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How to Set an Asking Price for Your Car Listing

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You've decided that it's time to sell your car. You've bought your "For Sale" signs, and you've polished your vehicle to a perfect shine. You may even be ready to place an ad in a local paper or on a car sales website. But do you know how much you want to ask for your car? It's not as easy as just setting an arbitrary number. You should consider several factors before you set that asking price. Here are some tips on how to do so.

Determine the Fair Market Value for Your Car

One of the first things you want to do is figure out what the fair market value is for your car. The fair market value is what you want to walk away with when all is said and done. Check out multiple pricing guides to determine what your car is worth. You'll find that the guides calculate value based on make, model, year, mileage and even the region where you live. These guides also take into account current economic conditions. You can get a good idea of the fair market value when you check more than one source; don't just rely on a single guide to make a decision.

Scope Out Your Competition

The next thing you want to do is find out how vehicles similar to yours are selling around you. Look at car sales websites and auction sites, and even call dealerships if you have time. Compare not just the make, model and year of your car, but also check out mileage and conditions similar to your car. Look at vehicles with similar options to yours. You should see patterns in asking prices, and you'll be able to tell how much is too much to ask. Knowing how other cars like yours are selling will help you know what a reasonable price is.

Take Special Factors into Account

There are other factors that you should consider when pricing your car for sale. Some factors allow you to add some to your asking price, while others mean you'll need to price your vehicle a little lower. If your car is still under warranty or you have an extended warranty that is transferable, add a little to the price. If you've recently completed major maintenance on the car or recently purchased new tires, you can increase the price some as well. If your car has been in an accident or has had mechanical issues, you'll want to take some off the price. If you're desperate to sell quickly, you may also want to consider lowering your asking price.

Give Yourself Some Room to Negotiate

Nearly every buyer wants to negotiate, so you'll want to allow yourself some wiggle room. You don't want to set a price too close to your minimum asking price in case your buyer starts with a lower offer. Make sure you have room to counteroffer if your buyer starts out too low. Be prepared to go back and forth with a buyer, because if he or she continues to make counteroffers, that means that he or she is genuinely interested in buying the vehicle. Another good idea is to add some of your expenses — such as ad buys and cleaning supplies or services — into your asking price so that you can make part of these costs back.

Trust Your Gut

Once you've considered all these factors and have an idea in your mind, trust your gut. After all, you know your car better than anyone else, and you've done your homework. If a certain price sticks in your mind, go with it. you're not locked into a particular price if the vehicle doesn't sell. In fact, you're better off inflating the price some so that you can decrease it if the car sits for a while without getting offers or a potential buyer wants to negotiate. Your own intuition is as important a factor as any of the research you can do, so don't discount your own gut feeling when you set a price.

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