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Tips for Selling Your Used Car

December 14th, 2011 Personal Finance

If you're ready for an upgrade and want to sell your car yourself rather than trade it in, it's important to know what buyers expect from someone who is selling a used car. Here are a few tips to help you with the selling process, according to CarTalk.com and Edmunds.

1. Make sure you understand the market. This includes how easy it will be to sell your car based on its model and included features. If it is a hot commodity you shouldn't have much trouble - but if not, you may have to drop your price and seek specific avenues for selling it. See what other people have been selling your car for to get an idea.

2. Research how much your car is worth, then ask for slightly more than you're willing to accept. It's a good idea to leave a little room for negotiation so your price stays competitive.

3. Prepare your car for sale by making it look as attractive as possible. Take it to a mechanic for a thorough inspection and get it detailed if you can afford to do so. Top off all the fluids and make sure you took all of your belongings out of it.

4. Advertise your car on online classified ads websites, in weekly newspapers, on bulletin boards in your office, the supermarket or a nearby college campus or by putting a for sale sign on the vehicle.

5. Be ready to show your car to potential buyers and answer their questions. Go along for a test-drive with them and offer a mechanic's report or let them take it to a mechanic to have it inspected.

Once you've done all this, negotiate a price that works for both parties, then finalize the sale and collect your money!