Autos, Lifestyle

Car Pricing Guide

Car Pricing Guide

by Joe Kfoury

Before you consider how you want to sell your car, you’ll want to do some solid research on pricing. After doing so, you’ll have a good idea of what to expect in return for your used car. Remember to consider the condition of your vehicle in comparison to others of the same brand and type.

If you set the right price, then you will easily be able to sell your car however, setting the wrong price might cost you weeks or even months to get a call from someone interested. So, an accurate assessment of your car could mean a guaranteed sale.

Every detail matters when it comes to pricing your used car

Here are a few tips on how best to approach it:

What is the market saying? Is your car in demand? Are people on the lookout for the model you own? Is this the right time to sell?

Below are some tips to keep on mind:

  • SUVs are always in high demand, so they will always be at the top of the demand chain
  • Family sedans are a constant for people who need basic, inexpensive and fuel saving transportation
  • Getting a good price for a convertible depends on the season in which you sell it. Sunny weather (especially springtime in Lebanon) brings out the buyers. If you sell in the fall and winter, prepare for the process to take longer
  • Collector cars take longer to sell and are tricky to price. However, these cars can bring good sale price if you find the right buyer

What is the value of your vehicle?

Use OLX to determine the value of your car. OLX offers plenty of options and price ranges filtered by mileage, color, options, condition and even by region of the country. The listings you will see represent your competition and they will help you get an idea on where to set your price. But keep in mind that these are asking prices, not actual selling prices, and might just be wishful thinking by the seller! Compare the cars’ mileage, year, condition, history, and asking price to guide you in setting the right price.

What is the deal with a car you bought new from the dealership?

A new car will depreciate by about 10% from the moment it leaves the dealership and another 25% within its first year. After three years, the average car is worth about 60% of what it was when new. So, try and think when the sweet spot to selling your one owner car is.

What to do about special cars?

If you have a classic car, you might not easily find it online for benchmarking. The best approach for this is to look out for classified websites outside the country. You also can try talking to other collectors or mechanics to try and estimate your car’s worth in your country.

If you want to set high expectations and aiming to get the best price in the market, you should make sure all the factors listed below are matching your vehicle:

  • Service at dealership
  • Low mileage
  • New tires
  • Original body paint – zero accidents
  • Interior/exterior cleanliness
  • Interior electronics
  • Original front/rear windshields and windows
  • Original head/taillights
  • Additional features and options

If all the above is the case, you already have the upper hand! 

Your aim should be to list your car at a price that is competitive enough to get people interested – classifieds is tour best option; try OLX. This approach allows you room to negotiate and for you to still be satisfied with the final number when closing the sale.

So, decide how much you want to close the deal on, and work backward from there.

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