How Do You Close the Deal When Selling Your Used Car
Closing is an important part of the sales process. Some might say it’s the most important one, because without it there would be no sale. If you’ve been on the verge of selling something before but for some reason weren’t able to seal the deal, then you know how frustrating it is.
The more expensive the item you're selling is, the more apprehensive the buyer will be. Take selling a used car, for example. It represents a significant investment, and if you can’t allay a buyer’s fears and put them at ease, you’ll most likely hear something like “I’ll think about it,” or a “we’ll get back to you,” leaving you scratching your head and thinking where in the sales process did you go wrong.
If you’re having trouble selling your used car, here are 10 techniques you can use to increase your closing chances.
Focus on the benefits
When justifying the price, focus on the benefits. Give the buyer at least three reasons why they should buy your vehicle. For example, you can say “This car handles well, has good gas mileage, and offers a comfortable drive.
If you decide to buy it, I’ll pay for the full tank of gas, taxes, and necessary documents.” When you bunch benefits in threes, buyers will feel more compelled to believe them.
Make it affordable
If you feel there’s a reason a buyer is asking so many questions, more often than not, it’s because they believe the price is too high. To make your price affordable, you might need to a little bit of prying, like asking what their budget is and finding out how much you can slash the price and still remain profitable. Though it may take some work, it can be worth it if it guarantees the closing of the deal.
When selling your used car, believe that it is the vehicle that the buyer wants. Believe that the price is it right. Doing these two things with confidence puts pressure on the buyers to say no, and once you get them to agree with you, they’ll find it more difficult to reject your offer. Never apologize for your price, as this only serves to make your buyer think that the price is too high.
List down pros and cons
Write a list of the vehicle’s pros and cons with the buyer. Of course, you need to make sure the pros list is significantly longer. When you do this in front of the buyer, you establish trust and you’ll be able to address any objections directly.
Concede minor points and let the customer be partly right. Agreeing on your vehicle’s minor shortcomings help promote a good negotiating environment. The buyer will perceive this as progress.
Create a sense of urgency
You need to convince your potential buyers that there’s no better time to buy than now without being too pushy. One way to do so is to guide a buyer toward recognizing that it’s your car they’re looking for.
Get them to see the bigger picture with open-ended questions that help them identify what their transportation needs are and how your car may solve them. By making them recognize their needs, you create urgency and increase the likelihood that they’ll take action.
Sweeten the deal
They’ve seen the car, they’ve seen the price. Still, they can’t seem to decide, but you know all they need is a little nudge to your side of the fence. This is when you can include something that’s not originally part of the deal, but you know that they would like. Let’s call this addition the ‘bonus.’ If they like the bonus enough, it may convince them to proceed with the purchase.
Feed their ego
Buying a car is as much an emotional as it is a financial transaction. Some people treat a car as an extension of their egos. Feed their egos with open-ended questions that make them imagine themselves driving their car in the ideal scenario. Ask them things along the lines of, “Imagine how envious your friends will be when they see you driving this car. Wouldn’t that make you feel great?”
Take care of all the paperwork
Offer to handle all the documents necessary throughout the sale process. By removing the hassles of paperwork, you make the deal so easy to complete, that it wouldn’t make sense for the buyer not to seal the deal.
Even if you can’t do all, taking on most of the grunt work can be quite the enticement for them. Have the forms filled out and prepared, and offer to deliver the car to the buyer’s home if you can.
Focus on the quality
If you own a luxury car that’s in relatively good condition, you can steer any conversation about negotiation toward its quality. No matter how much the customer wants to talk about the price, don’t go there. This works well if your car is known for being prestigious and reliable.
Tick all the right boxes
Ask the buyer for a list of what they’re looking for in the car they hope to buy. When presenting your car, go over that list and emphasize what they’re getting for the price.
That’s 10 different ways for you to close the deal when selling your used car. Naturally, not all of them will work for all people, so try to get a feel for the buyer’s personality and choose the ones that will work for you. Use them to finally dispose of your used car profitably, and above all, have fun.