Creating a Listing
Include the asking price based on the vehicle’s market value. Use an online appraisal site, such as Kelly Blue Book, to determine the vehicle’s fair market value (FMV). This will take into account your vehicle’s condition, mileage, and other details to give you an estimated transaction price, which is the price you want to end up at after negotiations. Set your asking price roughly 10-15% higher than the FMV to leave room for negotiations. For instance, if you want to sell your car at $5,000, set the asking price at $5,750. For more expensive cars, leave more room for negotiation. For instance, if you want to sell your car at $15,000, set the asking price at $16,500. Set your car just below benchmark numbers so the buyer feels like the price is lower than it actually is. For example, if you want to sell your car for $10,000, set the asking price at $9,900 instead. To make sure your asking price is in the right ballpark, run a quick search to see what similar cars are selling for in your area. You may want to have your car professionally appraised, as they can give you the value of your car in writing. This can be a valuable resource when negotiating price later on.
Write a full, honest, and detailed description of the car you’re selling. At the very least, make sure to include the year, make, model, mileage, and transmission type (manual or automatic). Let buyers know exactly what they’re getting. Some other details to include are the condition of your car (fair, good, very good, or excellent), any damage your car may have, and any accidents it may have been in. An example of a detailed, well-rounded description might looking something like this: “I’m selling my used 2008 silver Honda Accord, 106k miles, in good condition. It has an automatic transmission, a 6-cylinder motor, and brand new tires. There’s a minor dent directly beneath the front headlight on the driver’s side, but it runs beautifully and has no mechanical problems, no further body damage, and a spotless interior. It also has a great sunroof and a brand new stereo. I can provide maintenance receipts to prove the car has been regularly kept up with.” Make sure to add relevant tags to help your post's visibility.
List several photos of the car you're selling from every angle. For the exterior, photograph the front, back, and both sides. You may also want to take pictures of the tires, wheels, and engine. For the interior, photograph the dashboard, all seats, carpet, and odometer. You may also want to photograph the inside of the trunk. Include these photos in your listing underneath the description. Wash and detail your car before you take any pictures of it. Photos are a key selling point for potential online buyers, so you want your car to looks its best. The more pictures you include, the more trust the buyer will have that you are giving them an honest idea of what the car looks like. If the car is damaged in any way, make sure you include pictures that accurately portray the damaged area.
Post a walk-around video of the car you’re selling. Using your cellphone or camera, slowly walk around your car while taking a video of it. Try to shoot the video so you can see the car from every possible angle. When you make your listing, position the video underneath the description and photos. Including a walk-around video will allow the buyer to see the car from angles that they can't see from photos alone. Keep the video under a minute and a half. Potential buyers are likely to lose interest in videos that are too long.
Include a contact phone number in your listing. Consider including an alternate contact method if potential buyers can’t reach you at the first number, such as an email address or a second phone number. If you are open to communicating over Facebook messenger, put that in your listing as well.
Let potential buyers know what payment options you accept. Cash is the best option to avoid fraud. Other options to consider are a cashier's check or money order. While these are riskier, they are acceptable as long as you have the funds in hand before you sign over the title. Don't accept monthly payments, because they're no way for you to collect the money if the buyer stops paying.
Increasing Exposure
Post the listing you created on your Facebook profile page. Try to max out your personal Facebook page at the 5,000 friend limit by sending as many friend requests as you can. The more people on your Facebook page, the more people that will see your listings. While you don’t have to personally know them, make sure the people you add live in your area and would be able to meet to pick up the car. Try networking by sending friend requests to friends of your current Facebook friends. A good way to let people know that you sell cars is by changing your profile picture to a photo of you next to a car you’re selling.
Create a free post on Facebook Marketplace to reach more potential buyers. Once you're on the Facebook Marketplace homepage, simply click the “Sell Something” button on the left-hand navigation bar. Select the "Sell a Vehicle" option, and it will walk you through the rest of the process step-by-step. Facebook Marketplace is a convenient way to sell cars, because it automatically prompts you to fill out important information, such as asking price, make, model, year, and photos. It also automatically connects you to people nearby who may be in the market for a car. While Facebook Marketplace is an easy way to connect with buyers, it offers less flexibility than posting to your own page. Most transactions done there are cash-only, so if you are considering financing or payment plans, this may not be the best option. Facebook Marketplace is located at https://www.facebook.com/marketplace. You can also use the paid "boost" option to maximize your post's visibility and get buyer offers faster.
Share your listing in Facebook groups that advertise cars. Run a quick Facebook search to find groups and pages where you can share your listing. A number of groups on Facebook are specifically dedicated to advertisements from individuals and dealers looking to sell their cars. Make sure the individuals in the group are primarily located in your area. They will be more likely to buy the car if they don’t have to travel a long distance to pick it up.
Create a separate Facebook page to sell several cars at once. If you have a large inventory of cars to sell, create a business page to help you organize your listings in an easily accessible way. This also allows you to keep your personal Facebook account while having a separate page where you can interact with buyers. If you only plan on selling 1 or 2 cars, creating a separate page can be an unnecessary hassle.
Finalizing a Sale
Respond to all inquiries within 48 hours. Ideally, try to reply to any questions or requests from potential buyers within 24 hours and no later than 48 hours. You don’t want them changing their mind because you didn’t respond quickly enough.
Negotiate the price with the potential buyer. If your vehicle is up for negotiation, allow the buyer to make an offer based on your asking price. If you are not happy with the offer, make a counter-offer. Have a dollar amount in mind that you will accept as the lowest possible price and stick to that amount. If your car is not up for negotiation, let the buyer know that your price is firm. A good rule of thumb is to not let the buyer know that your car is up for negotiation beforehand.
Get the potential buyer’s contact information. Once you’ve determined a buyer is serious about purchasing your vehicle, collect their information so you can move forward with selling it. This will allow you to confirm their identity, which is important to avoid fraudulent buyers. You want to collect their: Full name E-mail address Home address Phone number
Meet with the buyer in person to finalize the sale and collect payment. Ask the buyer what payment option they plan to use and have them meet you at their bank or credit union to complete the transaction. It’s best to accept only cash to avoid fraud, but you can accept a cashier’s check as long as you verify the legitimacy of the payment with the buyer’s bank before you part ways.
Fill out the sales paperwork as required by the state you live in. Each state has different requirements for selling a vehicle, so check the DMV website to see what paperwork is required by your state. It will walk you through the process of transferring the vehicle’s title. At the very least, you will need the bill of sale and the vehicle’s title. A bill of sale template can be found on the DMV website as well. A bill of sale template can be found on the DMV website. Consider having it notarized to avoid fraud. Even if they are not required, you may want to include warranty documents, copies of maintenance records, and a Release of Liability.
Sign the title over to the buyer once you receive payment. Instructions for signing over the title are usually provided on the back of the title itself, so use this as a guide on where you should sign it. If your name is the only name on the title, then you are the only one who needs to sign it. If there are multiple names on the title, check if there is an “and” or an “or” separating the names. If the two names are joined by “and”, both parties will have to sign the title. If they are joined by “or”, then either party may sign it over. Don’t sign the title over to the buyer until you’ve received payment in full.
Mark your listing as “sold” when the transaction is complete. Go back and edit any posts you’ve made about a specific car as soon as it sells. This is to keep buyers from getting confused and to keep your inventory organized. It will also cut down on the number of messages you receive about cars that have already sold.
Comments
0 comment