April 20, 2009

Sold My Car - Some Experience to Share

After posting my car on the AutoTrader.ca and buysell.com for sale on last Saturday, I was able to sell my car in just a couple of days. This usually means that it is priced too low compared to the market price, but I am very happy with the selling as I sold it for $1,000 less than the purchase price of $6,500 three years ago.

Because of the lower than market price, I've been getting well over 20 inquiries in the last two days. It's said that the pre-owned auto market is in much better shape than the new car market due to this recession, and this might also explain why there are so many people interested in getting my car in the last two days.

Here is some of my private car sale tips that might be helpful for people:

1. Know your own as well as market price of the car.
  • Check the Canadian Black Book or Kelley Blue Book for the price of your car based on its condition.
  • Check the prices of the similar cars, and price your car accordingly, because Black or Blue books only tell us the average prices.
2. A good picture of your car is important for online ads. If a car's picture looks bad online, a seller is going to lose at least 20% of potential buyers.

3. Clean your car throughly specially inside of the car. I spent about $15 on the upholstery cleaner and cleaning wipes at Walmart, and about 3 hours valumning and clearn up my car before I posted the ads on Saturday, and it paid off as most of the viewers praised the cleaness of my car. Of course, I also took it for a wash as well for the appreance.

4. Make sure putting "sold as is" on the bill of sale so that you will not be hold for liability later on.