All ready to sell your car? If you are, there are a number of pitfalls you ought to avoid. On that note, we have compiled our 5 mistakes to avoid when selling your car.
1. Do not trade it in at the dealer
This may seem at a shock to you, but car/vehicle dealers are highly unlikely to provide you what your vehicle is really worth. This is because the re-sale margins on secondhand cars is pretty low. Dealers are likely to push the price down as much as they can, so do see if you can sell it privately as you have a better likelihood of getting more out of the sale.
2. Don’t show a dirty car
It’s all about presentation: make sure that the car or vehicle you’re looking to sell is in pristine condition. That means making sure the car is well washed and waxed, the interior is cleaned, tyres are well maintained etc. It’s pretty simple- you want to buy a good-looking vehicle, so make sure you don’t avoid making an obvious and keep your shine on!
3. Don’t repair the car prior to sale…too much
This is a personal choice; some sellers are inclined to fully repair their vehicle prior to sale as a sign of good faith.However, others may be just looking to get rid of it. The last thing you want to do is to make a bunch of repayments, and then sell the car at a cost which doesn’t cover your expenses. When in doubt, speak to a mechanic as they can instruct you about what repairs aren’t vital (e.g: filter replacements) and which require attention (fresh change of motor oil).
4. Don’t list your car poorly
Given that more individuals in Sri Lanka are moving online to sell vehicles, it’s now a must to list your car appropriately. A lot of people use websites such as carmudi.com and hitad.lk to sell their motor vehicles. Ensure that you take a number of good, well-lit photos of your car at multiple angles and add details such as vehicle make,model, mileage, selling price, areas which need repair (if any) etc. Information is power, so if you have all the information a potential buyer is looking for, your vehicle may be more likely to get purchased. Also, don’t lie when you’re listing your vehicle as buyers want someone to trust, and don’t like getting ripped off!
5. Be ready to show the car
This is a mistake which a lot car sellers seem to make. A lot of the time, the car they intend to sell is under a dusty cover, and has power tools, spare cables and a lot of other paraphernalia strewn around the vehicle. Furthermore, the important papers (vehicle insurance, transfer of ownership, user manual etc) are misplaced and it takes time to find. Ask yourself, would you really be inclined to purchase a car if the seller is clearly not in a state to sell it? Probably not, so make it a point to be ready to sell.
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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.