By Philip Reed, Senior Consumer Advice Editor
Once you have surveyed the on-line classified ads, use Edmunds.com True Market Value (TMV®) pricing to determine the fair value of your car. Edmunds.com TMV prices are adjusted for mileage, color, region, options and condition. Once you have followed the prompts and gotten a specific price, you can also generate a "For Sale" sign. An Edmunds.com "For Sale" sign will give your price an air of authority.
There are always some exceptions to the rules of pricing, so you should follow your intuition. And be sure to leave a little wiggle room in your asking price. Ask for slightly more money than you are actually willing to accept. If you want to get $12,000 for the car, you should list the car at $12,500. That way, if you get $12,500 — great! But if you have to go lower, it won't be a terrible loss.
You may have noticed how creative used car dealers get in pricing cars. Their prices usually end in "995," as in $12,995. Are we not supposed to notice that the car basically costs $13,000? There is a lot of psychology in setting prices. A product that doesn't sell well at $20 might jump off the shelf at $19.95.
On the other hand, as a private party seller, you don't want to look like a car dealer. Therefore, you might want to take a simple approach and set your price at a round figure such as $12,750 or $12,500.
Source: edmunds.com
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