RALEIGH, N.C. (WNCN) — Prices for used cars have never been higher, and that goes for just about any make or model. As a result, more people than ever are thinking about selling their used car privately instead of to a dealer.
CBS 17 Consumer Investigator Steve Sbraccia has reported frequently about how the continuing shortage of new cars is pushing up the price of used vehicles.
In these inflationary times, some folks are thinking, that maybe they will sell their car outright to make the most money possible.
But if you decide to sell your car privately — there is a right way and a wrong way to do it.
Selling privately means you’ll have to wait for the right buyer. If you’ve got the time to do that, go ahead, but also make sure you price it right.
“Value your car for the market,” said Karl Brauer the executive analyst of iSeeCars.
Once you get pricing information from those services, compare it against what a dealer might offer you. You can take your vehicle to a dealer for an appraisal.
“Take the price a dealer offers you for a car, bump it up by 10 to 20 percent minimum and put out your own classified ad and see if you can sell it yourself,” said Brauer.
If you are selling privately there are legal requirements.
Here are some of the documents needed to sell a used car in North Carolina:
- Valid current proof of identification
- Current maintenance/vehicle records
- Original or replacement title
- Lien release (if liens are shown on the vehicle title)
- Odometer disclosure statement
There just isn’t enough inventory out there of decent used late model vehicles.
Brauer says used vehicle prices remain high because the inventory is so low.
“That is why prices are at a new level now,” he said.
If you’re looking to get the best price for your used car — now is the time to sell.
JD Power and other industry analysts believe used car prices will drop 20 to 30 percent after October of this year.