NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty.
Payment Options to Complete the Transaction
This will help you ensure the platform you use to list your car also recommends a fair asking price for your car. One downside to using Craigslist is your listing is not going to get the same national pull it would on some other listings. You will mostly reach people in your area, which means it can take longer for your car to sell. You can also use Facebook to target a specific population, perhaps through private groups.
Car subscriptions allow drivers to swap out their cars for a new one every few weeks or months , for a set monthly fee. Once you’ve signed over the title, the car belongs to the junkyard, and they can proceed to scrap it. Notify the local DMV of the sale if that’s required in your state. If you have no legal obligations related to junking your car, then this is the end of the sale process. Once you’re at the junkyard, the final step is to formalize the sale process. You should receive your cash or check before signing any legal documents, and then you will sign a release of liability and fill out the pink slip.
While a junk car is worthless to you, scrapyards have the tools, expertise and connections to use what’s left of your car for resale value. This involves stripping the car for spare parts and reselling them independently. Once your car has been junked, it’ll have a salvage title or junk title courtesy of the insurer. Upon rebuilding the car and submitting it to several tests showing that it’s safe to drive, the DMV will issue you a new rebuilt title. The rebuilt title serves as proof of the history of the car, but – while it shows that the car is safe to drive, it also devalues it. CarMax allows you to test-drive a vehicle for 24 hours, an exceptional offer when most test drives last 15 minutes or so. However, pre-approvals will usually result in hard credit inquiries, which can hurt your credit score slightly.
Browse More Content
The Kelley Blue Book Fair Market Value metric is an example of fair market value, and understanding these metrics is key to selling cars for cash. Depending on where you buy your car, a flat-rate or per-mile delivery fee may apply. Ask your seller about potential fees before you finalize your vehicle purchase. Other than that, you may be asked to pay many of the same fees you’ll pay when buying a car in person, such as documentation and title fees.
Read more about sell my car online here.
Buyers want to know this most of all, so deal with it up front. If you want to sell your car quickly, lowering the price helps you get there faster. The mechanic can identify problems with the engine, plus things you may overlook, like a broken taillight or features you don’t use. Not only will this help you set the price to sell your vehicle, but it can also help before buyers take a look. Also, individual states may require a post-sale processes involving plate return and sale reporting.
Set a Competitive Price
If your vehicle was in an accident, be prepared to answer any questions about it. Pulling a vehicle history accident report is helpful because you’ll know what it says. Once equipped with these and other tools, you’ll be ready to sell your used car and get the most out of the deal you choose. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Sites like Kelley Blue Book, Edmunds and iSeeCars.com will provide a basic appraisal if you input the car’s year, make and model, mileage, zip code and overall condition.
Hanna Kielar is a Section Editor for Rocket Auto℠, RocketHQ℠, and Rocket Loans® with a focus on personal finance, automotive, and personal loans. However, you’ll often find that extenuating factors require you to maintain insurance coverage on your inoperable junk car until you’ve completed the sale. If your car isn’t running, it seems like a no-brainer to cancel your insurance and quit paying premiums as soon as possible. Alternatively, you can rebuild it – either for your own use or to resell with the hope of making a greater net profit. While a rebuild is worth much less than a standard car, it should also be more valuable than the scrap value of the vehicle.
The art of negotiation involves feeling confident that other buyers may be out there if you can’t agree on a price. Due to the microchip shortage, more buyers may be willing to pay a higher price for a used car, so bear that in mind. Before handing over any service records to a potential buyer, block out any sensitive and personal information. Begin by posting your car’s Blue Book® Value followed by your asking price, then explain why you’re asking more or less than the Blue Book® Value. State whether the price is “firm,” “negotiable,” or “best offer,” as this will help you target buyers. Even if you plan to sell a car yourself, it’s wise to get backup offers from one or more dealerships and use them as leverage.
The technology that is being built into vehicles will further drive prices up “as we go towards electrification and autonomous technology,” added Caldwell. Buying a car can be a daunting process, especially as the auto market reels from a period of high prices, soaring interest rates and supply chain issues. Car subscriptions can be a flexible and convenient alternative to buying a car, depending on your needs and budget. Brendan Harkness is a senior editor of financial product reviews at Investopedia and The Balance. He has spent almost a decade researching, writing, and editing content for financial and business publications about credit, banking, and credit cards. Take payment inside the walls of a bank – The safest place to exchange payment is at the buyer’s bank.