HM po? Here's how to calculate your car's selling price

Now that you’ve finally decided to sell your car, the next step would be to figure out how much to sell it for.

Sounds simple enough, but this can be a daunting task.

If you set it too low, you will easily get someone interested, although you won’t be getting the full value of your car. On the other hand, if you set it too high, expect to wait weeks or even months to get someone interested in buying your used car.

Furthermore, the type of fuel it uses also affects its selling price. With the constant movement of fuel prices, selling a car that’s known for great fuel mileage will naturally appeal more to a broad range of car buyers.

So, the only question left here would be, how do you properly calculate your car’s selling price?

Research is key

First up, get a general idea about what your car is worth in the second-hand market.

Simply browse through online sources like Facebook Marketplace postings or offline sources like second-hand car dealerships. Consider the overall condition of the cars, including the mileage, as this plays a big factor, too.

Also, take note of the highest and lowest prices. By having a general idea about the condition of the cars and their corresponding price points, you will now have a general idea of what your car should be worth on the market.

Online Sources

• Facebook Marketplace listings
• Second-hand car websites
• Automotive websites

Offline Sources

• Second-hand car dealerships
• Classified ads in print form
• Network of friends

It’s all about demand

Another important factor in determining your car’s selling price also has a lot to do with what kind of car it is. 

Admittedly, certain cars are more sought after or popular compared to others. In the Philippines, crossovers, pickups and sport-utility vehicles (SUV) are always in demand as these have become the modern-day family car.

Here’s a brief rundown of some of the common cars on the market and how they rank up against one another.

Sedans and SUVs

These cars are mainstream, which explains why they are in constant demand by people who need the most basic mode of transportation.

Vans and pickups

Mainly used by businesses, these are workhorses that must be reliable.

As such, you must think like a business owner. Make sure these vehicles should be reasonably priced so that the buyer won’t be swayed to get a brand-new unit.

Collector cars and sports cars

Because of their sheer value, these cars normally take some time before they get sold.

But depending on their rarity and overall condition, such cars can command a high price.

Condition, condition, condition

This is a very crucial aspect as this directly affects the price of the car.

Condition is not just about the mechanicals, but is also related to the external appearance and the interior. If everything has been well cared for, meaning the car has no hidden defects or issues, this will allow you to demand a higher price.

This is why it is better to have the car checked by a mechanic to see if there are things needed to be repaired. If possible, also have it cleaned or detailed as well before posting it for sale.

Remember, no one wants to buy a beat-up and dirty car. But taking these steps will let the buyer know that it’s worth every peso that you’re asking for.

Be ready to haggle

Not unless you’re in a hurry, take all the aforementioned steps to get the full value of your car.

Doing the proper research and having it serviced and cleaned give you a better chance of selling your car against the competition.

Selling a car that’s in good condition is great leverage and will allow you to stand firm on your selling price. But as with any form of negotiation, all buyers will try to ask you for your "last price."

As such, try starting the haggling on the high end of your price range. Doing so allows room for negotiation, while still giving you plenty of opportunity to settle on a price that's fair to you and the buyer.

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