Most used cars listed online average $33,341. Meanwhile, used cars aged one to three list for at least $13,145. This means automobile consumers spend at least 43% or $10,046 more on used cars.
Do you have an old vehicle lying around? Need an additional source of funds for your projects? We're telling you early on that selling a car in 2024 could help solve your money issues. Keep reading to discover how to get the most out of your used car!
Is 2024 a Good Year to Sell a Car?
Is selling a car in 2024 a good option? The answer is yes, but you must be realistic about your expectations. Let’s take a closer look at the market situation:
The used car prices are anticipated to stabilize in 2024, and sales will rise by less than 1%. On the other hand, electric car sales are expected to increase, adding to more than 10% of total car and truck sales this year.
However, the used vehicle sales and prices will remain high compared to the pre-pandemic years. Even though the car supply is gradually increasing, it’s still unable to meet consumer demands, which has increased by 10.7%, according to the Auto Trader data.
Similarly, creating a new car from scratch is expensive due to the rising cost of materials and labor. So you can take this as an opportunity to sell your used car. However, the profit margin for used car values will be slightly less if we compare it to the pandemic and the previous year, as the market trends predict normality in the automobile industry.
How to Get Top Dollar for My Car in 2023: Car Selling Tips and Tricks
A good market outlook doesn't guarantee you'll get top dollar for your used car. 70% of your profit will depend on how you market and sell your used car, whether online or in local dealer shops. As such, before you list your used car on the market, take note of these essential tips to ensure maximum profit.
Do Your Research: Understand The Market Value Of Your Vehicle
Naturally, no one would settle for a lowball offer. However, it's essential that you know how much you can get for your used vehicle realistically. Understanding your car's market value will help you make the best sales decisions.
Common factors affecting your car's value include its make, model, and local market. Today's buyers also pay extra attention to the mileage of the vehicle.
Frankly, buyers begin to consider the maintenance needs of a used car once it reaches the 30,000-mile mark. In most cases, this will prompt the potential buyer to offer lowball buying prices.
Aside from mileage, car buyers give more importance to a car's safety and tech features. Additionally, buyers would want to ensure the vehicle is mechanically sound. Thus, make sure to have your car professionally checked.
Use Online Valuation Tools
To get an accurate number for your vehicle, use online valuation tools. Many websites can calculate your car's worth after you enter all the necessary data. For comparison, use two or three valuation websites.
Decide If You Want To Make Any Repairs
If you discover that your car has mechanical deficiencies, you have a decision to make. Do you want to sell your car as is or have it repaired to increase its value?
Be careful, though, as not all repairs are worth your time and money. In most cases, vehicle repairs don't give you the value increase you want. This is true for aesthetically enhancing car repairs.
If you do opt not to have your vehicle repaired, be transparent. Mention all the current issues of the car on your listing.
Compile Your Up-To-Date Maintenance Records
Whether you're selling a car to a dealership or a private buyer, they will want to see your car's history. Hence, ensure you have the documents necessary to prove that you took care of your vehicle.
This includes maintenance records indicating that you change your oil and rotate your tires regularly. In addition, car upgrade services and professional inspection records will make your used car appealing.
Prepare Your Car For Sale: Deep Cleaning
Most car owners see car washes before selling as a hassle and an unnecessary expenditure. However, the presentation can go a long way if your car has 30,000 miles or mechanical issues. Thus, subject the vehicle to deep cleaning before having it appraised.
Know Your Selling Options
When people start thinking "where to sell my car," car dealerships are the first thing they think of. This is because selling to local car dealers is straightforward.
You have them check your price, and they'll make a fair offer. Often, you get to choose whether to get cash for your sale or trade it in for a new one. Whatever you decide on, they'll take care of the necessary paperwork.
If you think you can get a better deal than what your local dealer offered, sell your car to a private party. The only downside is that you're entirely on your own when selling privately.
You'll have to handle all the paperwork yourself. There's also a risk that the private party will fail to follow through with the sale. Above all, the most tiresome phase in selling a car: is the marketing stage.
Marketing Aids in Selling Cars
Fortunately, things like Craigslist and eBay Motors make it easier to advertise. Online websites are the best option if you:
Are aiming for a quick and easy sell
Are you looking to sell a car in disrepair
These online platforms are a great way to reach a broader range of potential buyers. They're also significantly cheap and readily accessible.
Social Media as a Sale Advertising Platform
Social media promotion is another trend in the industry that you should jump in. After deep cleaning your car, take photos of the following:
Exterior
Interior
Engine
Areas of wear or damages
Special features, i.e., driving technology
The dash and current odometer.
