When you sell your vehicle privately, you have the freedom to set your own price. It should be within the range of the vehicle’s current market value, but you can change it as needed to increase the sale potential. On the other hand, selling or trading your car to a dealer does not award you the same freedom. You may be able to negotiate, but the dealer may not buy it if the negotiations aren’t up to par.
No matter how you choose to sell your car, setting your minimum sale price is an art form. It’s a careful balance between getting the profit you want and drawing in buyers. Selling your car online increases the number of prospective buyers, giving you more flexibility when setting your price.
It is always best to set your car’s sale price within the range of what it is worth. If you list it above its true market value, you risk losing potential buyers who are unwilling to pay more than what it’s worth.
Selling your car in person is ideal for negotiation purposes, but the sale price should reflect the averages in your area. When you sell online, you can consider national averages, since potential buyers can live around the country.
So, how do you sell your car for cash prices according to its make, model, release year and condition?
The best way to do this is to use some widely accepted online car resources. The Kelley Blue Book (KBB) is a trusted source of real market values on cars of all makes, models and release years.
When you use KBB, you can adjust the price of the car based on the condition of the vehicle. Most buyers also use KBB during their searches; if they see that the sale price of your car matches the KBB report, they may be more willing to trust you as a seller.
If you resort to other websites, make sure they are reliable and offer averages based on a large pool of sellers. Also, be sure to consider:
- How in-demand your car is
- The type of engine (fuel-based, hybrid, electric)
- Fuel economy
These conditions can also affect the cost of your car, as can the time of the year you choose to sell your car in. Although family sedan vehicles sell year-round, some cars like sports cars sell better in the summer, so be sure to check when to sell your specific car model.
Ideally, the price you set will be somewhere between the average amount asked for your specific model and the highest listed price.