It’s not particularly difficult to sell your car quickly, but you’ll have to consider the drawbacks to each option. Of course, the overarching drawback to selling your car as quickly as possible is that you’ll likely receive less money than you would if you patiently went through the selling process. But, for those of you who simply need the money now, here are the routes you can take to get some fast cash for your car:
1. Sell Your Car to an Online Retailer
Virtual retailers, such as Carvana, have very simplified processes to sell your car online, and many will even pick your car up directly from your place of residence. Though this may be the easiest way to sell your car, you’ll almost certainly be leaving money on the table because these services typically don’t partake in any negotiations – the price they offer is usually a “take it or leave it” option.
2. Sell Your Car to a Dealership
Dealerships may buy your car outright if there’s demand for that particular model. However, you’ll probably need to take a price below market value because a dealership would be adding a vehicle to their lot for an unknown length of time and will want to ensure it makes a profit. Shop around at multiple dealerships and compare any offers they give you, but this may be a lengthier process than you want.
3. Sell Your Car Privately
You can always list your car using an online marketplace (such as Auto.com!) and price it competitively. Find out how much your car is worth, view similar models in your area to see what they’re priced at and then price your car accordingly. You’ll obviously have to take less money than you might be able to get if you waited, but, as we’ve emphasized, that’s true for any of these options. The other downsides are that you’ll have to take the time to build out the listing with photos and information, and you don’t know how long you’ll need to wait before an offer is made.
Assess How Quickly You Need the Money, then Pick an Option
The right selling option may depend on how soon you need the money. If you need it as soon as possible, then selling it to an online retailer may be your best option. If you have more time than that, you can both list the car and try to solicit offers from dealerships in your area. Then, you can always fall back on selling to an online retailer if you run out of time.