How to Sell Used Cars for Profit

Selling a car can be hard with the economy in the current state. But if you appeal to a buyer's interests, there is a higher chance of a sale as well as a larger profit margin. There are many options for selling used cars including private selling and starting a sales business. Read on to learn how to sell used cards for profit.

Things You'll Need

• Used vehicle
• For sale sign
• Cleaning supplies and air freshener
• Mechanic or knowledge of vehicle maintenance
• Yard or parking lot that will allow you to park your vehicle
• Phone number for local auto auction
• Phone
• Local newspaper for sale ads phone number
• Kelly Blue Book
• Thrifty Nickel phone number
• Five paper ads with your name and phone number tear away slips

Instructions

1. Clean your vehicle inside and out. Make sure there is no trash or dirt in the floor boards, and vacuum the carpet thoroughly. Let the interior air out for a few hours by rolling down all the windows. Use an air freshener to give a nice scent to the interior, as the buyer will notice lingering smells. Clean all the windows and mirrors, as well as the seat covers and floor mats. A clean car is more apt to be bought.

2. Inspect the inner workings of your car if you are mechanically inclined. If you are not, take your car to a local mechanic and have them do a once over on it for you. This consists of checking fluids, leaks, air conditioner levels, brakes and pads, rotors, tires, and a computer scan. This will let you know of any repairs that need to be done so you can adjust the asking price accordingly. If you want to ask more for your car, you can fix these repairs now and keep the receipts for the work to show the potential buyer.

3. Locate your vehicle's make, model and year in the Kelly Blue Book. This will give you an idea of how much your car is worth in different conditions. If it is a newer model, the book will tell you how much buyer's are willing to pay for this vehicle. This gives you a starting point for your asking price. Remember how much you paid for your car when you first purchased it. You will not get out of it what you paid if you bought it new. But you can recoup some of your money by asking more than Blue Book Value. Add the amount you paid for repairs, along with a nominal 15 percent to the Blue Book asking price. This will give you a decent profit on your sale.

4. Contact your local newspaper by phone and place an ad in the For Sale section of the want ads. It is your option as to how long you run this ad, but try to get it in a Sunday edition, as this has the largest number of ads and more viewers than any other day. This will cost a low fee depending on the number of words and type of ad you choose. A basic ad normally goes for anywhere between $30 and $50, depending on your paper's advertising guidelines.

5. Also call the Thrifty Nickel. The ads are free to place in the For Sale section for vehicles, but they ask a percent of the final price that your car was sold for. Your ad will be basic for the no cost section, but if you give basic information on your car, you will more than likely get more hits from it than you would your local paper.

6. Call your local auto auction to inquire about the fees assessed to enter your car into the auction. Some auctions do not allow private sellers to enter vehicles, so it is always best to call ahead. The fee, when charged, is due before the car can be placed in the auction line up. Most auctions take place on Wednesdays, so to get into the next running auction, contact on the Friday before you want to enter.

7. Place a For Sale sign in the window of your car where it can easily be seen by people passing by. Include a phone number and name so interested parties can contact you to schedule a time to test drive your car. Park your car close to a busy intersection if possible. Many local stores will allow you to use a portion of their parking lot if you let the manager know how long you wish to use this space. They may give you a time limit, in which case you should find another lot when that time is up.

8. If your car does not sell within one month of your parking it in public, try a different location with more traffic. You can always post your ads with tear away information on boards located inside your grocery store. Krogers, Meijers and Wal-Mart all have these boards posted inside the main entrance on a wall. They are free for the public to post on, and many people look at these every day. Good luck selling your used car.

Tips & Warnings

• Your state may have restrictions on private sales, so be sure to check with your local County Clerk's office for more precise information on your location. You may not charge sales tax if you are not a business with a license. Make sure to go with the buyer of your vehicle to get the car transferred into their name immediately. You do not want someone driving a car in your name, in the case they should have an accident. This also insures that insurance is placed on the vehicle, as many states require insurance as a prerequisite of transfer.