Decoding a car's specification is explained and what makes them good or bad options.

Car selling has been made simpler in the past years. The usage of the Internet and tools around had made it possible for selling the car faster and easier. However, there is a drawback to these technical conveniences when selling cars. You have lots of tough competitions especially nowadays. You need to ensure that you sell the car fast for the right price.

One of the typical mistakes that private sellers make is misstating the resale value of their vehicle and therefore overcharging it. Most car buyers of today are unaware of how much a particular car really costs, and if your asking price is too much, many potential buyers may not consider your price and will move to the next offer that gives them the best price. You will then need to wait long before you can sell your car or probably not at all. So, ensure that asking price is calculated properly according to the real value of your car.

1. Know Your Market

If you want to sell your car, you must know the ins and outs of the market. There really is no need to dig deeper for even the smallest details, but you need to remember some information that you must know quite well. It will include the best time to sell your car and what is currently in-demand. So, you can come up with a good amount, try to know the basic rules of selling a vehicle.

• You can readily buy sedans, irrespective of the model and make.
• Convertibles and sports cars are sold best during the hot season.
• Trucks and vans used commercially are easily sold but you can’t expect a high price.
• If you find the right buyer, collector cars can really pay off, even if they stay on the shelf for a longer time.

Consider all possible factors that can emphasize your car's value

2. Take Note of Competitions

You can check out used car listings that almost have the same price for the model and make of your car. There are sites that offer advanced search tools, so you get the closest match of your vehicle. You also need to remember that the figures given on the listings are not the asking price as they can be overpriced. Take a look at the pictures and find out where the vehicle is its condition and mileage. These may help in determining the right price for your vehicle.

3. Visit Some Used Car Dealerships

If there are so many used car dealerships in your area, then consider yourself lucky. This will provide you information of a vast pool of used cars that suits your estimated amount. You can check out the locations and see if they offer a vehicle close to your model and make.

You can ask them how they have supported the price of the vehicles they are offering. Certainly, you don’t have to tell them that you’re selling a similar car. You can tell them about your interest in one of their products and want to know how much they are offering so you can pay for it. By checking some dealerships, you can compare the prices and determine the best asking price for your vehicle.

>>> Read more:

• When Is the Best Time to Sell My Car?
• 4 types of car buyers and how to deal with them

Car dealers will provide you additional information that can help you estimate your car's worth

4. Consider the Repair Costs of Your Vehicle

If you are planning to sell your vehicle, ensure that it’s in great shape and if it deserves the price you are offering. For example, you’re selling a car worth PhP400,000 second hand, you need to ensure that the engine has been overhauled and running, so you can get the real value of the vehicle.

Contact a mechanic to check if your car has any defects and  know the cost of the repair

Or you can do it the other way around by reducing the price of the vehicle and sell it in accordance with the possible repairs it may need to be running. To know how much the repairs will cost, you need to have a mechanic check the defects and work with an estimate.

5. Trust Your Intuition

Once you have gathered and considered all available pricing information, you need to trust your guts for the actual pricing of your vehicle. You must perceive that there are people interested in buying your car and are willing to pay for the amount. If you feel not more people will get interested in your vehicle, you can lower the price and consider it the right move. Note that it’s best, to begin with, a high price and keep minimizing until you get callers interested in it. However, if you start at a low price, you may sell the car faster but will miss the real potential of your car.

6. Be Sincere with Your Evaluation

You need to be sincere with your assessment on the condition of your car as you’ll be using your intuition to obtain the final price. You must consider if your vehicle is prone to breakdown or is really in great condition. The mileage of your vehicle must also be considered. Be sincere with your assessment, so you can have a price as featured in your car.

Your car's mileage affects your car's resale value

7. What If It’s Difficult to Price

You may find it harder to find a basis for pricing and comparisons if you own an older car. For this case, you need to seek help from an experienced car evaluator, your colleagues or Google to find one near you.

Seek help from an experienced car evaluator if you're having difficulties in pricing your car

It may help if you enter the relevant details of your vehicle in Google and Philcarnews.com, such as the model, make and year to find something for sale. Here you’ll also find a lot of listings that make you price your car and create a value.