Time for a new ride? If you’ve been contemplating an upgrade or selling your vehicle for other reasons, knowing how to set yourself up for success is crucial for avoiding headaches and maximizing your ROI on the seller’s market. Whether you’re listing online or through other venues, it’s crucial to know what to look for, what to prepare, and various other factors that will help your sale go smoothly.

If you’re planning on listing your car soon, below are the top details to keep in mind: 

Determine Your Car’s Value

Before you list, it’s important to have a realistic understanding of your car’s current market value. Vehicles depreciate from the moment they drive off the lot, and the most up-to-date evaluation is influenced by several factors, including the make, model, year, mileage and overall condition.  Tools like the Canadian Black Book or Kelley Blue Book can be helpful when it comes to getting an estimate, and comparing your car against similar listed models on the market (making sure to account for condition, mileage and features) is another useful way of determining the rough value of your car. In certain cases, you may even want to consider a professional appraisal, such as selling higher-value models, classic cars, hobby vehicles or exotic cars that are harder to price independently.                                                                                                                                                                                                                   

With regard to pricing, it’s crucial to do your research on what comparable models are currently listed for (note: this fluctuates depending on consumer demand and may not align directly with the assessed value) and to remain flexible and pragmatic in your asking price. Setting your asking price too high may deter valid buyers, whereas aiming too low may attract tire kickers and be more hassle than you’re willing to deal with. Keep a constant eye on similarly listed cars and update your price as needed to increase your odds of a quick sale. 

Gather All Required Documents

Before you make any major moves regarding selling, it’s best to have all the necessary paperwork ready to go. This will not only make the sale process smoother but also give potential buyers confidence that they are dealing with a legitimate sale. Make sure your registration is up to date and that you have valid proof of ownership, service records, and all other regionally specific information. This way, if you find a viable buyer, you don’t risk losing the sale to unnecessary delays. 

Decide How to Sell: Private vs. Trade-In

Everyone has different preferences and varied opinions, for that matter, on what method of selling is best for listing your car. Both private sales and trade-ins have their own distinct pros and cons. While private sales may net you a higher selling price, for example, they take more time and effort for sellers, requiring you to list, meet with prospective buyers and go back and forth throughout the selling process. Trade-ins, on the other hand, may avoid many of these concerns but will often net you far less than privately listing your vehicle. 

When deciding how to sell your car, consider how much time you’re able to invest, how much money you need to make, and your ultimate end goal before proceeding. 

Prepare Your Car for Sale

Cars are a major investment, and while you may be ready to part with your vehicle, you’ll be doing yourself a significant disservice if you don’t take the time to help it look its best. Invest in a professional deep clean (or clean it yourself if you’ve got the time and skills), repair any minor issues like cracked lights, minor dents, or windshield cracks, and consider the end ROI should you fix any major issues rather than simply disclosing them to potential buyers. Remember: first impressions matter and often make or break a potential sale. 

Advertise Effectively

Once your car is ready for sale, it’s time to spread the word! List your vehicle on popular platforms like Facebook marketplace, Kijiji, and other proven spots with high-quality photos and videos, as well as a detailed description that covers the key questions a buyer would want to know. Finally, never discount the value of word-of-mouth advertising, and don’t forget to include your friends and family to get their help in generating interest. 

Ready For Your Next Car?

Selling your car is an exciting opportunity to find your dream ride and get behind the wheel of a vehicle you’re sure to love for years to come. Auto Loan Hub is here to connect you with the vehicles and loan solutions you need to stay safe and happy on the road, one upgrade at a time. Contact us today to learn more!