How To Price Your Car When Selling

“Finding the right price for your car is an art. You need the perfect blend of intuition and research. Too low and you undersell yourself, too high and you’re stuck with the car for months, sometimes even years- during which its value keeps going down.”

Knowing how to price your car when selling is one of the most important steps when selling in the sales process. This knowledge will assist you in finding a balance between getting as much value as possible out of your car as possible while keeping potential buyers interested in the car. While this can be challenging, there are certain methods that can help you to come up with a fair value. 

When selling your car, there are many factors that go into pricing. It is not as simple as saying how much you paid for it, or how much money you need at the moment of selling. The value of your car depends on many factors such as its condition and average market value for a similar make and model. 

Tips for Pricing Your Car 

Unlike a brand-new car, a used car doesn’t come with a suggested selling price. The value of locally used cars is often dictated by market fluctuations and largely depends on the car’s make and model, condition, and age. 

These tips will help you to price your car fairly when selling:

1. Get a Valuation Done

You shouldn’t adopt a “willing buyer, willing seller” mentality when pricing your car. It’s advisable to get a car valuation so you can come up with a fair price that not only works for you but also for the buyer.

Read here the importance of car valuation when selling a used car.

2. Consider the Current Market Condition

We all love our cars and think they are “special.” But the reality is that for the rest of the world, it’s just a commodity like everything else, and its value is determined by the market. Some of the questions you should ask yourself when valuing your car include:

• How “in demand” is your car? For example, family sedans are in constant demand by buyers who’re looking for the most basic, effective form of transportation. Additionally, diesel cars are also more popular than petrol ones due to the rising fuel prices. 
• What’s the best time to sell? During the holiday seasons when most families are traveling upcountry, it might be easier to sell family cars such as a Toyota Noah than a collector car like a Volkswagen Beetle. On the other hand, it will be easy to sell the Beetle in September when the Concours D’Elegance takes place. 
• Who are your target buyers? This will go a long way in determining how to price the car, where to sell it, and how you market it. If your target market is people who buy cars for Uber business, then you know it’s unlikely they’ll spend more than 1.2 million on a car. 

It’s also helpful if someone knows what type of vehicle they’re looking at (e.g., SUV vs. hatchback) because this can influence their perception of value.

3. Check out Your Competition

Yes, we know you’re selling your car as an individual. And yes, you do have competition. Car dealers and brokers are also trying to sell their stocks. Even other individual car owners are trying to sell theirs just like you. 

So you may want to review prices on online marketplaces such as Jiji and Facebook Marketplace for your particular make and model. Your asking price should fall within the general range of your competition. But this shouldn’t be the yardstick for determining how to value your car, it’s just to give you the average market value so you can have a baseline.

4. The Car’s Condition

The car’s current condition plays a huge factor in how much buyers would be willing to pay for it. How much will they have to spend on repairs after buying the car? The higher the cost of repairs, the lower the value of your car. The car’s age, mileage, and service history will also impact its value. 

Aftermarket modifications such as spacers and oversized wheels can also affect how much you sell your car. The logic? Buyers don’t know how well the modifications were done and won’t simply take your word for it. 

Best Ways to Increase the Value of Your Car

When you sell your car, you want to get the most money possible for it. The more money in your pocket, the better (for you). This means that you should always look for ways to improve the value of your car. Some of the tips that can help to increase the resale value of your car are:

• Clean your car before listing it on marketplaces or taking it for a viewing
• Fix minor repairs and dents
• Replace any worn items
• Keep a record of your service history 
• Get the paperwork in order

Get the Best Value By Selling Your Car With Peach Cars

We hope this guide helps you understand how to price your car when selling it. If you’re selling your car, it’s important to get the best price.

Peach Cars can help you to value and sell your car easily, conveniently, and securely. We take the guesswork out of the process by providing an advisory car valuation based on the average market price, the unit’s popularity in the market, and the car’s condition. But you make the ultimate decision on how much you want from your car. 

Sell your car with Peach Cars and get the best value for it.