It’s TEMPTING to trade in your old car. You just want to be DONE with it. It’s dirty. It’s got some mechanical problems. You don’t want to deal with the logistics of having two cars around. You don’t know HOW to do it. You just don’t want to DEAL WITH IT. I get it.
But here’s the thing. It’s really quite easy and will likely save you THOUSANDS of dollars. All those times you felt the pain at the grocery store when you saw the cost of a loaf bread. That’s NOTHING compared to the three hours it takes to sell a used car. As @ramit says, stop focusing on $3 questions and focus on $30,000 questions. Like what car you drive (and how you sell your old one).
Selling a used car is actually a lot easier than buying one. When you buy a car, you need to be responsible for every detail of the car, mechanically and cosmetically. When you sell a car, you just need to make sure that cash is green! Here are some tips when selling a car:
• Spend 30 minutes reading an article or two on how to do it. Based on your state it’s likely pretty easy and just involves signing over the title and maybe writing up a short bill of sale (basically a receipt).
• Collect the cars documents (title, registration, insurance, maintenance history, etc)
• CLEAN the car thoroughly. Buyers are DRAMATICALLY more impacted by the cleanliness of the car than anything else. Consider paying $150ish for a professional detail.
• Take HIGH QUALITY PICS of the inside and out. Drive the car to a beautiful place an hour before sunset. Use your phone to take detailed pics from every angle inside and out. Clearly show any damage. Transparency instills trust!
• Write a thorough description. Look up all the features of your car and include any keywords.
• Post online and share with your friends. I sold my car to a friend!
• If you’re selling to a stranger, get paid in cash. You may want to meet at the bank when doing the transaction.
I know it seems like a hassle, but remember you’re getting paid $600/hour to do this. It’s worth it!
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Jeremy
