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Getting the right price for your used car

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Getting the right price for your used car

 

Depending
on your point of view, selling a car is either an exciting first step on your
journey to a new car or an onerous task that has to be done in order to afford
that new vehicle. However you view it, selling your used car is all part of the
process.

Getting the
right price for your old car means you can either afford the model you're
looking at or will need to stretch a little to be able to afford it. Either
way, the more you get for it, the better position you'll be in when it comes to
buying. However, getting that price is part science and part art.

The science
is in the research and fact finding before you set your price. The art is in
negotiating with the buyer, be it a dealership or private.

Setting
your price

As with any
aspect of buying and selling cars, the more research you do, the better
prepared you will be. Check your local market and look for cars of the same
age, mileage, model, colour and trim. All will have an influence on your asking
price. Also check price guides to get a good picture across the board.

Once you
have an idea of how much your car is worth you can begin building your asking
price. It might also be worth considering things like time of year, gas prices
and any upcoming special events. If you drive a classic, a convertible or
something that doesn't get great gas mileage, all these things can influence
how much someone has to pay.

It might be
useful to factor in psychological pricing. Many dealerships use
",999" pricing because research shows we are more likely to buy
something at $19,999 than we are at $20,000. We don't know why because anyone
with intelligence can see they are almost identical, yet repeated research shows
it is true. However, if you're selling privately, it doesn't work the same, so
stick to round numbers.

Once you
have an idea of what the market value is for your used car, consider whether
you should undercut it to get a quick sale or price it the same if you're in no
hurry. It is often useful to undercut the competition by a couple of hundred
dollars while also leaving room for negotiation. Just be aware to not price it
too cheaply or people become suspicious!

For
example, a car worth $5,000 could be advertised for $5,500 to allow the buyer
to negotiate down to an even number. Then you both walk away with the
satisfaction of getting the price you want.

Selling
your car the easy way

If all this
sounds like too much trouble, just bring your car along to any Car Nation
Canada dealership for an honest valuation. As long as your car has a history,
is in good condition and hasn't been written off we will likely offer you a
very competitive price for it. That's regardless of whether you then buy from
us or not.

We are
always looking for good quality used cars, so visit your local Car NationCanada location today to sell yours!

Categories: Pre-Owned Inventory

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