Selling your old car can be a strategic process involving preparation, presentation, and negotiation. Whether you are parting ways with a beloved car or looking to upgrade, maximising its value requires a thoughtful approach. From meticulous maintenance to smart listing strategies, several key steps must be considered.
Nitin Chadha, Senior Vice President, ACKO Drive, says, “Any vehicle driven over an average of 10,000 – 15,000 yearly kilometres is a good choice for buyers. An Engineer always inspects a car during the selling process, and some elements might lower the selling price.”
Let’s further explore some practical tips and techniques to help you secure the best possible offer for your vehicle.
1. A third-party insurance policy should be valid, in the absence of which, the price goes down by 1 – 2%.
2. The Registration Certificate and insurance both must have the same owner’s name
3. All the mandatory documents must be physically available, i.e. RC + Insurance + Pollution Certificate
4. Regular service history is crucial to get a good auction value. A service break for more than two years could result in the vehicle value being less than 5 – 10% of the expected market price
5. If a vehicle has any major structural damage, the auction value could be 10– 20% lower than the market price
6. A clean and washed car before the inspection gets a good response from the buyer
7. A daylight valuation is key to showcasing the vehicle value as it helps better check the parts and working conditions.
8. In case of a closed loan payment, one must get an NOC from the bank before the valuation
Also read: What methods are used by lenders to determine loan amount to be sanctioned?
“For the best value bid, an inspection for the car registered in the same city is the best choice one can make. This allows fetching the best price for the seller,” said Chadha.
Thus, selling your old car at the highest bid involves a mix of groundwork and presentation. By showcasing its best features, maintaining transparency, and strategically pricing your car, you can attract potential buyers willing to pay the desired cost. From thorough cleaning to providing comprehensive records, every detail counts in making your vehicle an attractive proposition. Additionally, being flexible yet firm during negotiations can significantly impact the final bid. Remember, patience and perseverance are key; following these steps diligently increases your chances of securing the best offer for your old car.