or in the future.
With years of experience in corporate markets as diverse as energy, finance, consumer products, communications, and much more, Breen and Associates provides the most thorough Due Diligence process in the industry. The results of our experience have provided support to some of the largest corporations and law firms in the world.