adminpeople end up selling one thing or two because they abused funds over the festive season. In this issue I thought why not help someone who wants to sell their car, after all cars is what I know not how to budget on . . . kikiki.
Deciding on a price tag for the car you want to sell is often a difficult process, since there are a lot of steps you must take. By determining the condition of your car, comparing your car to local cars for sale, and by considering the mileage and depreciation, as well as your location, you will be able to determine a price for your car.
I urge you folks not to want to sell your car for the same price you paid for it. I have noticed that with so many people selling their cars, take for instance a 2000 Golf 4 with its mileage way above 100 000km which you bought ex-Japan or Singapore at about US$7 500 in 2011.
When many decide to sell, they expect the same value on the car, but come on, when you bought it, it was 11 years old already, the mileage had gone up the roof and you added your own 35 000km in just two years by driving to goodness knows where. Don’t expect to get US$7 500, it will be plain cheating.
Let’s take these steps together; they will surely help you in putting the right price tag to that liability. I call it a liability because a car has never been an asset, it depreciates and newer models are being launched as fast as how I change hairstyles.
First of all, you need to examine your car thoroughly. Take notice of the current mileage, scratches, dents, interior flaws and rust, as these things are all defining factors of a sale price.
Other cars are so filthy in the interior you would think one was breeding chickens in there. Take it in to a car wash for a full valet wash.
The US$40 you will pay will help you put your price up. You will adjust the price based on the condition of your car not based on the debt you want to pay. If you just recently put new tyres on or had a new paint job, tack on a couple of extra hundred bucks to the price tag. Maybe work on a 40 percent on those adjustments, but please, if you paid, for instance, US$1 500 for the job, don’t double it when you are marking up, you will be stuck with your vehicle for months.
You definitely have to take it to professionals who will do a thorough service, clear all malfunctioning lights (most cars are so messed up, when driving them the dash is lit up like a Christmas tree which means they have so many problems).
Take a moment to compare your car to similar cars with the same year and mileage. You can use classifieds, car lots and pre-owned car dealers to see prices the private sellers are advertising their cars for. If you prefer, call up local dealers and ask what your car in its condition would trade it for and base your price a little higher than the price they give you.
Understand car depreciation and determine if you can sell your car for more because of this. Every car will lose value over time, some more than others. Cars that don’t lose the most value over time are cars rated best in their class, luxury cars and rare cars like Ferraris and Aston Martins. Sadly, we don’t sell those here.
Consider the fuel mileage when figuring a price tag for your car. If you have an economical car, you can sell it for more than you’d get for a gas guzzler.
Where you live also affects the price tag. Advertising in a rural area won’t get you a high price like you’d get living in the city. So if you stay in Murehwa, your car is bound to fetch less because the people there just don’t have money.
Tack on some extra money, usually around US$500, to the price of your car. Buyers will usually try to haggle the price so if they offer a lower price, you might get what you originally wanted. For instance, you can price it at
US$6 500, and allow negotiations to go down to US$6 000 when your original asking price is, in actual fact, that US$6 000.
Just to warn those who might be tempted to be fraudulent, if you’re selling a car that you’re still paying for (financed by a bank or any vehicle loan), you need to include the dealership in the sale if you have a loan, or the bank if you’re financing.
Till next week be safe.
Fact Jeke is an auto enthusiast with over a decade experience. She has written for several regional publications, attended many auto trade shows around the globe. You can contact her on email: [email protected] or via Facebook: Torque with Fact Jeke.
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