Long gone are the days when a kick of the tires and handshake sealed the deal on used cars. Consumers are incredibly savvy, with a wealth of information at their fingertips. You can make a real living or a little spending money selling used cars, but to succeed, you have to do it right. Here's important information on how you do it.
Learn What Models Are Sought After
The media obsesses over lists, making it easy for you to know what used cars are in highest demand. Keep your finger on the buying pulse of the public and look to invest in these models only. There's a reason they are sought after and you can use the favorable statistics in your sales presentation.
Know The Market Price And Buy Lower
You could look to buy vehicles from classifieds, auto auctions or right off of people's front lawns. Where ever you look, though, make certain you're only going to pay prices that allow for a good profit margin later. Some sellers may be eager to unload their car and others simply don't bother with the data dictating resale prices. Understanding value is what will make you the most profits.
Make Sure The Title Is Not Tied Up
To protect yourself from unknowingly purchasing a vehicle which may be involved in something suspect, and to ensure your buyers are going to be able to search the history of the automobile and find nothing to raise eyebrows, conduct a thorough search on everything you are inclined to buy. See that the title is free and clear of any legal challenges and the life of the car or truck is completely transparent.
Repair The Vehicle Yourself Or Hire Someone You Know
If you have the basic knowledge to make reasonable repairs, do it yourself on the weekend or during other spare hours. If not, look to your closest friends and relatives and offer someone a cut of sales, rather than paying through the roof for a mechanic. So long as whoever does the work is qualified and competent, you're good to go.
Detail The Car Yourself
Having cars professionally detailed can be quite expensive, especially if you look at the annual cost for a dozen or more units. It doesn't take a lot of expertise to spiff the machines to showroom condition, nor does it involve much capital. A good vacuum system, shampoo and conditioner for the interior surfaces and a good washing and waxing of the exterior, including tires, undercarriage and engine, should put the car or truck in sparkling, salable condition.
Choose A Great Place To Show The Vehicle To Potential Buyers
Headlines can scare consumers away from buying used cars, especially if you're a one-person operation. They may not feel safe meeting anywhere but a very open and highly public location. Use this to your advantage by choosing a place that suits the sale. For example, if you're selling a full-sized station wagon to parents, meet in a kid-friendly location where the mood will automatically be pleasant. Contrarily, showing a sports model, although not typically an in-demand used vehicle, should happen in a place crowded with people who will "Oooh" and "Aaah" as they walk past. Putting some thought into where you present a used car may mean the difference between a quick and effortless sale, and having someone opt to think it over, because they haven't been shown the vehicle in the best possible light.
Set A Minimum Price And Stick To It
People can be pushy when it comes to something they really want and most especially when it involves money. Negotiating price could turn out to be one of the least favorable aspects of selling vehicles if you allow it. Rather than haggling with someone who will persist until they are blue in the face and you give in from sheer frustration, make your final price very clear from the onset of the deal. This benefits you also in that you are not discounting profits away and can project future earnings when you buy a unit.
Never Deal With Questionable Vehicles
If you sell a car without disclosing all the details, such as if it's been involved in a wreck or had a major engine overhaul, you're setting yourself up for failure. Selling used cars means selling your reputation, too. Since you want people to speak highly of you and refer their friends and family to your business, never deal with a vehicle that may come into question later, particularly where safety is concerned. You could leave yourself legally vulnerable, while destroying your good name in the process. A general rule of thumb is not to sell a car you wouldn't want your child to drive and to keep integrity in the selling process.
That old persona of the used car salesman or woman is ancient history. To succeed at selling cars now, you must master both the art and science of the business. With profit potential this high, though, it's well worth your effort.