Investment in expensive car is always a lost and typically in 5 years after purchasing brand new auto it will decrease in value at 45% – 60% depending on car make, model, mileage and overall condition. Depreciation will not affect the cost of older used cars that much and decent quality sedan worth $5,000 - $6,000 might be sold for $4,000 - $4,500 after few years of driving. In any case, if it is a time for update there are a few ways to get rid of your old car and return some money originally spent on its purchase.
Sell to private seller locally
One of the best, simple and free options to reach hundreds if not thousands of potential car buyers in your area is to post a vehicle for sale at Craigslist. The site does not sell and you deal directly with a customer or interested party.
Purchase on-line ads to advertise the car for sale
Online newspapers and car magazines will place an ad about the car you a selling for a certain fee. Ads are great way to promote the product for sale. Many car dealers use it as a main advertising campaign.
Trade it to the dealer
Probably the most trouble-free option is to leave a car at dealership, pick a new one and pay the difference in price. With all the advantages and simplicity of selling a car to a dealer as a down payment for a new vehicle it is typically one of the least profitable solutions. Car dealer normally do not offer much for a used autos. Depending on a car value it might be worth to spend couple days to find an individual who is willing to purchase a vehicle for a price higher the dealer’s offer.
Online auto actions
eBay Motors is very popular auto action where for a certain fee you can list your vehicle for sale. Depending on pricing strategy you set “starting price” of a car, determine “reserve price” or define “buy it now price”.
Well known by car dealers and mechanics Copart auto action sell relatively cheap cars from banks, insurance and rental companies as well as many salvage autos. But they purchase used vehicles from private owners as well. You can get a quote online and decide whether to accept or decline an offer.
Selling a car online has many advantages, but if you are not experienced seller you must clearly understand how payments and shipping process works. For those who sell one car in 6 – 7 years online actions might be not the best alternative.
Bring the car to CarMax
Very easy no obligation appraisal process and good for 7 days written offer is a great opportunity to sell a car fast if you cannot keep it long, but have a hard time to find a customer who willing to pay higher price.
Consider word of mouth
Always take into account that your friends, family members or coworkers need a vehicle as well. Simply inform everyone that you have inexpensive car for sale and basic communication with people you know might turn into successful sale.
Place for sale sign on the car
If you live on a busy street with own driveway or paved front yard it make sense to place noticeable from a far sign with a contact phone number. But before placing on your car “for sale” sign make sure it is a legal action. Some cities or towns might have a law which prohibit parking the car on city’s property with displayed for sale sign and you can get a ticket for violation of parking rules.
Junk yard
This option might work if the car in very poor condition and no one willing to buy a vehicle with major problems. Many local junk yards offer cash for old cars and if your vehicle is not drivable they will tow it and you still will be paid couple hundred dollars.
Sell parts
Take broken car apart and sell parts is a great solution in case the repair will cost significantly more than car can be sell for. It might be a time consuming process and probably won’t work for those who doesn’t have any mechanical skills or do not own proper tools. But demand in used auto parts is huge and if you are able to manage such task and willing to devote a few days of your time it might turn into profitable venture.
What is the best way to sell a car?
There is no single way of selling a vehicle will give best results for everyone. Some people prefer to sell cars online, some locally but it’s always about the money. It is not a problem to find who will purchase used car, but it might be not that easy to find a buyer who will make an offer you will be satisfied with. If money is a least concerning aspect you can always donate a car to a charity what is, by the way, tax deductible based on fair market value of your vehicle.