One common goal that any car seller has is to maximize their profit. As a car buyer, almost all are looking to purchase their car for as little as possible. Buyers and sellers meet somewhere in the middle and agree upon a sales price. Unfortunately, some sell their self short when they ask too little for their vehicle. Within a day or two their car is gone and they are left wondering if they left hundreds of dollars on the table. There are 3 ways in which you can maximize your profit when it comes to selling a used car.
Don’t be afraid to ask for too much
While selling a car many list the price of their vehicle too low possibly because they are afraid of ridicule or maybe they don’t think their car is worth very much. Posting your car on websites such as Craigslist Phoenix AZ for too little is more common than you think. Sometimes a seller may be looking to sell a car quickly because of a move or a divorce. Keep in mind that this does not constitute simply giving your car away. Start out with a high price and work your way down. As with anything that you sell, you can always lower your price but it is more difficult to raise it.
Know the fair market value
Those who are looking to maximize profit know how important is to perform car research and know the fair market value of your car. With all of the resources available today, there is no reason for one to not spend a little time to determine the fair market value of their car. Check out the available pricing guides on the Internet. It is also a great idea to see what others are selling their cars for. Your competition will be the greatest determining factor when it comes to the amount that you will receive for your vehicle. 30 minutes of research can save you from making a several hundred or even thousand dollar mistake. Combine all of your acquired knowledge and get an idea of the fair market value of the car that you are trying to sell.
Learn to negotiate
I have completed several hundred craigslist transactions and I have found that very few buyers or sellers are willing to negotiate. Perhaps negotiation is not part of the American culture where people either pay the asking price or move on to someone who is selling it for less. The skill of negotiation is valuable and can be used in many parts of life outside of a simple car transaction. There are several great books available on the topic of negotiation. While there is a lot to be learned about this skill, the greatest thing to remember is that your goal is to get what you want while making the buyer feel as if they are getting a fair or even good deal. Simply stated, you want to make it a win-win situation for the two of you. If the deal is too one sided you will risk losing the sale.