India is the fifth-largest auto market as of 2020, with 3.49 million units being sold. These include both passenger and commercial vehicle categories. In 2019 India was the second-largest manufacturer of commercial vehicles. And in the fiscal year 2020, India’s automobile production touched 26.36 Mn vehicles. Of them, 80.8% were two-wheelers and 12.9% were passenger cars. Passenger car sales are dominated by sedans and hatchbacks. Also, India has the potential to dominate in the future especially with its Electric Vehicles. The EV market of India is estimated to be ₹50,000 crores by 2025, which will include both two-wheelers and four-wheelers.
Whatever be the reason, if you are willing to sell your used car at a good value then keep on reading. Buying a used car gives you lots of advantages over a new car. The biggest advantage is checking used car prices with the used car valuation tool. By knowing the right market value, you can easily get a good deal in the market. But, at some point in time, we have to say, “goodbye to”. But what about getting a good deal for your used car? You will love that right?
Here are 5 tips to get the best price for your used car:
The used car market on the other hand was valued at 27 billion dollars in 2020. Expectedly, it can touch the 50 billion mark by 2026. Owing to the pandemic period, the growth slowed down a little bit but now it seems to be back on track again. Those who made this trade easy are OLX, Droom, Mahindra First Choice Wheels, Cars24, Maruti True Value, and others. Now, let’s started with the tips to get fair market value for your second-hand car.
- One last time servicing – This will require some money obviously, but you can cover it up with the offering price of your vehicle. Like, if you spend around ₹9000 -11,000 in the servicing of your vehicle to give it a new fresh look, you can directly add this amount and some excess profit to its value. All you need is a visit to the authorized service center and make sure to change all the necessary changes are being made there. The necessary changes include oil filter, air filter, gear oil, AC filter, Engine Oil, etc. A buyer will always fall for a car that has got no mechanical problems. If your vehicle is serviced, then you can confidently offer him/her a test drive to move a step towards closing the deal.
- Fix the physical injuries – Every dent and scratch is a value subtractor for your car. It is quite normal to have them in your car though, but the buyer is someone who will look for a new looking car at a second-hand price. So, you have to understand the emotions well. Therefore, it is recommended to fix all the dents and scratches beforehand. Read more about Why You Should Invest in Classic Cars.
- Proper documentation with updated papers – This is important for every asset you have, whether it is a TV or it is a car. You must have the essential documents, which will verify the ownership of your car like – RC (Registration Certificate), Valid Insurance, and PUC (Pollution Under Control) certificate. The buyer will always ask for it if he/she is interested in your car. Keep the documentation properly organized in a file and in good condition. Remember, these will decide whether you are a legit seller or not.
- Set an imaginary price according to your expectations – Firstly go to online sites and used car valuation tools to get the current price of your car. Then think of a minimum price which will be the last price for your car. Once you have your minimum price add 5 – 8 % to it so that you can get your final price. If you are willing to sell your car to a business or agency, then remember they will charge a commission from you for selling your car. Remember to add the commission amount to your final price in such circumstances.
- Freshen the interiors – A car is a closed space where a foul smell can ruin the whole atmosphere. If your car is giving off a bad smell, then it is likely to affect the mood of the buyer. Most people don’t take this thing seriously and as a result, they face the consequences because it is impossible to ignore a foul smell. You can fix this easily and cheaply. Just get a car perfume from the market and spray it well thoroughly inside the car. And you’re done!
Now you know the trick to secure a good value against your used car. Make sure that you keep in mind all the points mentioned above.