Did you know the global automotive motors market beacons a market worth 41.66 billion? Millennials are a significant contributor (40%) to this staggering growth in the automobile.
A significant part of this market goes to the trade of used cars. Since the pandemic, selling a car became a massive profit net for many car owners.
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 2023 will help solve your money issues. Keep reading to discover how to get the most out of your used car!
Is 2023 a Good Year to Sell a Car?
Will selling my car this year be worth it? The answer is yes, far more than you imagined.
The world endured relentless bad news on car prices over the past two years. Fortunately, the long car drought is over. Shifting economic conditions are drawing reasonable grounds for a used car seller.
The global supply chain bagged down due to shortages of chips. This prompted the prices of new vehicles to soar high, which slowed down sales of new cars.
Yet, as the global supply chain begins to recover, the supply of new vehicles is improving. This means that you should expect new car prices to continue to fall.
Meanwhile, the used car inventory declined, which triggered a value hike for used cars. Rising demand for used vehicles means increasing used car values. Therefore, now is the best-case scenario to trade in your used car.
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'd 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 Honest Listing
Whether you sell your car online or through classified ads, you must write a write-up about your vehicle. In doing so, always be honest when describing your car.
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 Your Deal
If you do set a meeting with a potential buyer, play it smart. Set the appointment on 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 2023: 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 offer 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 2023?
2023 is a good year for used cars; the question is, which used cars are dealers looking for? For reference, check out this list of the most in-demand used cars this year!
Volkswagen Golf (2013-2020)
At the top of the pyramid is the tough and rugged Volkswagen Golf. This solid and timeless small family car fits anywhere.
It's also widely available in almost any engine, even in the most elusive all-electric e-Golf version. Further, there's little difference in styling with the recent versions new. Hence, buyers are flocking to have their hands on this.
Range Rover Evoque (2011-2019)
The Range Rover Evoque is one of the hottest used-car in town. In fact, the earlier models are quickly grabbed as soon as they go on sale.
The reason? Ranger Rover Evoque studs a strong but timeless image that commands competitive prices. It also features an Al driving position and is long-known for decent performance.
BMW 1 Series (2011-2019)
Although now in its third generation, the BMW 1 Series is still desirable to many dealers. Many claims that this 1 Series is the best version of the breed. For one, it packs a reliable safety kit and supreme driver technology.
Moreover, it retains the traditional rear-wheel drive layout. This makes the BMW such a pleasure to drive.
Users also enjoy the range of economical diesel options when using this car. It's the perfect bargain for those looking to lower their driving cost.
Vauxhall Insignia (2017-2021)
Vauxhall Insignia isn't the most exciting model of large family cars on the market. However, no one can deny that it's perfect for long-distance drives.
They feature reliable and economical engines making them reasonably efficient. Further, these are significantly cheaper to buy used than a Volkswagen Passa.
Kia Niro
The selling point of Kia Niro is that even the oldest version (2016) will have two years warranty left on them. This seven-year warranty package is a good enough reason to spend money on these roomy SUVs.
Moreover, Niro comes in both hybrid and plug-in hybrid versions. It also features a conservative fuel consumption and exemplary low running cost. Thus, it makes a good option for buyers who want to take the green path.
Ford Fiesta (2008-2017)
The Ford Fiesta is one of the most popularly used cars for excellent reasons. One of which is that its part is widely available; hence servicing fees come cheap.
It's also available in various versions, including economical EcoBoost petrol to diesel-powered models. Best of all, these vehicles come at competitive prices. So for drivers, Ford Fiesta represents a great buy.
Honda CR-V (2012-2018)
The Honda CR-V is widely acknowledged as a large family car that can withstand rugged landscapes. It has a roomy interior that passengers will love and a vast boot.
Like most cars mentioned, Honda is available in responsive petrol or diesel engines. The vehicle also has hi-tech equipment, making it top-tier ride quality. Whether new or used, Honda CR-V is an enticing investment for riders this 2023.
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 opted to sell your vehicle online. Under such circumstances, you'll run into the trouble of 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!
