Automotive & Vehicles

How to Sell Your Car When You Still Have a Loan

By now you’ve probably heard about the big shortage of selling the car, both new and used. The car shortage has driven prices up to record-high levels. If you have a car you’re thinking of selling, it’s more important than ever to think through how to sell it. In this article, we revisit the age-old topic of selling your car privately on your own versus selling to a car-buying service or dealership in light of the current state of the car market.

The Anatomy of the Current Car Shortage

The novel coronavirus and COVID-19 pandemic have disrupted the global supply chain in ways that continue to make life difficult everywhere, including the car market. There has been a severe shortage of the semiconductors needed for the computer chips that go into new cars, which has resulted in a falling supply of new cars, driving up their prices.

With fewer cars being traded in for the purchase of new vehicles, the supply of used cars has also declined sharply even as demand for used cars continues to rise. These trends of falling supply and rising demand have driven used selge Bilen prices up by more than 40% compared to pre-pandemic levels!

The Good News and the Bad News

There’s both good news and bad news in all of this for consumers. The bad news is that if you’re looking to buy a used car, you will likely pay a far higher price for it than you’d like to pay. The good news, however, is that if you have a used car to sell, you stand to get more money for it right now than you ever thought possible—and that’s why you need to think through the how of selling your car.

Traditional wisdom in the world of used car valuation says you stand to get the most money for your car by selling it privately on your own, although there’s never a guarantee it will turn out that way. When you go to car sites like Kelley Blue Book or Edmunds to see what they think your car is worth, the private sale value is always the higher number while the dealer trade-in value is always the lower number. That tends to be how it goes when things are normal, but nothing is normal in the car market right now thanks to the shortage of new and used cars.

Car-buying services and dealers alike are desperate for used car inventory, which means they’re paying more for used cars to put on their lots than ever before. In many cases, dealers and car-buying services are paying more for used cars than you could get from private buyers. You should seriously consider whether selling privately on your own is worth the stress and hassle that comes with it. Right now, we think the answer is no. Read on to find out why.

Selling Your Car Privately on Your Own

Remember first that although traditional wisdom says you’ll get more money by selling your car privately on your own, even when things are normal there’s no guarantee it will work out the way you want it to. And right now with the car shortage, the chances of a private sale being the best route are even less likely because dealers and car-buying services are willing to pay premium prices for Sell the Car right now. But that’s only one factor to consider. What most people fail to realize is just how much work it is to do a private sale right. Here’s what goes into it:

Prepping the vehicle: When selling privately on your own, you should put significant effort into cleaning your car up to look as good as possible. If you don’t want to DIY it, then you’ll need to pay for professional detail service. If there’s anything seriously wrong with the car, you’ll need to have repairs made before offering it for sale.

Taking good photos: Once you’ve put the work into making sure the vehicle is in tip-top shape and looks its best, then you’ll need to take anywhere from 12 to 20 high-quality photographs showing it off from angle, inside and out.

Writing a listing ad: Next up is writing a good listing that covers everything a solid ad should cover. This takes time and research to get it right. Bad listings get you nowhere.

Choosing sites and posting ads: Then you must do some additional research to figure out where you’re going to list your car for sale. There are more options than ever these days. Some are free, some are not. Each site is unique in terms of its rules and what you’re allowed to post and how to post it. Once again, this all takes real time and effort to do right.

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