When it’s time to sell your used car, be sure to consider all the options. Choosing the right method, based on the make and model as well as your geographic location can make a big difference in the price you receive. Even if you’re already an informed consumer, know all the local Sam’s Club and Costco gas station hours and speak “car language” fluently, it helps to know how to maximize your profit when selling a used car. Here are four tips to follow when the “For Sale” sign goes up in your car’s back window:
Advertise in School Newspapers
One of the most-overlooked, but most promising, places to advertise a used car locally is in a high-school or college newspaper. Ads typically don’t cost much but they reach one of your best audiences: teens who are looking to purchase a first car after getting licensed to drive. The best part of this tactic is that teens often see a car ad and then “encourage” their parents to check the car out with them. Mom and Dad are often the source of funds for a first car and will likely be the ones to call you and inquire. Be sure to emphasize the safety aspects of the car along with its economical features like good gas mileage, low maintenance costs and more.
Get a Thorough Inspection
Even before advertising it pays to have your car inspected. A thorough inspection by a licensed mechanic is the best way to know if there are any components that need immediate attention. Consider paying to fix minor things right away. However, it’s your call whether to go ahead with big repairs or simply disclose those items to prospective buyers and discount the repair cost from the offering price. Some buyers would rather fix things themselves or have their own mechanics take care of major fixes.
Get Repairs, New Tires and a Paint Job
It’s usually wise to get all minor repairs done immediately, put new tires on the car if you haven’t recently done so, and maybe even get a new paint job from a discount service center. Believe it or not, “curb appeal” is a term not solely used in the real estate field. A nice-looking car, with fresh tires and a new coat of paint will attract more attention and fetch a higher price.
Use Online and In-Person Advertising Strategies
There’s no need to go overboard with advertising but do consider using two or three different marketing channels. Localized online ads via Google or another service can put your car ad in front of hundreds of prospective buyers as soon as you post it. If you use Facebook or Twitter, think about putting a very short “car for sale” notice up for your audience to see.
Don’t neglect in-person advertising. Along with those school newspaper ads mentioned above, make a visit to local school offices and ask if there’s a community ad board where you can post a flyer. Two-year community colleges are great sources for this style of “shoe leather” marketing. If allowed, place some half-page flyers in key campus areas like cafeterias, student lounges and coffee shops.
