You’re no car salesman, but it stands to reason that you’ll sell a used car or two during your life. Some people trade in their cars, some people keep their cars for sixty years, but the vast majority of us will have to wheel and deal with the public on a used car sale before the age of retirement.
Worried you don’t know how to sell a used car? Think you’ll get ripped off? When it is time to trade your Dodge Dart for something a bit more modern, you’ve got to know how to present your used car for sale. Want to know how to sell a used car? Look at the methods car salesmen use every day to put cars in their customer’s garages.
Knowledge is Money
Think back to the last time you bought an expensive item or piece of real estate — what type of person did you buy from? What did you like about that salesperson? Would you have been so willing to slap down your cash if you didn’t think the salesman was knowledgeable?
Knowing the rights words to use and the right facts about your property — that can mean the difference between an easy sale and a dud. Used car sales are more casual than new car sales — the customer is probably going to hand you cash and pay off the car all at once. Your knowledge of the used car you want to sell will influence the ad you write, the price you set, the kinds of customers you attract, and your bottom line.
It is only when a car salesman has a customer in love with the idea of a new car that prices and money come up. Right off the bat, the way you write your ad will influence how much you sell your car for. Consider advertising just the car’s make, model, and year (no price) in order to put the customer in the position of revealing how much they want the car before the price is set. A used car salesman will bring up money only when they see the customer is relaxed and comfy, like an illusionist performing a bit of sleight of hand alongside a distraction, dollar amounts fly around and the customer is dizzy. Don’t be so easy to give away your price when you sell a used car.
How does a car salesman determine what they will charge a customer for a new car? It may sound twisted, but they manipulate four numbers and shoot the price at the customer to see how they react. Dealers look at the sticker price of the car, the down payment amount, the trade in value (if there is any) and the monthly financing costs and works in such a way that the dealership earns a big profit and his commission is high. In other words, no matter what the customer tells the salesman, the price will result in the highest profit for the dealership.
Knowing how to sell a used car for big profit means knowing the actual value of that car and manipulating your price to draw a profit. Don’t feel bad about it, every new car you’ve ever bought (and probably all of the used cars) were priced high and sold to the highest bidder.
You need to think like a car salesman if you want to sell a used car. The best car salesmen will give you remarkable trade value for your broken down Astrovan then raise the monthly payments and other charges to compensate for the difference. The customer should think you are “helping him out”, giving him some kind of break or throwing in an extra to make the deal more palatable. There’s also the added pressure at the car dealership of “this car may not be on the lot tomorrow, so we need to make this work for you”. Simply convince the used car customer that you have three other deals lined up and you’re about to sell the car to another person, but if you’d just give me $500 more, I could do this for you.
How to Sell a Used Car to a Bargain Hunter
The best tip — don’t. Don’t sell your used car to someone who knows enough about it to cut a deal with you. Don’t take offers from customers who know anything about cars. Just don’t.
The truly knowledgeable buyer is your biggest enemy when learning how to sell a used car for a profit. The less your buyer knows about your car the sweeter the profit you can turn. If you shop around when buying a new car, you’ll notice how little time car salesman want to spend with you — they’d rather take three hours to sell a car to an idiot than spend five minutes cutting a deal with you. You know that the price is different between dealerships, and the dealer knows it — but you an only make it work for you if you let the car salesman know right off the bat that you know the game and have a maximum price you’ll pay.
How can you put this to use when selling a used car? Reach out to uneducated buyers — I don’t really mean ‘people who aren’t smart’, but people who simply don’t know the first thing about cars and have the money to blow on your sale. Remember that you can sell your used car to the customer of your choice. Unlike the car salesman, you aren’t at the mercy of the car buyer for your monthly income. Take your time and wait for the right buyer comes along.
People think car salesmen are underhanded and profit-minded, and of course they are. Don’t you go to work every day to make money? When you’re selling your used car, the good news is you don’t have to chatter or flirt like a car salesman. You don’t have to push a “hard sell” or stick your foot in any doors. If you show confidence, and have the patience to wait for the highest offer, selling your used car is a simple and profitable venture. If you start to think like a real car salesman and try to get your car out of the garage as fast as possible, you could end up losing money.