Selling a Car
Our Side Hustles Breakdown
We recommend selling a car as a side hustle for those looking to declutter and earn. It’s essential to be aware of market values and present your vehicle well. Key concern: Scams are prevalent, so always prioritize safety and legitimate buyers.
- Time-Consuming: Prepping and showing the car takes time.
- Possible Repairs: Might need to invest in fixing the car before sale.
- Fluctuating Market: Car values can vary based on market trends.
- Quick Lump Sum: Get a significant amount in one transaction.
- Declutter: Free up space and resources by offloading an unused vehicle.
- Negotiation Skills: Enhance your haggling skills with potential buyers.
Are you a car enthusiast looking for ways to earn? Do you have skills in repairing vehicles and communicating with potential buyers?
If you answer yes to any of those questions, selling a car could be the side hustle you’re looking for.
This article will discuss all you need to know about selling cars. We’ll include some tips on how to make the best profit by selling vehicles in 2023.
An Overview of Selling a Car: A Primer
Selling a car can be a profitable alternative to repairing your vehicle, especially when fixing costs more than purchasing a new car. It’s an excellent method to earn instant cash with a little hard work.
There are many approaches you can take when selling a vehicle for profit. But the goal is to get as much of your car’s original value as possible.
The process of selling a car, especially used ones, can be tricky. You’ll also need several documents, such as your vehicle title, registration, and vehicle history report.
You’ll want to determine your car’s sales price. Use tools for calculating vehicle value, such as CARFAX, Kelley Blue Book, Autotrader, and the National Automobile Dealers Association.
Afterward, the job primarily involves preparing your vehicle for sale, including ensuring any loans are paid off and finding potential buyers.
How Much Can Selling a Car Earn You?
The exact amount you can sell your car depends on several factors. Your car’s model, condition, overall mileage, and demand can all affect your earnings.
One of the easiest ways to sell a car is through dealer trade-ins. You can’t expect to get near your car’s original value this way, but you can save money in sales tax.
An instant cash offer (ICO) is another straightforward method to put a vehicle on sale. Unlike trade-in value, you’re more likely to sell a car at an amount closer to its base price with ICOs.
If you want the highest earning, selling a car in person is your best option. But you’ll have to invest time and effort, including meeting prospective buyers and handling vehicle paperwork.
How Much Does it Cost to Start a Side Hustle Selling Cars?
Attracting buyers could mean spending a few hundred dollars to make your car presentable. It can include cleaning the automobile or making minor repairs, such as repairing old tires and doing a quick inspection.
Completing a car sale also comes with some legal payments.
You’ll have to pay the sales tax, which falls between 0% and 8.25% of the sales price. You’ll need to pay the car title transfer cost, which varies from state to state.
Where Can You Sell a Car?
Are you interested in selling your car for quick cash? Below are some of the best places to sell a car in 2023:
1. Facebook Marketplace
Meta provides an impressive platform for merchants. The tech giant’s Facebook Marketplace is an excellent site to promote products and services to your local community, including cars.
The benefit of selling through Facebook and other social media outlets is the sheer number of audiences you can reach for free. Communicating within the platform is also straightforward, which uses the app’s messenger.
Here’s a tip:
Always define the forms of payment you’re willing to accept for a smoother transaction.
2. Autotrader Website
Autotrader is a trusted resource for buying and selling used cars. They’ve been in the business for four decades, vouching for the platform’s reputability.
There are multiple benefits to using Autotrader to sell a car.
For one, the site connects you to many online car buyers. Autotrader has millions of monthly visitors, which makes it an excellent place to ensure your car receives market exposure.
Cars.com is another fantastic platform for anything car-related, including buying and selling. The site boasts an impressive car inventory, with efficient tools to make marketing and shopping easier.
One primary advantage of Cars.com is that it allows affiliate postings to other online websites. This marketing novelty lets you reach a wider audience beyond Cars.com’s homepage.
Why You Should Consider Selling Cars As a Side Hustle
There are many reasons why you should consider selling a car. Some practical reasons to post your vehicle up for sale include:
- High resale value: Car prices rose in 2022 because of global production issues. The increased demand for vehicles means you could sell your car at the exact price or higher than when you purchased it.
- Easy money source: If you live in areas where driving isn’t strictly necessary, selling your car can be a fantastic source of quick money.
- Upgrade your car: Upgrading your car can be costly. Selling or trading in old vehicles is a great way to upgrade your ride to newer models.
Problems With Selling Cars As a Side Hustle
Selling cars also comes with issues and risks. Here are some of the problems you can expect to sell used vehicles in 2023:
- Lesser value: Cars depreciate in value over the years. The older your automobile is, the lower the amount you can get by selling it.
- Labor intensive: If you want the highest price for your car, you’ll need to invest time and patience in marketing it.
- Dealer issues: If you sell your car through dealerships, you give the dealer control over the sale process.
Frequently Asked Questions
Below are some interesting FAQS from people with similar interests in selling cars.
What is the Best Site for Selling Cars?
You have numerous viable options when selling your car. But car buying and selling websites, such as Autotrader and Cars.com, are the safest and most reliable platforms online.
Who Gives the Best Used Car Values?
You can use many tools to calculate your car’s value. Among these tools, Kelley Blue Book (KBB) is one of the most trusted websites for its accuracy and reliability.
KBB has been appraising vehicles for over nine decades. It boasts an enormous amount of automobile data to provide the best value for used cars.
Selling my old car felt daunting at first, but with the right prep and patience, I managed to get a great deal. It's all about presentation and negotiation.