Selling privately or to a business; a look at the pro’s & con’s of both
When it comes to selling your car, you face a fork in the road.
You could sell your car privately and stay in control (sort of), or you could sell it directly to a business where they’ll eventually resell it to someone else (for a significantly higher price).
As a seller, what you probably didn't know is that in this market, you're actually not the customer, you're the supplier. So naturally, the processes that exist aren't all that accommodating and can seem overwhelming and daunting.
Let's have a quick look into what each road might involve:
It seems more efficient; a shorter path, fewer hands, less margin, and often looks like it could pay out more.
So, what’s the downside?
- First and foremost, people tend to forget that the buyer often has to sell their car first in order to buy yours.
- Conflicting schedules can get in the way of getting the deal done. Matching up your available time slots to that of eager buyers is no easy task and often you're left with no shows or worse, waiting around for some sketchy-looking people to arrive at your gate.
- Finally - value is subjective. What your car is worth to you is not necessarily going to be the same number your interested party has in mind. You are also not a professional used car salesman and neither is your buyer - perhaps this is your first time ever selling a car - so if you're uncertain about the real value of your vehicle, how can you be confident that you're getting the best deal?
Selling To A Business
It seems more effective; you're dealing with a professional here. You expect them to have the expertise, resources, technology, data, and experience to help you get the ‘right’ price for your car.
So, what’s the downside?
- Too many choices. You don't necessarily have the know-how to determine where your best option lies and whom you can trust.
- You'll probably lose some lunch breaks. It's time-consuming to drive to different places, sit for hours and go through the same process multiple times - all during work breaks and weekends when you should be doing other, more important, and fulfilling activities.
- They’ll buy your car upfront and later sell it for a higher price - the price you thought your car was worth... Your mediocre negotiation skills or slightly blurry understanding of the industry are no match for these guys, who know how to use their charm and lingo to lead you to a price you might not believe in.
Plus, there's often that little voice in your head whispering “what if I can get a better deal somewhere else?”
But at this stage, you're pretty tired and you need to move the money out of your motor and into your wallet, so you sheepishly nod and walk away scratching your head, with a lot less in your pocket than you were hoping for.
Taking a step back and looking at this fork in the road from a new angle, you start to see that it's could be a slightly more bumpy drive than you were initially prepared to endure.
These insights should make you shift the core question you're asking yourself at the start of your journey; from
“Who should I sell my car to?”
“What’s the most intelligent way to sell my car?”