How to turn your used car into fast cash
How to turn your used car into fast cash
Posted on May 20, 2022
If you need cash to pay down some debts or just buy yourself something nice, then you should seriously consider selling your used car for cash.
In the past, you would be lucky if you could get a few hundred dollars for your used car; that is no longer the case with used car prices the highest they have ever been.
There is no denying that used car prices are rising, but this does not guarantee you are going to come out ahead; this is where our suggestions come into play.
Sums and figures you need to work out
The first thing you have to work on is what is the asking price for your car? You could just pick some random number, but you could be leaving money on the table!
Most car buyers are sophisticated and will perform price comparisons before they actually make an offer.
To determine what your vehicle is worth, there are websites like Kijiji Autos, where you can look for comparable vehicles and note the asking price.
When you are documenting the prices for the used cars, be sure to factor in the location of the seller. Your physical location impacts the number of potential buyers you can reach, so if you are in a rural area, go with a lower asking price to be on the safe side.
When setting your asking price, use 80% of the highest price as your starting point. Most buyers are price sensitive even though prices are climbing due to limited inventory.
By using this 80% pricing point, you should be able to attract offers from multiple buyers, which could lead to a bidding war that drives up your final selling price.
Where to put your used car up for sale
One of the toughest decisions you will face is where to list your used car, social media may seem like a good option, and while it is great for selling clothing, games, and other miscellaneous items, you shouldn’t try to sell your used car on social media.
There are scammers that use social media to try and rip people off, and if you are not careful, you could find yourself in a jam.
A great platform to list your used car for sale is AutoTrader. This platform attracts millions of interested buyers every month, so your car should be able to reach a critical mass of potential buyers.
A quicker way to sell your used car
If you do not want to spend the time necessary to try and sell your used car by yourself, we have a faster option available.
There are dealerships in your area that will buy your used car and pay you cash for it right away.
In order to enjoy the benefits of this approach, you need to contact your local dealership today and let them conduct an appraisal.
It won’t take long, and once they have completed it, you will have an all-cash offer that you can accept or use it towards the purchase of a new car. This approach saves you the most time, and there is no risk of being ripped off, so we strongly recommend it!
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