Truck Selling Options help deciding to sell your truck yourself or list with a dealer
Truck Selling Options
Truck selling options, if after reading this you decide to sell your truck on your own see Selling a truck for a complete discussion into all the areas you should prepare for and be advised of.
Selling Options - The two most common methods are 1) Sell it yourself using whatever means you have, 2) list your truck as a consignment unit with a used truck dealership. Following is a breakdown of the advantages and disadvantages of each method.
Selling a truck yourself - most people list their truck for sale in the local newspaper, put a "for sale" sign in the windshield, and park it along a major road. Word of mouth may net you some interest as well. Remember to keep your insurance up to date for test drives, check the persons drivers license if you do so, and make sure the truck is in good running condition. Also remember if you do not disclose something that you know is wrong with the truck and the buyer later finds out about it, they now know where you live. Clubs, rallies, flea market parking lots, car races, football games, and personal contacts are helpful in getting the word out that your truck is for sale.
A serious buyer is going to want to drive the truck, test the appliances, run the generator if it has one, heating and cooling, check out the lights and entertainment options. If something goes wrong, offer to correct it before completing the sale if it is important to them. Don't offer any kind of warranty or assurances.
Some buyers may want to have your truck appraised by a surveyor or other third party. If they are serious, and willing to put down a deposit, let them have the truck evaluated at their cost. Make sure they agree to give you a copy of the results to use for the next prospective buyer (if they don't buy). Stay with your truck during this process, you will protect your interests and probably learn something.
Selling a truck yourself - ADVANTAGES - could put literally thousands of dollars extra in your pocket, may cost the least upfront, simple to start, if you are a full-timer using the truck to live aboard this may be the only option, easier to do on trucks costing less than $10,000.
Selling a truck yourself - DISADVANTAGES - might take a long time, truck depreciates during this time, the longer it sits the harder it is to start and drive, new buyer will know where you live (and may have been invited into your home for negotiations), no support, nobody to help you during negotiations, difficulty in securing financing for buyer, have to be there to answer the phone, make appointments, and show the truck, could possibly underprice your truck, difficulty handling the transfer of money and title (cashiers check verses cash, when do they title the vehicle since it leaves your yard in YOUR NAME and in some cases with YOUR license plate on it). Make sure they have their own insurance in place before leaving.
Paying a dealer to sell your truck - ADVANTAGES - fastest most assured method of selling a truck, easier to get an objective price, you have a "middle man" to handle some negotiations, insurance, title work, deposits, escrow, you don't have to meet the buyers, your identity remains somewhat protected, they show the truck, they pay for the marketing of the truck and may in some situations have a ready buyer on hand, dealers are also there to advise you and make recommendations based on many years of experience and their judgment of the CURRENT market conditions, which change often.
Paying a dealer to sell your truck - DISADVANTAGES - not an option if you are living in the truck, could cost you as much as 15% in profits.
Bottom Line - Price the truck right the first time and it will sell. It may take a few months. Overpriced, worn or troubled units take much longer to sell, if they sell at all. Anything that sticks out as troublesome can ruin a sale. I have seen buyers literally flinch when they looked at the drivers badly worn, greasy seat that was for sale. Minor problem of staining that was not addressed may have been the issue that cost them the sale.
If after reading this you decide to sell your truck on your own see Selling a truck for a complete discussion into all the areas you should prepare for and be advised of for truck selling options.
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