Selling a Used Car for Extra Money

Having a car you are not driving take up space on your property is a waste. You can sell this vehicle to make extra money that you can use to deal with bank levies and all kinds of other financial goals. Before you take on this project, look to see what your car is worth so you can be honest with yourself about what kind of extra cash you can expect. Make any inexpensive tune-ups and clean up your car so you can to get as much out of the sale as you can.

Preparing for a Sale

When you are selling your used car it is important that you price it properly. There is no set price you have to use when putting your car up on the market but there are a few guides available that will give you an idea as to what your car is worth. Consider any upgrades you made to your vehicle, how many miles are on the car, how reliable your vehicle is and how much effort you have put into upkeep. Buyers will consider all of these factors when evaluating the price tag on your vehicle.

You will also have to decide how quickly you want to sell your car versus how much you are hoping to get for your car. You can sell your vehicle wholesale to a dealer, which may be the best option for someone trying to sell a car with low mileage that is in good condition as you can make a good amount very quickly. If you are not getting the price you want from a wholesale dealer then there are independent used car dealers available that you can work with or you can list the car online or in the local newspaper.

People want to get a good deal and it stands to reason that this is the motivating force between buying a used car rather than something new. Expect buyers to haggle on the price you have set. Be willing to see their point of view, but point out the good attributes of your vehicle that make your price reasonable as well. Be honest about why you are trying to sell and why you were expecting to get the price you listed so everyone is on the same page and your buyer feels you are being up front and trustworthy.

When you have selected a buyer you will need to be wary of scams that might come your way. Be very cautious of anyone who asks to pay after they have taken possession of the car. If they need to pay later, ask why and set up an agreement in writing as to how much they owe and when they should be expected to pay the bill in case you need to request a payment from them later. Also consider having a mechanic evaluate your car and give you a written report so they cannot come back and claim anything was faulty when you know it was not.

Selling a used car for extra money is allowed in any state, but your area may have different rules about what taxes you must pay on these transactions. You will also need to look into what paperwork you need to fill out in order to transfer the title of the car into the other person's name. Look into these legal issues before you put the car on the market and make note of any fees that come along with these transactions so you can decide how you want this to affect the price of your car.

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