Assuming you have always meticulously and religiously maintained your car – The condition is perfect, accident-free and with servicing records to boot. Now, what about your asking price?
Without a doubt, price is almost always the most important factor in car sales, and here’s why.
The period of best opportunity for selling your car at a fair and reasonable price is always *now*. With the wonders of the internet and websites like SgCarmart and Carousell, prices are transparent to every car buyer. Buyers who have been spoon-fed with pricing information from said websites have been looking and waiting for the right car to pop up in the market. If your car is priced correctly from the beginning, you are in the *best position* to attract the maximum number of buyers who are sincerely interested in getting their next car.
- If your car is priced too low, you might attract plenty of buyers. But you could stand to lose thousands of dollars on probably the 2nd most expensive item you own
- If your car is overpriced, you will find it extremely difficult to attract buyers to your wonderfully maintained car, with little chance of any offers to pay your unrealistic price.
Depreciation is always working against you
We see this happen far too often. Car owners tend to prefer “stress-testing” the market for a month or 2 (sometimes 3) before deciding to follow market prices. Many of them are gambling on the off-chance that there might be a “Robert” who will accept their unrealistic prices.
Unfortunately, these gambles often turn against you, as your car continues to depreciate it’s value on a daily basis. The average Japanese car depreciates at a rate of $22.50 per day and the average German continental car depreciates at a rate of $33.35 per day. Stress testing the market for 2 months pretty much meant that you have lost almost $2,000 in a short period of time.
If you aren’t willing to spend $2,000.00 on lottery tickets, why do that to your car?