BUYING And SELLING Used Cars: 6 Secrets To Getting A Great Price
Whether you’re looking to cash out an idle car or buying a used one, now is the best time to take a look! The second-hand vehicle market has exploded as more people realized the tremendous value of buying a used luxury car at a low price, as well as the financial relief when cashing out an idle car that is draining their insurance money.
Understanding The Used Car Market
While many people picture car sales as brand new, the truth is over 39 million used cars were sold in 2020, whereas only 14 million were new cars. [1]. These numbers include both used car sales lots and private sales between individuals. What we can gather from this is that buying and selling used cars is extremely popular – even more popular than buying new cars!
As technology increases, people are finding more and more ways to take advantage of used car sales. On top of being able to go to dealerships and get better prices for older models, people can also use price aggregating websites and/or mobile apps to find used cars available for sale. [2] This provides a tremendous advantage for those who would like to weigh their options.
BUYING Used Cars: 3 Secrets To Finding The Best Prices
When buying a used car, each experience will be a little different depending on what you’re looking for. However, there are some basic tips that can apply to anyone looking to buy a used car:
1) Follow The Trends
How much you will pay for a used car very much depends on supply and demand. By keeping up with the most recent trends, you can put yourself in the best position to purchase a used car when supply and competition for the sellers are at their highest.
This same idea can be applied to dealerships as well. For example, they may be much more willing to sell their 2021 model as their 2022’s are due to arrive. The best way to keep up with their most recent promotions is to either follow them on social media, or simply pay them or their website a visit intermittently as you look to make a purchase.
As mentioned earlier, one of the amazing thing about buying cars these days is that there are so many websites / mobile apps to help you do your research. Do not be shy about using as many of these resources as possible.
While you may find by the end of your search that there is one platform in particular you prefer, the only way to figure that out is by testing and experimenting with them. By sticking to just one platform, you run the risk of limiting your potential options and value deals.
3) Stick To Reputable Sources
At the same time, you will want to be careful about some of those services. While you may see an amazon deal on a fringe platform that seems too good to be true, it may be just that; not true.
By doing some background research on the places/people you plan to buy a car from, you greatly increase your odds of finding a quality deal and not having issues with your purchase moving forward.
SELLING Used Cars: 3 Secrets To Finding The Best Prices
For every used car bought, there is another one sold. If you find yourself in this position to sell a used car, here are some useful tips:
1) Use As Many Platforms As Possible
Similar to BUYING a used car, you are setting yourself up for success if you list your available car on as many platforms as possible. While it may seem redundant to post your car on multiple websites or apps, this will serve to get your car in front of as many potential buyers as possible.
You can also do research into your local area and see if there are any car enthusiast websites you may be the perfect market for what you are looking for.
We’ve all been there — you like the car, but there are only 1 or 2 pictures so it’s hard to make a clear evaluation.
While it may seem excessive to provide a well-written description of your car and it’s features, you will be paid back tenfold by the quality of people who reply to you. It would be an even bigger waste of time to have people show up to view your car, only to turn away because there is a minor fault that wasn’t described in the description. A good description can actually save you a ton of time and trouble.
3) Be Patient
Odds are if you are trying to sell your car, you would like to get rid of it as soon as possible. Unfortunately, the odds are that the potential buyers know this as well. As a result, they may try to lowball your offer, offering even less than what you are comfortable selling your car for.
While it is always a risk to turn away a potential buyer, you should feel comfortable saying no if they are not offering what you feel is fair value. By keeping a bit of patience, you may get a better offer in just a few days or weeks. In the meantime you can do some research into what other people are offering for similar makes/models and adjust your price accordingly.
Conclusion
When it comes to buying a used car, there is no perfect method. You are always just as at risk of getting a bad car as you are at finding an amazing value deal. By sticking to the tips mentioned above, you put yourself in a position to avoid some of the most drastic errors. With that being said, we always advise that potential buyers do their own due diligence and find a strategy that works best for them. See you on the road!
References
1) “New and used light vehicle sales in the United States from 2010 to 2020”, Statista. Retrieved August 25, 2021 from: https://www.statista.com/statistics/183713/value-of-us-passenger-cas-sales-and-leases-since-1990/
2) “ With prices of used vehicles soaring, now is the best time to sell your car — if you have one you don’t need” , Business Insider. Retrieved August 25, 2021 from: https://www.businessinsider.com/is-now-a-good-time-to-sell-your-used-car-vehicle-2021-6?r=US&IR=T
3) “15 Practical Reasons to Buy a Used car”, NewportMotorsLV. Retrieved August 25, 2021 from: https://www.newportmotorslv.com/15-practical-reasons-to-buy-a-used-car/