Just as you would be worried about buying a car for more than it's worth, you should be just as mindful of the risk of not getting enough from selling the company car.
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After all, a company car is an expensive asset and, even used, you want to make sure that you’re able to maximize what you get from it, especially if that money is supposed to be going back into the company or towards a new company car.
On this post, let's consider a few practical tips to remember in order to maximize your profit if you're selling the company car.
Make sure it’s ready to be sold
Before you put your car up for sale, then make sure that you find a mechanic like YourMechanic who will be able to give it the once over, service it, and let you know if there are any additional fixes that it might need.
Sure, you could let these issues linger and let the buyer take it as it is, with the expectation that they fix it themselves. However, the worse the issues, the fewer buyers will want to make the effort and, in general, the price dip from buying a vehicle in need of some care is higher than what it costs to get it into shape.
You don’t want to end up losing more money in selling the company car than you would pay your mechanic.
Selling the company car? Get an idea of its worth
When selling the company car, having some idea of how much it’s supposed to be worth can help you set the price a little more competitively, or can even help you find better places to sell it than on your local marketplace boards.
Sites like Edmunds can help you get a better idea of the worth of the vehicle and can offer another avenue to sell it so that you don’t have to take the lowest offer simply because you can’t find any.
However, you might have to expect a bit of wiggle room if you’re trying to get it sold without having to wait very long, at all. It’s ultimately your decision.
Consider taking it to auction
If you think that you’re not going to get the best offer simply by taking it to market, then there are other ways to find buyers. One option worth considering, in particular, is taking your vehicle to an auction.
Car auctions work much the same as any other, people bid on the items, and the more bidders, the greater the chance of getting more for your car. It is worth noting that the cars that tend to do particularly well at auction are those that are worth to collectors.
Some makes and models of cars simply have a strong following that might be willing to pay more than what they are practically worth, but not every car falls into that definition so be mindful.
If you’re selling the company car, the more work you take to get it to the market right, the more you’re likely to get from it. Just avoid investing more than you’re likely to profit from said investment.
