Need a viable source of extra cash?
You don’t have to look far and wide, your old car can do the trick! Yes, your old wheels parked in your garage that’s been too outdated—almost rundown or simply unroadworthy anymore—can still spare the cash that you need.
Here’s how you can drive a hard bargain with old Herbie:
TIP 1: Sell it as it is.
The first thing you’ll have in mind with your old car is to sell it as it is. While it is a common thing to do, expect that you need to put in A-plus effort to sell an old and used product, and that could be challenging. Since car value depreciates, what you want to do is to make the best deal out of it as much as possible. Here’s what to do:
- ● Determine the brand, the year, and model of the car to compare it with current advertisements available online.
● Be sure to make basic maintenance for your car. Opt a professional mechanic to check it, if you can’t do it yourself and to avoid further damage.
● Always keep in mind that the first thing potential buyers see is the car’s appearance, so get your car looking awesome!
● Prepare yourself for the buyers that sticks to their price on mind and those who are in it to haggle. As a car reseller tip, you can add a few thousand pesos from the base price just to be ready for people haggling with you.
TIP 2: Enroll your car in the ever-growing Transport Network Vehicle market.
Cars less than five years of age can be enrolled in the growing market of transport network vehicles. The transport network vehicles are your on-demand ride-sharing app-based car services. To get into this lucrative income-generating endeavour, all you need to do is make sure your car qualifies its standard procedures. Once it gets approved for service, you can have a trusted driver and create a sharing agreement on profit.
TIP 3: Offer a rent-a-car service.
Another way to turn your old car into cash is to rent it out. You can offer a generalize car rental service on a daily basis. This is common to special trips for companies, for your friends and relatives during holiday seasons. Or if you have a car that looks fit for a bride, you can give it a white paint job and offer it for a bridal car rental instead. This way, you can still use your car while giving it a sideline job.
TIP 4: Chop and sell it in parts.
If the vehicle takes more money in repairing than selling, it is advisable to sell the reusable parts in the secondary market. You can do this along Banawe area in Quezon City. At Least, you’ll still get money from what’s left of your car.
TIP 5: Pawn your cars for extra cash.
While this may be unheard of, but yes, you can pawn your cars at a pawnshop. Nowadays, pawnshops accept more just jewelry and luxury items. Turning your car into cash is just a few of the many benefits of pawning. Note that most pawnshops only accept car models from 2012 onwards.
TIP 6: Car trading.
One of the fastest and easiest ways to get rid of your old car is through car trading. While you may get less money for your car at trade-ins, you can spare the time and the effort it takes when you do it all alone. There are trade-in programs available from automobile companies where you can trade-in your car for a newer model.
Be Cautious When Selling Your Car
When working with a potential buyer, always be cautious. You don’t want to end up with nothing. Here are a few takeaways to keep a watchful eye on a would-be scam:
- ● If the buyer offers to buy the car without looking at it first is a warning.
● Be careful for buyers who offer to pay more and settle for installments.
● Don’t just accept checks and money orders. Make sure the money clears even before signing the title of the car to the buyer.
Carol Soriano is a consultant for PawnHero.ph, the very first online pawnshop in the Philippines. A writer at heart and a social media enthusiast, she finds personal finance, investment and money matters interesting topics.
Cars For Sale by Brand