Now is the Best Time to Sell Your Car
Do you have an old Cadillac you’ve considered selling? Have you been thinking about treating yourself to a brand-new Escalade? Now is the time to act! In 2020, the COVID-19 pandemic took a toll on the used-car market. Now, the industry is facing an extreme shortage, and many dealers are forced to pay more for trade-ins while consumers see more significant offers for their used vehicles. However, this shortage has also led to new cars coming with a higher price tag.
“Data shows that new-car inventory dropped more than 15% between February and April, but how does this translate to used vehicles? When new-vehicle prices rise and inventory falls, shoppers go to plan B and opt for used cars. Consequently, used-car inventory fell and prices skyrocketed as demand showed no signs of slowing down.”
So, before you sell your vehicle to a friend, check out our buyer’s guide, where we go over the difference between selling to a dealer and selling privately. Plus, we will give you essential tips to help you get the most money for your vehicle.
Selling Your Vehicle Privately
When selling your Cadillac, you will have to decide between selling to an established dealership or selling privately. Before you commit to one or the other, explore the steps you will be responsible for completing each process.
To sell privately, you will need to:
1. Prepare your listing.
Have your vehicle professionally cleaned and detailed. Then you will want to capture multiple photos that show the key points, including interior, exterior, engine, and any damage. If you have a lien on your car, you will have to contact the lender and request the pay-off amount and pay it. This will have to be done before asking for the vehicle’s title, which you will need for your buyer. Next, you will need to research your vehicle’s worth and pay for a CarFax report. Then, share your listing across multiple platforms and wait.
2. Speak with prospective buyers.
Once your listing is up, you will hopefully receive a bombardment of phone calls and texts from potential buyers. From there, you will schedule viewing appointments and meet with the prospect in a safe location. Before you hand over the keys for a test drive, make sure the buyer has valid insurance. Finally, be ready to negotiate pricing and terms (i.e., are you willing to trade or accept cash).
3. Secure the sale.
Now that you and the buyer have agreed on the price and terms, you will want to get cash or a cashier’s check from them. Then, you will need to correctly complete the title and get a photocopy of the buyer’s driver’s license and have them register the vehicle under their name. Should anything happen to the car at a later date, you may receive a call from the buyer and be responsible for settling any issues.
Benefits of Selling to a Dealership
Or, you can skip the hassle and sell to a dealership. When you sell to a reputable Cadillac dealer:
They will buy your vehicle for the highest price possible and give you an offer that lasts up to seven days.
You can sell your vehicle with zero obligations.
You can trade your car for a new or used Cadillac.
You won’t have to deal with the DMV, deal with prospective buyers, or worry about scams.
How do I get the most money for my vehicle?
Due to the low inventory of used vehicles, you have the opportunity to receive hundreds, even thousands, for your used car.
But, before you sell your vehicle, you will need a few things, including:
The pay-off information or title. If you are not the title holder, plan on having them present. If you paid off the lien, be sure to have the release from the lien-holder.
Valid ID/driver’s license. The title-holder will also need a good, state-issued ID.
Any necessary documents, like registration and service records.
The spare keys or SD cards.
We also suggest cleaning the exterior and interior of your vehicle and fixing any minor issues (e.g., scratches, small dents, etc.) To get the most money for your used car or trade-in, do your research and know the value of your vehicle before you speak to a dealership. It also pays to shop around and negotiate. Since we are in a seller’s market, you hold a good amount of power; use it to your advantage. Once all is squared away, confirm the terms and conditions of the sale and when to expect payment. Last but not least, enjoy your new Cadillac or the extra money in your pocket!
Now is the Perfect Time to Sell!
“During the week of April 4, there were 2.1 million used cars for sale in the U.S. That’s down 25% from the same week in 2020 and 22% lower than the same period in 2019. List prices were up 12% from a year ago.”
So, now that you know how to get the most money for your used car, it’s time to take advantage of this unique opportunity and get the best deal for your used vehicle! Visit our site and learn more about the benefits of selling your car to Five Star Cadillac.
We look forward to working with you.