These platforms not only make it easier to sell a vehicle but make it more convenient for potential buyers to find exactly what they are looking for. Selling a vehicle by owner has many pros and cons which must be considered before going forward.
2. In this day and age, it’s practically insane to purchase a brand new
car when you can find great vehicles for sale by owner used
vehicles all over the place. For sale by owner is a simple concept
which details the vehicles title owner listing his or her vehicle for sale
to the general public. Today we’ll break down this concept and
explain how it works more in detail. In the 90’s-late 2000’s, you could
find for sale by owner auto listings in your local newspaper and in
weekly classifieds pages as this was the preferred means of
communications for selling vehicles. Now, you have reputable online
sources such as cars.com, autotrader.com and craigslist.com where
sellers can list their vehicles online for sale easily and reach many
people across a certain geographical area. Other platforms have
been put in place such as eBay motors where sellers can bid on for
sale by owner vehicles over short periods of time. These platforms
not only make it easier to sell a vehicle but make it more convenient
for potential buyers to find exactly what they are looking for. Selling a
vehicle by owner has many pros and cons which must be considered
before going forward.
3. Pros:
A) You can find your own buyers and negotiate your own prices. This
may be the best factor when selling your own vehicle because you
have total control over the transaction.
B) Pricing. Also, for sale by owner allows the seller to demand a higher
price for a more personalized selling experience. Here you can detail
the very most important historical feature of the vehicle including
parking situation (outdoors/garage) and vehicle maintenance records.
Cons:
A) For sale by owner could be a disadvantage because it could take
much longer to find a buyer for the vehicle. Here’s where competitive
pricing and excellent marketing will come in play.
B) If the seller is not a vehicle savvy, they may not be able to answer
important questions about the vehicles condition. The seller should
have someone who’s savvy at each showing to ensure all questions
can be answered correctly.
C) Lastly, the seller may not have any sales skills which can totally kill a
transaction. The seller must learn how the process of selling works
otherwise; they may not be able to complete the transaction.
4. Another secret about purchasing a car for sale by owner is
potential owner financing opportunities. Some sellers may be
willing to allow you to pay for the vehicle financed over time just
as a bank would. The seller may decide to add interest and
taxes as well. If you are strapped for cash and your credit history
is a bit spotty, ask the seller if they will consider financing the car
without the bank. It is no guarantee they will but it’s worth a shot.
One major resource available to all sellers is the
Kellybluebook.com. This website provides information which
details vehicles worth all based on condition and style. The KBB
will also provide a ballpark estimate on what a vehicle should be
sold for on the private party market. Hopefully we’ve broken
down for sale by owner process in all aspects so that you will not
only understand it but will find some benefit from it. Ensure
you’ve done your research prior to buying and/or selling for sale
by owner. Doing so can mean the difference between making or
losing hundreds or even thousands of dollars.