Tip One: Research
Do your research on what your car is currently worth. The best way to do this is to go to AutoTrader’s Car Search tool, and key-in the make and model of your car. Unless you own something like a 1925 Hispano Suiza, you are likely to find dozens of similar examples for sale and get a feel of the current retail prices.
Take note of the mileage covered by the cars like yours that are for sale, as well as the obvious details like the model year, and any extras fitted. If your car is a low-mileage example this can be a strong negotiating tool.
Key in models that are natural competitors to your car. This will help you to get an overall feel for the market segment where you are aiming to pitch the sale of your car. You can also make use of Autotrader's handy valuation tool.
Tip Two: Stress the Positives
Presumably, you had very good reasons for buying the car that you now want to sell in the first place. So cast your mind back to the exciting days when you first took delivery of your new car, and pass on that type of enthusiasm to potential buyers.
If your car is fitted with extra options, factory-fitted or aftermarket, stress the value of these extras. There is a trend in the used car trade to ignore extras when it comes to establishing a trade-in price. But these very same salespeople who will tell you that the extras don’t count for much when offering a trade-in price will then extoll the virtues of those extras when they sell the car.
If your car is still under warranty or covered by a service or maintenance plan, stress the value of this to the buyer.
Be open and honest about any obvious faults the car may have – you are required to do this by law, according to the Consumer Protection Act (CPA), when it comes to selling your car privately. But don’t dwell on them.
Don’t over-sell the car to a customer. Once you have established how much you prize the car that you have now decided to sell (for very sound reasons), let the potential buyer ask questions, and answer these in a concise and friendly manner. If a silence builds between the two of you, don’t be tempted to jump in with yet more reasons why this car is such a good deal! Rather step back and simply gaze at the car that has served you so well, and let the buyer know that this is one of those classic “reluctant sales”.
Tip Three: Set a price that enables you to negotiate downward
There are many reasons for selling a car. Maybe it is simply taking up space in your garage that you need for something else, or maybe you are being forced to sell the car to balance your monthly household budget.
Whatever the reasons for selling, set a price in your mind that is non-negotiable, and then add on a percentage that will enable you to drop your initial selling price. Some people like to haggle, others don’t.
Never accept the buyer’s first offer, because this is likely to be lower than what the buyer is willing to pay. Counter the first offer with another price that still enables you to negotiate downwards. The idea is to meet at a point in the middle where you both feel you are getting a deal!
