Whether you are planning to take advantage of an exchange offer or just want to sell your used car, it is very important for you to know how to price it competitively. Putting a competitive price tag on your used car is the first issue that you need to address. There are several factors that you have to take into your careful consideration in this regard.
The Book Value Of The Car
The first thing that you have to do is to research the wholesale value of your car. There are certain established pricing guidelines that both dealers as well as private sellers have to follow. Follow these guidelines and you will be able to find out the book price of your used car. Some of the most popular pricing guides available online include Edmund’s Price Guide, Kelley Blue Book, and the pricing guides published by the National Automobile Dealers Association (NADA). That is the reason why the book value is sometimes also referred to as Edmunds price, NADA price, KBB price, blue book price, and other such names. You can visit their official websites and determine the book value of your car accordingly.
Putting The Price Tag On The Basis Of The Book Value
Once you know the book value, the next step is to determine the price of your used car based on that value. However, there is no straight formula on how to do this. You will have to do an extensive analysis of the market trends and what your car has to offer. For example, if you have a fairly popular car and there are plenty of such cars available for sale, you had better price the car a little below its book price. On the other hand, if you have a unique car and there are not many other such cars for sale, you may go ahead and price your car at its book value or even much higher than that. The cars with a higher price tag may include those that are uniquely customized, hard to find or are high in demand.
How To Beat Your Competitors
It is very important for you to understand that every used car seller has access to the online price guides. Therefore, you have to be very careful while setting up the asking price for your used car. Your ad must reflect something unique, something better than the ads placed by your competitors.
The 99 Trick Always Works
Putting $399 instead of $400 – this is a very old trick and it still works. You can call it a psychological effect or anything else, but $399 always looks much more attractive than $400. It makes the price look much smaller and thus attracts the potential car buyers.
Should You Paint The Car To Increase Its Value?
This is the worst thing that you can do to your car. Repainting it will not only reduce the value of your car, but it will also limit the number of the potential buyers. Therefore, the smart way is to keep the color of the car real.
Last, but not the least, if you are not getting any inquiries from potential buyers, it means there is something wrong with the ad. Try to rewrite the ad script in a more impressive way. If things still don’t work, it is a clear indication that you should cut down the asking price.