Used Car – Check Its Residual Value
Getting the best price for your used car is essential for selling it quickly and getting the best value of your car. Deciding the price is one of the most crucial factors in the process of selling a car. Although there are plenty of ways to price your car for selling, this post shares the best tips to determine the best price for selling your used car.
Check the market price
To set the best price for your used car, you need to check whether the make and model of your car are in demand. Check the average price of your car in the used car market and garage sales. For example, if most of the people have priced the car for $10,000, you should price your car around this price.
Also Read: Check Your Car Value using IndianBlueBook
Family sedans are always in demand, so if you have a sedan to sell, you can price your car higher than the average price. People who need an inexpensive basic sedan for their family would like to buy a sedan car. The higher the demand in the market, the better price you can get for your vehicle.
The damaged cars that need a lot of repairs are difficult to price at an average price. Check your car if it needs any repair, replace the broken parts and repair the repairable parts. The buyers check the main factors like the working of the engine, engine sound, the clutch, the condition of tires, windscreen, and body of the car. Getting the necessary repairs of your car will bring it in excellent condition, which makes it easy to sell.
Usually, the most sold cars in the market have the highest resale value. For example, the Toyota and Mazda cars are the most sold cars in Melbourne, so they have a high resale value. If you have a car with a high resale value, you can price it a bit higher than the other vehicles. On the other hand, the vehicles with a low resale value need to be priced at a low price as they have a weak demand in the market.
How old is your car?
The age of your car is an essential factor in determining the resale price of your vehicle. Usually, the vehicles that are more than ten years old do not get a good resale value. Therefore, it is best to sell your car within ten years of purchase. The age of a car determines the wear of engine and other parts and its mileage. Therefore, the more the age of your car, less the price you can fix for its resale.
Check the True Market Value
It is vital to check the true market value (TMV) to determine the fair value of your car. The TMV prices are based on the factors like mileage, engine, condition and colour or your car. However, the true market value is not the price you must ask from the buyer, but the transaction price. You can raise or reduce the cost depending on other factors.
Check the competition
The competition in used car sales is the best factor to determine the price of your car. You can check the costs of the cars similar to your car on the websites like Craigslist, Auto Trader and eBay Motors. These websites provide the option of advanced search to find the closest match to your vehicle. However, the prices on these sites are not the selling prices, but the prices asked by the sellers. You can check what other sellers are demanding and set your price according to the competition.
Price a bit higher
The buyers looking for the used cars often negotiate for the price. Therefore, it is better to price your car a bit higher than the rate that you want for your vehicle. If you ask, a bit more than you expect, you won’t be at a loss, even if you need to reduce the price of selling your car.
Time it right
The time of selling your car is equally important as the other factors. The demand for vehicles like SUVs and all-wheel drives tend to raise high in the winters. If you put your sports car on sale at this time, the chances of selling will be very less. You cannot charge a high price for your vehicle as the demand is low in this season. Therefore, it is essential to consider the time of the year before listing your car for sale.
Setting the right price for your used vehicle depends on a variety of factors. The points in this post are the top tips to set the best price for your car. Some cars are very old and in a non-working condition. Finding a buyer for such a vehicle is difficult. Instead, sell it to a car wrecker like the Wreckers Melbourne to get the best price for your car.