Its possible to make a decent profit even when selling a car or truck that has a lot of miles on it. This guide to making the most money from a high mileage used car takes you through the steps you need to maximize your profit, all the way through the sale. It also supplies tips for donating a vehicle to charity.
# 1: Time to Do Some Vehicle CSI.
For an excellent starting point, take out your pencil and paper …. or even a magnifying glass. Go out to the vehicle and make an inspection. Note things that a potential buyer will notice. This gives you a list of thing to do before selling.
# 2: Get a Second Opinion.
If you can take a vehicle to your mechanic for an official inspection, it usually pays dividends. First, you will know exactly what needs to be repaired. You can fix these things or adjust the price. Second, buyers have reputable information to rely on. They will feel more confident in making a purchase, when the vehicle has a proper inspection.
# 3: A Dirty Car is a Worthless Car.
Before you sell your vehicle, it should be clean. This includes more than a simple vacuuming and car wash. You should rub the paint with a good rubbing compound and clean everything deeply. This is a great deal of work but your vehicle will look years younger. If you have the money, take the vehicle to an auto detailing service. This saves a lot of work.
# 4: The Advantage of Selling vs Trading.
Trading your vehicle in is not a good way to realize profit from its sale. However, it is less work. It is better to go online and check with Kelly Blue Book or Edmunds, as they provide free valuation services. Once you know the fair market value, you can sell it yourself and ask for the most money. Make sure the asking price is high, as you have more negotiation leverage this way.
# 5: Donate and Deduct.
It could be that you can not get enough for the vehicle by selling. Some people do very well by donating their charities and taking a nice deduction of their federal taxes. However, you must itemize your income taxes to see any kind of tax savings. You should also be aware that some so called charity car donation programs take your vehicle, only give a small percentage to charity, then pocket the rest. It is best to give directly to the charity, to be sure that a vehicle is going to a worthy cause. So before you donate, do a little legwork.
# 6: More Tips for Donating.
When you call a charity, ask them how much of the value goes to helping others. Consider contacting the Better Business Bureau about any business that accepts pledges. This way, you know that your efforts are not being wasted. If you are not sure, it is well worth the time and expense to talk to tax professionals. They can give you the best advice for donating a car to save money on taxes.
To make a long story short, you can maximize your profits when you sell a vehicle that has a lot of miles on it. Make sure that it is completely clean and looks impressive inside and out. Have everything repaired that you can. If you are thinking about donating the car, make sure you are donating directly to a legitimate 501 (c) (3) charity. And sometimes making the most money from a high mileage used car means hiring professionals such as a good mechanic or accountant to make sure you're making the right moves.
