If you’re wondering why people buy and sell cars for less money than they’re worth, we have compiled a list of 8 reasons why people sell for less.
1) Seller Doesn’t Realize that the Vehicle is Worth More
If a seller doesn’t know how to price a used car which is something that your average person doesn’t know, then they will usually throw out some kind of asking price. This asking price is usually based upon a guess therefore the seller doesn’t know if it’s under or over priced.
2) Seller Knows Vehicle is Worth More But They Simply Do Not Care
This may sound silly for something who is looking to make money but some people don’t have the time to worry about the money that will make with selling a car. Many people lead busy lives and cherish what little free time they have with friends and family. Some car sellers don’t want to spend their entire weekend answering text messages/phone calls and showing their car just to make a couple hundred bucks extra. These type of individuals sell the car fast and cheap just to get the experience over with so they can enjoy the rest of their weekend.
3) Seller Thinks The Car Needs Major Repairs When It Actually Doesn’t
Your average person is not a car mechanic. I’ve bought loads of used cars for less than what the sellers could have sold them for because the seller assumed their car or truck needed major repairs. These repairs really weren’t major repairs and the sellers overreacted and unloaded the car cheap. Their thought process was “Wow I better dump this heap now before it breaks down and won’t be worth anything at all!”.
4) The Seller is Desperate for Cash
Sometimes there is simply a desperate need for cash. I don’t know about you, but I’ve faced situations in life where I really really needed cash fast. I had bills to pay and I needed the money right away. Sometimes the only way to get out of a tricky money situation is to sell something big quick and cheap, and sometimes the item being sold happens to be the family car.
5) Seller Knows Car Requires Minor/Major Repairs and is Too Honest
Some individuals are very honest. They know their vehicle needs repairs and they already know they will have to sell it for a reduced price. They may start by offering an already low price and can be talked down to selling the car at an even lower price which means more money for you.
6) Sellers Tries to Hide the Fact That The Car Needs Repairs
The seller trying to hide the fact that the car needs repairs is a problem for some people however this is not a problem when you learn how to tell the difference between inexpensive and expensive repairs.
7) The Seller Isn’t Very Smart
You could probably argue that most of these reasons are due to a lack of intelligence however it isn’t your fault that people don’t do research before listing their automobile. While you may feel like you’re taking advantage of some sellers, you shouldn’t feel bad. There are many ways to check online as to what your vehicle should be sold for.
8) Seller’s Car or Truck is Stolen and Seller Will Disappear
The seller can be a con artist and can try to scam you for your hard earned cash. This tricky situation is something you can easily learn how to avoid.
If you are looking for more info on buying and selling cars to make money, check out the Lazy Way to Buy and Sell Cars for Profit Guide today!