The Motor Along Buying & Selling Guide
If you're buying or selling a used car, surround yourself with the best information available.
When it's time to buy or sell a car, you deserve a guide you can trust. Craigslist? Facebook marketplace? Used car dealership? Your neighbor's grandma? I want to share my best guidance for buying or selling a car. Submit your information below for access to my FREE in-depth Ebook on Vehicle Buying and Selling Best Practices!
Don't have much time? Scroll down for some quick tips around buying and selling!
Quick tips: I want to Buy a car
1. Figure Out Your Needs
What will be the primary use of the vehicle? What is your budget? What features are “must haves?” There are so many types of vehicles for all lifestyles with an endless supply of options, so the first step is to determine what factors matter the most to you. Avoid distractions along the way by knowing your priorities.
2. Explore Your Local Market
This means taking the time to search your city and surrounding area (usually within 100 miles) to see what the going price for your dream car is. Sites like Kelly Blue Book, Cargurus, Cars.com, and Autotrader are a great place to start. This will greatly help you understand the typical price range and the availability inventory of that vehicle in your local area.
3. Check Out Your Local Dealer for a Test Drive
Don’t be afraid to take a day and test drive a handful of vehicles at your local dealer. It will help you to narrow down your search. It can be hard to visit a dealer without feeling an obligation to purchase, but remember, you have the power to say no. Don't miss out on an opportunity to gather useful information because you're afraid of being bullied into a purchase. You are always in charge of your car search.
4. Get a Pre-Purchase Inspection and History Report
Found a winner in your price-range? Make sure to pull your own history report, even if the private seller or dealership offers you one they've printed. Ask for the VIN. This is an individual number assigned to every car, which allows damage, accidents and upgrades to be tracked. The two big names to check the car history are Carfax and Autocheck.
You should also have a pre-purchase inspection completed on the vehicle. Many dealers put vehicles through a multi-point inspection, but quite often they will not pay for fluid flushes or old tires. It may cost you $100 for both an inspection and the history report, but the money spent checking the history of the vehicle is worth the peace of mind.
5. Know your Bottom Dollar
Regardless of whether or not you’re buying a vehicle from a private party or a dealer, know what you can afford before making an offer. More and more dealers are utilizing “no haggle” pricing, meaning they will not negotiate the price of the vehicle. This is fine, as long as you are okay and are willing to pay that price for the vehicle. If not, then that vehicle is not right for you.
6. Don't Let Emotion Take Control
It’s so easy to fall in love with a vehicle in the moment, however, if it’s not at the right price or condition, it’s not worth the compromise. Never purchase a car purely based on emotion.
Quick Tips: I want to sell a car
1. Know Your Vehicle
This is two-fold: know your vehicle's history (service records, VIN history) as well as what actual "options" it has - things were premium/extra selling points for the original purchase from the dealer. Don’t know the options? Call the local dealer who works with that brand, and they should be able to pull up your original build data so you can account for all the options when pricing. Better options = higher price!
2. Understand the Market
This means taking the time to search your local market (usually within 100 miles) to see what comparable vehicles to yours (often called “comps”) sell for. Sites like Cargurus, Cars.com, and Autotrader are a great place to start. This will help you understand how to price your vehicle while you explore the platforms you can use to post your vehicle for sale.
3. Make an Eye-Catching Ad
Every vehicle has a story. This is your chance to tell that story in a way that will make the buyer feel a connection to it. The photos need to reflect that connection. Make sure your photos show a clean vehicle and highlight every angle of the vehicle, inside and out. Make sure you showcase options that add value, as well as the imperfections.
4. Meet in a Safe, Public Location
It’s never easy meeting a stranger, especially when you are letting them look and drive one of your biggest assets. Make sure you pick a test drive location that is highly trafficked. Verify any Driver’s Licenses prior to letting the buyer test drive. Also, MAKE SURE TO GO WITH THEM.
5. Have a Bottom-Line Price that Is Lower than What You're Asking
There is a lot of controversy around this statement. However, we at Motor Along believe this is the best way for you to find a satisfied buyer for your vehicle. Purchasing a vehicle is an emotional connection. By letting the buyer negotiate the price down even ever slow slightly, it allows the buyer to feel like they “won.” Again, you want them to have an emotional investment.
6. Have your Paperwork Ready to Go
When a deal is struck and it’s time to sign the paperwork, be ready. This means have a bill of sale ready to go, emissions test (if required by the state), and the title (if no title, make sure to complete all documents required by the bank holding your lien). Do not sign anything until you have verified valid proof of payment (cash or cashier’s check). Never accept a personal check.