How To Make A Profit Selling Your Used Car

Selling your used car is like parting ways with an old friend. The familiarity and memories are sure to last a lifetime, but even the strongest friendships can outgrown one another. The same goes for car ownership.

After awhile, the joy that your car once brought you starts to lose its effect. Interiors fade, bumpers get damaged one too many times, and even your headlights start to show their maturity, especially if you’ve neglected to replace them every 5 to 6 years.

It’s not that uncommon for drivers to sell or trade-in their vehicle on an impulse whim. And sometimes your used car is the one at fault. Several break downs later and you could be without transportation and in desperate need of a new ride.

Whatever the reason is that leads you to a new vehicle, the time to make a profit on your used car is now. Fortunately, drivers in 2022 have a better chance of selling their used vehicle above value. If you’ve been considering the sale, these tips will help make your process that much easier.

Can you make a profit selling your used car?

In years past, the answer to this question might of leaned towards no. But as the chip shortage and resulting supply chain disruption have altered the way we produce vehicles, the used car market is experiencing an all-time high. Reports show that new car ownership is dropping simply because drivers across the nation cannot afford the inflated prices.

Therefore, if you’re ready for something new, consider buying used. Not only will you find the biggest bang for your buck on a gently used model, you can also sell your existing vehicle for a profit in 2022.

Before you sign a deal, take a look at the best steps for selling your used car:

Step 1: Do your research

In order to make a profit, you have to know what your specific model is retailing for on the used car market. In any case, research is important so you can understand what sets your used car apart from others. First, get your car appraised, then see what retailers or independent buyers have to offer.

Step 2: Shop around

The way we buy and sell a vehicle has become more modernized in recent years. However, that doesn’t mean you should decide early on that one dealership or one platform will be the best for selling your used car. A lot of buyers have had great success with selling online to Carvana. But at the same time, just about every dealership is looking for fresh inventory.

Step 3: Sell to the highest bidder

If making a profit is your top priority, then take the time to weigh out all your options. Don’t make an impulsive decision before you’ve seen the best offer on the table. Now that you can easily sell your car online, allow the retailers to come to you!

Best tip for selling your used car for profit

These days, it doesn’t take much footwork to sell your used vehicle for profit. However, if you’re looking for the best way to increase your odds, simply spruce it up! Low-cost upgrades can  have a $500-1,500 impact on your profit at times. For example, some of the most common upgrades include:

• Replacing tires
• Investing in professional detailing
• DIY headlight restoration

All these techniques and more, will help you leverage your used car apart from others when the time comes to sell.

Overview on selling your used car

Though a recent study shows that drivers are keeping their vehicles for at least 12.1 years, the appeal of something new is always lingering. Nowadays, the used car market is exceptionally diverse, offering a number of luxury and conventional models on sale with low mileage and standard safety features.

If truth be told, it’s almost foolish for a car shopper to consider buying new when the majority of used cars available are only 1-2 years old. A lot of times this means you will find a vehicle in mint condition with low mileage. The best part — no additional expenses! 

Once you’ve performed research, shopped around, and received the highest offer, you can happily sell your used car and upgrade to something a little new but still used.