Selling a used car can be a daunting task, especially if you want to fetch a good price for it. The selling price often depends on the condition of the car and how well you present it to potential buyers. Experts warn that there are 7 common mistakes to avoid when selling a used car, as making these mistakes could result in losing thousands of dollars in potential sale value.
Research from the UK used car search site MOTORS shows that failing to prepare adequately for the sale of a used car could lead to a potential loss of up to £2,025 (around $2,500).
Steven Edwards, an expert from the website, has shared 7 common mistakes to avoid in order to help you sell your car at the best possible price.
Before listing your used car for sale, it is essential to give it a thorough cleaning both inside and out. Don’t forget to check hidden areas such as under the seats, inside door compartments, and the front storage box, and remove any personal items and trash.
Even though buyers are aware they are purchasing a used car, no one wants a vehicle that looks old and worn-out. On average, the cost of detailing a car ranges between £80 to £200 ($99 to $247).
Regular vehicle inspections are crucial to ensure the car meets safety standards. If your used car is due for an inspection soon, potential buyers may be hesitant to make a purchase as they would not want to incur additional costs for an inspection post-purchase.
Edwards advises, “For potential buyers, a car due for inspection soon is not attractive. If the next inspection is less than 3 months away, it’s worth spending money on an inspection before advertising.”
Over time, cars may acquire scratches or paint chips. It is advisable to address these issues before putting the car up for sale.
Neglecting these problems could potentially reduce the resale value by over £400 ($494). Addressing these issues, especially if the overall condition of the car is good, can help increase the selling price.
Having a spare key is essential. In the event you lose your primary key, having a spare can save the day. Failure to replace a lost spare key could lead to the depreciation of the car by hundreds of dollars when selling.
Buyers may be deterred from purchasing a used car without a spare key, as they would not want to go through the hassle of getting a new key made. This situation could ultimately result in the devaluation of your car when trying to sell it.
Dashboard warning lights indicate issues with the vehicle’s engine or other components that require attention. Even if you do not intend to sell the car, it is crucial to address these warning lights for safety reasons.
However, if you are planning to sell the car and ignore dashboard warning lights, it could significantly reduce the selling price. Therefore, a comprehensive check-up of the vehicle is recommended before selling.
The cost of a comprehensive check-up varies depending on the size of the vehicle. Smaller cars typically cost £170 ($210), while larger ones may cost £400 ($494).
When selling a car, ensure to take high-quality photos for showcasing purposes. Photograph the car on a sunny day with ample sunlight, capturing various angles of both the interior and exterior. Good photos not only help sell the car faster but may also result in a higher selling price.
Proper documentation is a crucial aspect of selling a car. If you lack the necessary documents such as vehicle files, maintenance records, or if these documents have not been updated in a while, potential buyers may assume that the car has not been well maintained or even worse, that it is stolen, making it challenging to sell.