You picked out the make and model. You’ve been saving your money, waiting to buy a new car. You may have even found the
car you want. Now the question is what to do with the old one! If your current vehicle still has value, you can trade it in if you’re buying from a dealer or sell it yourself. If that thought fills you with fear and loathing, don’t worry, I’ll tell you how to do it.
<ul><li>There’s no question that a lot of people simply don’t want the hassle of selling their old vehicle privately. But the truth is, in most cases, you'll end up with more money by doing it yourself. That’s because the dealership has overhead and they have to clean and prep the vehicle, then price it to make a profit. But that’s money you could make by selling it yourself. </li><li>First, gather your papers, starting with the vehicle’s title. You won’t have one if there’s a lien on the car and you still owe money. In that case, it’s best to wait until you have it paid off before selling the vehicle.</li><li>The next thing is to go online to your Department of Motor Vehicles to see what forms are needed to transfer ownership like a downloadable bill of sale. Also, check to see if the license plates stay with the car after it’s sold. Then order a vehicle history report from Carfax or AutoCheck. Buyers will want to check it. With all of your paperwork gathered, now you set your asking price. Go online to Edmunds or Kelley Blue Book. Plug in your make, model, mileage, features, and condition to get an estimated value. Set your price a bit higher to give room to negotiate. </li><li>Now you have your asking price. Time to roll up your sleeves and give your car a thorough cleaning. Outside, you want curb appeal, so wash and wax. Inside, remove all the stuff that’s accumulated in the glove box, under the seats and in the trunk. Pull out the floor mats and scrub them clean and vacuum the carpet. If the car starts to look too good to sell, you know you’ve done a good job.</li><li>The next step: advertise. Take lots of photos inside and out and choose the best half dozen or so. Include the best features like low tread-wear on the tires. Now you’re ready to start posting ads. You can do that at Craigslist, Auto Trader or Ebay Motors. Craigslist is free. Autotrader ad rates start at $25 but it’s worth it because the site is used by serious buyers. At Ebay Motors, you can either auction the car or buy an ad. In any case, enter basic information about the car: make, model, mileage, price, and so on. Also write a short description where you can list special features like bluetooth or reverse cam.</li><li>Once your ad is up you’ll hear from prospective buyers. Screen them. If you give a phone number, let it go to voicemail so you can choose who to call back. And watch out for buyers who lowball you or negotiate before seeing the vehicle. They could be “flippers” who buy low and then put the vehicle back on the market at a higher price. Be ready to discuss the car’s features.</li><li>When you have a good prospect, you’ll want to set up a test drive. Don’t do it from your home. Choose a safe, public location like a big box store parking lot. Take a friend with you if you can. And let the buyer drive the car—but go along for the ride. Resist negotiating at that point. Instead, just answer any questions the buyer may have. If they want to have a mechanic inspect the car, agree, but insist they pay for it. If the inspection reveals items that need immediate attention, you may have to lower your price to compensate. However, don’t address every item on a long list of potential problems. It is, after all, a used car.</li></ul><ul><li>Now it’s time to close the deal. Don’t make the first offer. If you're asked for your best price, say your asking price is fair, but you’ll consider an offer. If you agree to a price, tell the buyer you’ll accept only cash or a cashier’s check. Then, with the money in hand, sign and date the title and give the buyer a completed bill of sale. That’s it!</li><li>Actually, you have one more option that allows you to skip the entire selling process. You can donate the vehicle. First, check with your local church to see if there’s interest in taking the donation. The church could use it to bring people to services or give it to a member in need. You can also donate your car to the Salvation Army or another Christian charity.</li><li>Order a vehicle history report from <a href="http://carfax.com">Carfax</a>
or <a href="http://autocheck.com">Autocheck</a>. Check your car’s value at <a href="https://www.edmunds.com/appraisal/">Edmunds</a> or<a href="https://www.kbb.com/whats-my-car-worth/"> </a><a href="https://www.kbb.com/whats-my-car-worth/">Kelley Blue Book</a>. Donate your vehicle to the <a href="https://salvationusa.careasy.org/faq">Salvation Army</a>.</li></ul>On this program we also answer your questions:
<ul><li>Is my ex-spouse eligible to collect Social Security on me? Does that affect my own benefits?</li><li>Should I give more, save more, or do both? How do I decide where and when to do that?</li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the free MoneyWise app. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

You picked out your car and but now what to do with the old one! If your old vehicle still has value, you can trade it in if you’re buying from a dealer or sell it yourself. If that thought fills you with fear and loathing, we'll tell you how to do it.

How To Sell Your Car

FaithFi | Jul 29, 2021

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Where Faith Meets Finance

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