A Guide to Selling Your Car for Cash

Do you need to sell your car for cash? In this guide, we will share with you the different ways to turn your car into a source of cash. We will explore the different sales avenues, what the sale process entails and how you can maximize the value of your car.

Before you set out to sell your car, you must ensure that it is in mint condition and suitable for sale. This means putting the paperwork together and doing essential repairs. A clean interior and exterior will usually appeal to potential buyers and impact their decision to purchase.

How Do You Value Your Car?

You need to know the true value of your car. This serves as a reference point when you begin getting offers, especially if you will opt for a quick sale. Multiple sites offer car valuation services for a fee. However, you can still get information about the worth of your car and its history for free. Keep in mind that if you choose a quick sale then you may receive an amount that is lower than the actual value.

If you want to sell your car to an online buyer then you can simply get a quote on the value of your car from their site. Most of the online buyers offer no-obligation quotes that are accurate. If by the time you got your quote your car needed repair and you have done it then be sure to get a re-quote.

Where Can You Sell Your Car for Cash Fast?

Some of the platforms where you can sell your car for cash fast include the following:

  • Private Sale. This is the best approach if you want to get the highest price for your car. However, you may not be able to sell your car as fast even if you opt to price your car below its market value. With a private sale, popular vehicles sell fast while the obscure models or vehicles with unpopular colors can take longer to sell. If you want to pursue this option, you can consider advertising your car in places like Craigslist. Write a good description and take many high-quality photos for better chances with the sale.
  • Online Buyers. This is by far the fastest way to sell your car. Online buyers give you an online quote before you can meet to sell the car. This will usually take a day or two. In return for the quick sale, the amount you get for your car is not equivalent to its market value.
  • Online Auctions. Online auctions offer another way for you to sell your car fast. How auctions work is that you begin by setting a low reserve price to ensure that the car sells. Other auction sites allow potential buyers to see the car before placing a bid.

You can also consider real-life auctions and dealerships even though you don’t have a guarantee of selling your car the same day. For real-life auctions, the price is determined by the presence of buyers that are interested in the car, but chances are you will get a better deal. Dealerships are another quick way of selling your car even though they may give you a lower price compared to the other avenues. This means you have to haggle even though you’re still unlikely to get a better price.

How to Sell Your Car for Cash

Before you initiate the process of selling your car for cash, you need to clear any financing that you may have. Otherwise, you may be offered another unsecured loan as an alternative. You may also want to get a credit card that has an interest-free initial period that you can use to pay off the financing.

Once you have agreed on a sale, you must realize that it’s more than handing over the car keys to the buyer. Be sure to also provide other accompanying documents, like the car title. These documents are important in establishing car ownership. Make sure you submit your title to the DMV for the buyer without delay. Remember, you are legally responsible for the car until they receive it.

You should also provide documentation about the car’s service history while ensuring you pass to them any handbooks as well as other documents that came with the car. You don’t have to draw an original one as you can easily find samples of both online.

If you opt to sell your car privately, make sure you are paid in cash before you hand over the car keys. Bank drafts and checks can bounce so you should only hand over the car to the buyer once they have fully cleared for your own security. On the contrary, auctions and online dealerships will send you the payment after receiving your vehicle.

If for whatever reason you need cash quickly and selling your car does not provide enough capital; you could consider selling bigger assets for cash such as your house. Properties tend to fetch a little more than your car hence can be an alternative if you need to access money fast. Moreover, when you opt to sell your property to a quick house sell company you can be sure to conclude the sale in less than seven days and have the money deposited into your account.