The Cold Hard Truth About Private Party Selling: IT DOES NOT WORK!
It is one of the biggest misconceptions in the car business; Sell your car yourself, so that you avoid paying the “would-be” profit that the dealer would otherwise make. Right? Wrong!
If you are a private individual, with little or no experience selling cars and you are thinking about, or even worse, attempting to sell your car yourself, STOP! You are wasting your time! Selling cars is hard. It takes time, practice, money and other resources to do it well. Do you really think that if you are the average consumer and you attempt to sell your car yourself every 1, 3 or even 5 years that you can achieve a retail price when competing with experienced dealers that sell cars every day? The answer, whether you want to hear it or not, is NO! You will not be able to maximize the sale price of your car if you aren’t in the car business, selling cars every day.
Consider this: financing, trade-ins, paperwork, tax credits, are all complex reasons that deter and even prevent private party selling. Then there is the massive factor of “Trust.” Buyers aren’t always fans of many car dealers, but believe it or not, they are even less trusting of private party sellers who don’t have a reputation or a brick and mortar business. In fact, when surveyed, most people said that they would only buy a car from a private party seller if the price was “much less” than the exact same car being sold by a dealer. Why? Trust!
From the data that we have collected, it seems that the average private party sale takes 2-3 months. Which means if you are financing your car, you will pay two additional payments compared to if you would have simply sold it on day one. For many of you, two payments is $1000-$4000. Meaning you would have to get $1000-$4000 more after 65 days to break even compared to what you would have to get on day one. This does not take into account your time or listing fees which also add up. Plus, do you think the real value of your car went up over those 65 days? No, of course not, cars (with the exception of a few collector cars) depreciate, going down in value over time. So after 65 days, your car is worth less, but you have paid much more to hold on to it.
At I Buy Luxury Cars, we can help you. We will make you a CASH OFFER for your car within 20 minutes of your submission on our website. If you accept, we’ll pay you in 24 hours or less and pick up your car for free. We do not pay retail. Our CASH OFFERS are usually around typical Trade-In Value which is the most you can expect to receive if selling your car on your own. However, we will pay you fast and we use a super simple, 3 step process to buy your car which includes only one DocuSign agreement which you can sign on a tablet or smart phone.
Save Time. Save Money. Use I Buy Luxury Cars!