With captions such as "I want to sell my car," post these on your feedback and the marketplaces of your chosen social media platform. You can also copy and post the social media post links to automobile trading platforms.
Write an Honest Listing
In your listing, make sure to include details such as:
Make and model
Current odometer reading
Year and trim
Special features
Past accidents
Major repairs
Significant damage
Existing mechanical problems
Aftermarket accessories or upgrades
While you want to attract buyers, you also want to avoid over-selling and skyrocketing the expectations of potential buyers. If all goes array, this can cause damage to your reputation.
Take Necessary Measures To Secure The Deal
If you do set a meeting with a potential buyer, play it smart. Set the appointment in a highly trafficked venue for your safety and security.
There have been numerous reports of criminals posing as buyers. As such, please don't give them your address or have them come to your home.
Make sure to verify their profiles before anything. Finally, we also recommend you wait to give up the car title until you receive the final payment.
Selling a Car in 2024: The Miracle of Nexus
You've got the average market value down, prepped your car, and written a prominent listing.
However, you're still not getting top dollar offers for your used car. What more can you do?
It's time to change your perspective; instead of competing with fellow sellers for buyers, have the buyers compete with one another. The more deals you receive, the more competitive the offers you'll receive.
There are three easy steps you need to take to make this happen. First, enter accurate information about your vehicle's information.
Nexus will automatically give you dealer quotes. The more detailed the info you provide, the fairer the dealer quote you'll receive.
After you receive your dealer quote, you can take your time to decide whether to accept, negotiate, or decline the offer. Nexus car dealers will work with you to reach a deal favorable for both parties. Once you accept the deal, Nexus will take care of shipping the car to the buyer.
Which Cars are in Demand in 2024?
The demands in the automobile industry change due to new model releases, technological advancements or economic trends. Let’s see which car dealers are interested in 2024 depending on the sales records, ranking based on its popularity, and technology-driven features:
Ford F-150
Among 9.2 million used car sales recorded last year, the Ford F-150 makes up 3.3% of the total. Almost 700,000 buyers purchased this truck in 2023, securing its position as the top-selling vehicle last year. The towing capabilities, powerful engine options, and advanced tech features of the Ford F-150 make it a popular choice and the most demanding car of the 2024.
Ram 1500
Ram-1500 secures the third position among America's most popular used trucks, contributing to 2.1% of total market sales. The powerful engine, various trim levels, and comfort make it a reliable pickup truck. Further, it is packed with innovative features like USB ports, Bluetooth, HD Radio, automatic climate control options, etc. However, compared to the Ford F-15, GMC Sierra 1500 and other trucks, it only provides a little towing capacity.
Honda Civic
The Honda Civic is one of the most famous cars, and for all the good reason. The vehicle's affordable prices and fuel efficiency have made it stand out among other vehicles. Moreover, the design, power and performance have always captured the attention of the buyers.
As per Honda Auto News, it is one of the retail vehicles that sold the most for the 6th consecutive year, retaining its position as the most demanding car for 2024.
Toyota Corolla
Securing the 8th position among the most popular used cars in 2023, the Toyota Corolla provides the best value for the money. Around 138,000 used 2018-2022 model Toyota Corollas were sold, contributing to 1.5% of the total sales of pre-owned cars in 2023. Toyota Corolla is one of the most reliable and fuel-efficient vehicles; hence, investing in it in 2024 will be a smart move.
Toyota RAV4
Introduced in 1994, the Toyota RAV4 is well-recognized for its versatility, safety and practicality. The increasing sales of the Toyota RAV4 each year stand for its top picks among buyers. Almost 434,943 annual sales of the RAV4 occurred in 2023, leading to 1.7% of the used share in the market. So, if you need a compact SUV equipped with comfort, the Toyota RAV4 is here to meet your needs in 2024.
Chevrolet Silverado 1500
The Chevrolet Silverado 1500 won second place among the most popular used trucks in 2023. Almost 555,148 Silverado 1500s were sold last year, making 17.7% of the total market purchase. In Iowa specifically, it stands as the most popular used vehicle statewide.
The towing capacity of 13,300 pounds, the payload capacity of 1870 to 2280 pounds, and the range of engines in Silverado 1500 make it a contender in 2024.
Don't Forget Vehicle Transportation Options
Selling a car is only 80% of the trade; the rest 20% lies in the logistic management of the car for sale. Particularly when you sell your vehicle online, under such circumstances, you'll run into trouble getting the vehicle to your buyer.
Of course, this isn't a problem if the buyer is local. However, what if the buyer is miles away from another state?
You can choose from various vehicle transportation, including open, enclosed, expedited car shipping, and more. Contact us today to learn the differences between these vehicle transportation services!
