Monday, September 12, 2011
Money Monday: Selling Your Car
So it's time for new wheels. Do you sell your old car yourself or trade it in? And either way, how do you make sure you the get the best price? On tonight's Money Monday, 7s Lynn Martinez gives us a check list.
WSVN -- Michael Rackoff is trading in his baby.
Michael Rackoff: "We have an2006 Honda Accord. It's got 50,000 miles. That is in good condition actually."
His car is tuned up, washed, waxed and ready for dealer inspection.
Michael Rackoff: "Keeping it shined making sure you bring it in every six months for a detail and a wax compund. It looks good keeps the shine up."
When it's time for a new car, first decide whether you should sell it yourself or like Michael trade it in.
Scott Fanelli: "Generally, selling it yourself you'll make about 10 percent more than if you trade it in at the car dealer."
That means, if you get $10,000 for your car at the dealer, you might make a $1,000 more if you sell it yourself, but you have to be willing to do the work.
Scott Fanelli: "You have to ask yourself is that 10 percent worth dealing with people. You might not know coming to your house accepting payment, doing title work at the DMV yourself or would you just prefer to go to the dealership and let them handle that all for you."
Whether you're selling your car or trading it in, curb appeal is tops on the list of preparations. That means cleaning everything from the engine to the tires.
Richard Bustillo: "Prepare it like you're going to go on a date. You want to make yourself look really nice to make sure that we get the best look at the vehicle."
Keep up with scheduled maintenance and keep all service records to show potential buyers.
Richard Bustillo: "There's a lot of things they can do to stack everything in their favor."
When it's time to negotiate, you also need to know the true market value of your car. That's the average price the car sells for in your area edmunds.com has that info.
Scott Fanelli: "You can plug in the year, make and model of your vehicle, plug in the mileage, color and condition of your car and get a value for what your car is worth."
And finally, if you have damage to your car fix it before you sell to get the best price, but if you're trading it in get an appraisal first sometimes the dealer can fix it for less.
Richard Bustillo: "If the dealer has a collision center like we do here. We can go ahead and get it appraised and find out what's the best way to do it. Should we get it fixed before they trade it in, or should they just go ahead and trade it in with the damage."
It's all about doing your homework to make sure you get the best value for your car.
Lynn Martinez: "If you're wondering which used cars sell well here, the answer is family sedans, trucks and vans."
FOR MORE INFORMATION:
Rick Case Honda