Sometimes, various economic factors combine to drive a particular market, industry or sector.
Today’s economy provides a relevant case in point, as the combination of more accessible credit, low interest rates and improving economic sentiment is expected to lift the used car market in 2014. Private dealerships are therefore looking forward to a prosperous year, with the immediate portents suggesting that the used car market will experience considerable growth in the year ahead.
Last year, it was estimated that franchised dealers sold 15.6 million used vehicles, and this number is expected to top 16 million during the next twelve months. With a clear demand for second-hand cars, there is also an opportunity for private vendors to capitalise and sell their vehicle directly through online resources.
Selling your Car Quickly and in a Cost-effective Manner: 3 Tips for Private Vendors
While the overall portents for the U.S. economy remain good, however, the increased level of competition among private vendors mean that you must be proactive if you are to sell your car quickly and efficiently. Consider the following steps towards achieving this goal: –
1. Set a Realistic Price Point
Regardless of your negotiation skills, you cannot possibly sell your car unless you set a realistic and viable price point. While the price that you set must enable you to achieve a suitable level of profit, it is also crucial that it has the potential to entice buyers and encourage competition between interested parties. Remember that standard cars are assets that depreciate in value over time, so it is crucial that you manage your expectations and do your research before committing to a final figure. On a final note, do not be afraid to add 5 or 10% onto the car’s market value, as this will allow for any potential compromise that is agreed in the event of a drawn-out negotiation process.
2. Use a Suitable Online Marketing Platform
In business terms, wasted time often equates to a tangible financial value. The same principle applies when selling your car, as your inability to execute a swift and profitable transaction will ultimately cost you more in insurance, taxation and scheduled maintenance. With this in mind, it is extremely important that you identify reputable marketing platforms that can effectively advertise your car to a targeted, local audience. The company We Buy Cars is particularly popular among private vendors, as it offers an extremely convenience service that can complete the purchase of your vehicles in as little as two hours. This type of firm also minimises the cost of shipment and storage, meaning that you can maximise you profit accordingly.
3. Develop a Contingency Plan in the Event of Delays
The microeconomic principle of supply and demand is decidedly complex, as it can fluctuate wildly even in a thriving economy. While there may be a buoyant market for used vehicles at present, for example, an inflated price or a lack of interest in your particular model can delay any plans that you have for resale. This can cost significant sums of money, especially if you have already purchased a new car and invested in its taxation. You will therefore need to have a contingency plan, which includes a price drop and most importantly a flexible storage solution that enables you keep the vehicle secure for an indefinite period of time. Trends in mobile storage units have made this possible, as flexibly sized outlets can be leased either on a rolling basis or for a predetermined period of time.
The Last Word
While the current used car market may provide an ideal opportunity for you to sell your vehicle as a private vendor, you will face a tremendous amount of competition. This can be extremely hard to overcome, so you will need to display patience, determination and a proactive outlook if ou are to propser where others fail.