Thursday, April 21, 2005
More Bang for Your Buck: Selling A Car
When it comes to selling a used car, most people go straight to the dealership. But if you want to make more money, you can accelerate the process by doing the selling yourself. In tonight's more bang for your buck, we learned it's easy to steer a good deal if you're prepared.
WSVN -- South Florida driver's love to be seen in style. But on the road of life, every engine has an expiration.
That's why many car owners choose to trade in their tires for a new set of wheels.
Pam Loudermilk: "I decided to go ahead and sell it and buy something I could enjoy on the weekends my self."
When Pam Loudermilk decided it was time for a change, her first stop was the dealership.
But when they only offered half her van's retail value...
Pam: "I was very disappointed because I would have thought there would be more of a fair trade than what they were going to offer especially knowing the book value of what the van was really worth."
Auto expert Terry Jackson predicts most dealerships offer a fraction of the vehicle's value.
He suggests if you want to cash in on your car, you have to drive the deal yourself.
Terry Jackson: "You can make some extra money you won't see otherwise."
But you can only do it if the car's appearance is in fair condition.
Terry Jackson: "Spend a little money and a little elbow gease and get the car detailed."
Also spend a little money to clean the engine.
Terry Jackson: "Buyers that rise the hood of a car and see nothing but dirt and grime and not going to be as impressed as if it looks clean under there."
Buyers will also be impressed if you have all your service records in order.
Terry Jackson: "To basically to show you took care of the car and the car is going to be good for whoever buys it."
But before they buy you have to make sure the price is right. Research the book value of your car on www.kellybluebook.com or www.edmunds.com.
Terry Jackson: "Used car buyers expect to get a bargain too."
Good rule of thumb - try setting the price about 10 percent higher than the minimum amount you're willing to take.
Terry Jackson: "Then when somebody comes to see it, they're interested you can say I'll tell you what, I'll make you a deal I'll knock $750 off the price of the car if we can do the deal today."
It only took Pam a few days to sell her van for over $12,000 dollars. Now, she's cruising in a new convertible.
Pam: "I doubled the amount of money a got by selling it outright. If people hold out for what they are asking, it will sell."
If you're looking for way to advertise a used car, Terry's best suggestion - the internet. Right now, e-bay is actually is the largest seller of used cars in the country.
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