Best Reasons to Sell to a Private Party
We understand not everyone has the time or inclination to do this, so selling it to a dealer is acceptable as long as you follow our guidelines.
However, there are two scenarios when you should try to sell the car yourself. (1) If your vehicle has over 100,000 miles or (2) has had to be repaired due to a major accident.
Vehicles with over 100,000 miles are less desirable for dealers. Most franchised dealers won't even sell the cars themselves, but rather wholesale them to other independent dealers or get rid of them at auction.
Bottomline - you won't be offered a great price for your vehicle, so you're much better off trying to sell it yourself directly to the end consumer.
The other time you want to sell it yourself is if the vehicle has been in a major accident. We're not talking about a dent or minor fender bender, but rather a repair that cost at least $1,500 or more.
Most dealers will automatically deduct half the cost of repairs from the value of your vehicle. So if your car cost $5,000 to repair, they will knock $2,500 off its value even though the car may be in perfect shape.
Selling the vehicle yourself will minimize this diminished value. You still won't get the same amount compared to if the car had never been in an accident, but you'll still be much better off.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid