Saturday, February 4, 2012

Update on Selling A Used Vehicle

As a follow-up to a previous post, Increasing Your Profits When Selling Your Vehicle, here is an update on what happened with my SUV.

It  was sold in about 14 hours.

After the vehicle was cleaned until it was just about showroom new, it was placed in a safe, well lit parking lot near one of the busiest intersections in our area. The lot wasn't exactly at the intersection, but close enough so that when traffic stopped at the redlight drivers would have ample opportunity to see it. We parked it at a slight angle and used large For Sale signs to make it easier to see. The results were better than expected and we were receiving calls within 20 minutes.  One potential customer wanted to look at it right away!

As soon as we got home from parking the car near the intersection, I posted some photos with descriptions of features on a Social Network. Before I could get all five photos posted, people were messaging me with questions. Things were looking good!

While letting the potential customer do a test drive, someone called me and after a brief conversation said they'd be in touch.

The results?  The second buyer took it for a test drive and bought it on the spot paying the asking price.

What did I learn? As much as I could have used more money than I was asking, I believe if I had aked for a higher price, I would still be waiting on a buyer. As with houses, it must be priced just right. Too high, and people won't even negotiate; too low and you are losing money. By being reasonable in my expectations,  the transaction is now complete and everyone is happy.  I also learned advertising can be done cheaply. I only paid for two sale signs. A Social Network as well as as the Going Home traffic on a Friday afternoon provided me with the visibility I needed. Let me add, we also used a lot of word of mouth and if those things had not proved successful, we would have moved on to other web sites and paid advertising. I also learned that getting that puppy as clean as possible was a smart move. The potential buyers and the online viewers commented how well maintained it looked. Image is very important and it definitely adds value.

I am still shocked by how fast it sold and it reminds me of something I read once: \For a quick sale give your customer a great item for a great price.

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