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.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow 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