Why would you ever sell your car or truck online? More to the point, who would ever buy it sight unseen over the Internet? It may surprise you to know that today an automobile sells every minute on eBay Motors. Many sellers have found eBay the perfect place to list vehicles. Via the site, they can reach a larger market, communicate much more detail about their ride than with a typical three-line newspaper classified ad, and weed out the not-so-serious buyers because a bid on eBay is binding.
Now that you're convinced it's a good idea, how do you go about selling a vehicle on eBay Motors?
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You Still Need to Do Your Homework You can't just plunk your vehicle's photo down on eBay, sit back, and wait for the bids to roll in. Some advance preparation and research will go a long way in helping you sell your vehicle for the price it deserves.
First, gain valuable eBay experience by auctioning a few lesser items and cultivating a positive feedback rating, which can help command a better price for your big-ticket item. eBay is a user-regulated community driven by feedback from buyers. Experienced shoppers look to feedback ratings to help weed out questionable sellers. Spend some time on eBay and you'll find that sellers with high ratings tend to command better prices and more auction activity-a key to getting maximum dollars for your pre-owned ride.
Next, research the value of your vehicle to help you determine the price that a buyer is most likely to pay by referring to the used-vehicle valuations at IntelliChoice.com and reviewing similar eBay Motors listings for pricing. The top price you can expect to receive will be somewhere between the trade-in value and the retail value, where private sales generally fall.
Don't price your vehicle excessively high, thinking that you can negotiate down. An extremely high price will scare away potential buyers. Based on your research of market values, pick a price you think is reasonable and stick to it.
To stay on track with what you need to do before you sell, download the Seller's Checklist from the eBay site. It's a convenient one-page document that will help you collect all the relevant
information about your vehicle as you prepare to list it for sale.
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Marketing Your Vehicle on eBay MotorsA good eBay Motors listing is detailed and honest, inspiring trust in potential buyers. A thorough listing should include a general description of the vehicle, a list of features and options, and an overview of the vehicle's history and maintenance. Disclose any relevant details pertaining to the title and fully describe the condition of the vehicle, including any exterior damage, even dings, and mechanical problems. Honesty is definitely the best policy, so don't misrepresent the facts. While you still may be able to negotiate a deal, the sale is not final until the buyer takes delivery and is satisfied with the vehicle. Further, you don't want to risk a negative seller feedback rating.
Include lots of photos. Take photos of every angle of the exterior and all key features of the interior. Potential buyers will also be pleased to see a shot of the odometer to ensure that it corresponds with the mileage you claim in your listing. Take photos of any visible damage such as ripped upholstery or a ding on the door. This is as close as your potential buyers will get to making a visual inspection of the vehicle before they decide whether to bid. If you are light on photos, a buyer may pass and bid on another vehicle with a more complete listing.
Clearly outline all terms of sale. Specify what you require for a deposit and how soon after the auction close you require the balance of payment. Be clear on vehicle shipping methods and whether you're taking any responsibility for shipping the vehicle to the buyer. Indicate how and when you will transfer the title after having received final payment.
Consider using eBay's CARad service to actually create and post your listing. For just $9.95 per vehicle, this tool is a fail-safe way to create a complete, professional looking listing, including the posting of a much larger number of photos than are allowed on just a basic eBay listing.
Get your listing right before you click "submit" to post it to the eBay Motors site. Once you get a first bid, you cannot change your listing or add photos. Note that eBay Motors' fee structure is different from that on the rest of eBay. The basic listing fee is $40 for a car, truck or other passenger vehicle. There is no final value fee on eBay Motors, but a $40 transaction fee is charged when either you receive your first bid or bidding meets your reserve price, if you've set one.
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Tools of the Trade To instill further confidence in prospective buyers, have your vehicle inspected by a third party. eBay has partnerships with both SGS Automotive and Pep Boys, both of which have a nationwide network of automotive specialists who can perform a complete mechanical and cosmetic inspection (for a fee) wherever the vehicle happens to be.
You can also participate in the Condition Guarantee by Seller Program. The purpose of this program is to provide buyers with confidence that the vehicle's condition is as described in the listing and protects buyers if the vehicle's condition is materially different. For certain vehicle purchases, this program covers up to 50 percent of the vehicle's purchase price (with maximum coverage of $10,000.)
Decide whether to set a reserve price, or minimum price you would accept for the vehicle. Reserve prices are not published for buyers to see, but an auction will indicate whether the reserve has been met or not. As a seller, you are not obligated to sell the vehicle if the reserve price has not been met. If, during the auction, you are concerned that your reserve price is too high, you can lower it at any time.
You may also consider including a "Buy It Now" option in your listing, giving buyers the opportunity to circumvent the bidding process altogether and purchase the vehicle immediately at a set price.
Closing the Deal Stay actively involved in the process of selling your vehicle on eBay. Make sure your contact information is accurate and encourage prospective buyers to contact you with questions. Be responsive in addressing concerns and questions throughout the listing period and after the sale. You want to give your buyer every reason to give you a positive feedback score.
Be aware that you can stop your auction if you find a serious buyer. Dealers often do this, but as a private party, you also can if you've found someone (on- or offline) who wants to close the transaction.
Once your auction is closed, finalize the nitty-gritty details. While PayPal can be used to fund a vehicle deposit, you will probably prefer to receive the remainder of the balance through either an escrow service, certified check, or wire transfer. eBay Motor's finance partner, Escrow.com, will hold the buyer's payment and send it to you only after both parties are fully satisfied with the transaction.
The vast majority of transactions that take place on eBay go smoothly and without incident, but the company does have processes in place to resolve rare cases of dispute between buyers and sellers.
Auctioning through eBay Motors can be a fun way to sell your vehicle and get a better price than with a typical dealer trade-in. Plus, if you've ever sold anything on eBay before, you know it can be exhilarating to see your item being ferociously bid upon in the days, hours, and especially minutes before your auction closes. Do your research ahead of time, market your product well, and you'll find a buyer at a price you're happy with.
