Private Sale

2.3 Setting Your Price - How Much?

So, you decided to sell your car for cash. The first thing you need to do is find out what your car is worth. The used car section of many online car websites will give you an idea of what other people have set as an asking price. You'll notice that dealers sell vehicles for more than private sellers, usually between $1,500 and $3,000 higher for vehicles under $30,000. That's because they can do more to a used car than you can. Whatever price dealers are selling cars like yours for, knock an appropriate amount off to determine your price.

Advertise It

If you want to advertise your car on-line, in the newspaper, or in magazines, the most important thing is to make it stand out. Say you tracked down the wholesale price of your car. You've done all the servicing and built in you profit and haggle margins and decided to sell your car for $11,000 - the same price as other similar vehicles advertised. Now you've got to decide whether you want to keep your car listed for the "going price" or sell it for less and be more firm when a potential buyer makes an offer.

Sticking to the "going price" will usually get a slower response than if you had priced it lower. Asking for less will get you more inquires, resulting in a faster sale. The first week of advertising will get the majority of calls or responses and if you don't have any calls or responses, you're probably asking too much.

How you describe your vehicle is also important. Take a look at other vehicle listings and try to find out what makes some advertisements more attractive and interesting than try to do the same with your ad.

Which Ad Would You Call First?

Ad #1. 2014 Ford F150 XLT in pristine condition, one owner, no accidents, service records. Vehicle History Report available. Loaded with all options working. 122,000km. Must see at only $10850.

Ad #2. 2014 Ford F150 for sale. 122,000km, A/C, sunroof. $10850 OBO (or best offer).

Selling to Car Vendors

Today there are many options for individuals considering selling a vechicle. Third party vendors will compete for the purchase of your vehicle, as well. By providing vechicle information to vendors, you can receive bids on your vehicle. Often there are significant differences between vendor bids--it's up to you who purchases the vehicle. Note that not all online vendors operate in Canada--but knowing they exist provides you with another option. Some vendors include the following; do some research, as new vendors will definitely come online.