Coming up with a selling price for a used car is an art. This is a skill which requires intuition and research. In case you set the correct price, you will receive the complete value of the car.
But if you set a wrong price, no one would be willing to buy from you. The right price is a competitive price which is on the high end of the price range. This creates space for negotiation but still gives you a chance to determine an excellent price so that you can have a decent amount of cash.
One of the simplest ways is to settle on a price you want to end on, and then going backwards. For instance, if you want $4,000 for your car, then list it as $5,800. If you have a luxury car, make more room. You’re not at this alone. Below is a comprehensive guide on setting your price.
If you’re looking for a used car in the UAE and want to buy or sell a car, platforms like CarSwitch can assist you in finding the right vehicle that meets your needs and preferences.
Consider the present market
Family sedans
These cars might be boring to car enthusiasts but they are still in high demand. Family sedans are practical and common types of transportation.
Trucks or vans
These are mostly utilized for work and they sell at a high price. Make sure you do not sell them at a low price.
See the pricing guides
Use various automotive pricing guides to determine the fair value of your used car. Their prices are adjusted according to factors like mileage, color, choices, condition, and geographic area. It is important to realize that their listed prices are transaction prices and not asking prices. So go higher than those prices. You can use the car price valuators to get the closer to actual estimation of your car’s worth. Carswitch.com has developed a really nice car valuator to get price estimation of cars in Dubai.
Check your competition
View the prices of your model on different websites to see if your price is competitive. Many websites offer advanced searches with which you can discover matches near to your car so that you can compare effectively.
But remember that all the numbers are asking prices and not the actual selling price of vehicles. Compare other factors such as geographic area, condition of vehicle and gas mileage.
Set a competitive price
After seeing the competition, set your price competitively. But also leave some space for negotiation so that you don’t face loss. You can also take into account the psychological features of car buying and set a price like $8,800 instead of $9,000.
Although it is crucial to price the vehicle competitively, don’t be hesitant to set a solid pricing strategy along with pricing the vehicle a bit higher. This is accurate for vehicles which are in a stable condition with low mileage.
Trust your gut
After completing the homework, trust your intuition. If your perception of the car is good and people have complimented how great the car is, price accordingly. But make sure to err on the side of caution while asking for too much of a price. Go lower until you start to get buyers and then adjust the price and go a bit higher if the demand rises. Remember to not go too low because people will immediately buy the exploitative price.
Research
Research equals reward. More research will lead you to the appropriate asking price. Pricing requires homework and patience. If you carry out the research well, you will get closer to the asking price and make more money out of it.
