Setting the Right Price for Your Car
When selling your car, setting the right price can be a real pain. You cannot meddle with it too much. It should be according to the time and place and it has to be just right, otherwise it can create hassle in selling your vehicle. You cannot set it too high, that really turns the buyers off and you also cannot set it too low as it would get you in a loss. Even trying to set the right price, you still have to make room for negotiations as you will not get your asking price usually and the customer will try to negotiate. Setting the right price is like walking on a tight rope and if someone can do it consistently is truly a work of art. It is often said that there never really is a right price and you might even find a buyer when you overprice it. The real issue is to know how far ahead you can go. It really is an uphill task, but it is certainly not impossible. Mentioned below is how you can set the right price for your car and what factors should you consider while setting a right price when you are willing to sell your car.
One of the most common and obvious factor is the demand of the car at that particular time and place and does the car have a good resale market, which would be true if the car is already high in demand. It does make sense as the more ‘in trend’ the car would be the more people would be willing to pay for it.
Research can be done in several ways altogether. You can just simply ask around and find the people near you who have the same car and discuss your price and if they had any problems while buying theirs or what their experience was, which may be positive or negative. Similarly, you can ask the local car dealers as they should have a bunch of information about several cars including yours. They can provide you with a very accurate assessment and can inform you about other factors which you should take into consideration. And you are also considering the current local market around you which is without a doubt a very huge factor to consider and make decision off of. Other then that you can also check out different pricing guides. They can provide you guidelines based on your car features such as color and region etc. With all this, you can also check the prices for same or similar cars online and compare what other sellers are asking for and how their condition matches or differs from yours. This should give you a really good idea about what range you might want to consider. And you should also price your vehicle competitively. And as mentioned above, with all this you should always leave room for negotiations so that you don’t suffer a loss that you were not expecting. Because, as mentioned above, most likely, you will not get the price you are asking, and the customer will most probably try to negotiate.
You should always consider mileage. A lot of people judge a car truly looking at its mileage. Considering the mileage factor, your car is very less likely to be as same as the other cars of the same company, year and model. And this little difference can have a huge effect on whether your price should go high or low. A car with a high mileage is likely to be sold at a low cost than a car with a low mileage as there less life left in the vehicle. There is also a Vehicle Age to Mileage Ratio that people consider, which is the ratio between the age of the vehicle and the mileage (it’s in the name). For example, if the reading on the odometer is 40,000 km for 2 years and on another vehicle, it is 300,000 km in 10 years, then the people will know that the second vehicle has been driven pretty hard. This does not define everything, but people tend to judge through this ratio by having a standard average at 15,000km/year.
Condition and Modifications
Mileage is not the only factor that majorly effects the price but also the condition of the car and extra ‘add-ons’ that you might have installed. For example, a better sound system, rims, decals, GPS etc. All these things play a vital role in setting a price for the vehicle. Sometime these extras also trade off the lacks in the mileage that you might have and balance the price. The condition of your car also matters a lot. If your car has never been in any major accident or any accident at all, that would really make your hand strong and be beneficial for you.
If you consider all these factors keenly then you might be able to set just the right price that you and your buyer, both are looking for. And these factors might also help you selling some other products as well in some way.