The easiest way to sell your car is to trade it in when you buy a new one or to sell it to a car buying service but this will provide you with the lowest price. Selling privately should get you more money, assuming you can find a buyer, but won’t be as convenient. You’ll have to:
- find space for two cars at home
- arrange and purchase advertising
- maintain insurance cover and car tax on two cars
- deal with potential buyers – enquiries, viewings and test drives
- get paid and make sure that funds are in your account before you give the keys
- Understanding your car’s value
We all love our cars, and many of us think ours is ‘special’. The truth is that car values are set by the vehicle market – they’re a commodity much like other things. The value of your particular car is influenced by such things as age, mileage (the most accurate indicator of the engines deterioration), condition, and service history – but market prices are the biggest driver.
- Where to value your car
Getting an idea of your car’s value is easier and quicker than in the past. For an estimate from a specialist dealer, we recommend valuing on Motorist, to get an estimation sale price to market your car via our nationwide network of verified dealers. Remember: your valuation will be hugely variable depending on who’s buying it and why. Visit this sell car thailand to get more insight.
- Decide what is important to you
Ask yourself how much you care about speed, convenience, and the final selling price.
If you have on a regular basis in the world to fetch the highest possible price, then selling privately over a classified listing or auction website (such as eBay) may be the best bet; but you have to await for a good offer to present itself and you may want to show the car to a number of different possible buyers, with zero guarantee of success.
If you just want to get your car sold fast and are prepared to sacrifice a little bit on the end price to remove the hassle, then you can always just choose an instantaneous car buying site or you can part-exchange it for your next car at a dealership. It’s about weighing up your options.
- Pick your selling route wisely
If you want to sell privately you may fetch the high end of what you’re looking for, but there are no guarantees of a sale happening. You’ll also need to deal with buyers coming to your house and the ongoing bartering and admin this can entail. Motorway negates all the demand to acquire private individuals on your doorstep and connects you with the dealer willing to pay the most. It’s also quick and convenient.
With an online car buying website, if your vehicle is accurately described, sales are usually guaranteed and money can be in your bank account within 24 hours if you book the sale for the next day. This route may be the best choice if your car is below £2,000 as many cars at this level are not purchased directly by dealers. Think about value vs speed and choose the right option based on what’s important for you. And be realistic, if your car will probably be worth less than £200, you may get more selling for scrap.
- Get car selling deals online
If you decide to sell your car online, make sure you’re informed and think about your options before making a decision. Whilst there are now several large instant online buyers- there are considerable dissimilarities between these services. It’s worth doing your research and comparing all of them against selling on Motorway, part exchanging and selling privately.
- Prepare your motor
Make sure your car is looking as good as it is possible to avoid audience chipping away at the price at the last minute. It’s a good idea that your car is washed and cleaned inside and from your day you’re selling and fix any minor issues (e.g. correcting small dents and scratches).
- Be ready to negotiate if needed
Make sure you meet your potential buyer armed with the research about what your car will probably be worth. It may not always work, but don’t hesitate to argue back if the customer tries to reduce the price when they inspect the car. This should never happen if you sell your vehicle with Motorway, but some online buyers may turn to reduce your offer on the day of sale. Remember, there is nothing finished until money for the car is in your bank account as well as your car comes.
- Never accept cheques, bankers drafts or IOUs
Do not hand over your keys until you have been payed for your car or truck. That goes for private buyers (who may try to pay by cheque, or promise to transfer the money later), and car dealers or car buyers.
Any reputable buyer will understand you need to be paid in advance before they own the automobile – either by BACS/ bank transfer, or cash on collection if selling privately. And if indeed they cannot digitally confirm funds have been transferred, they should always be able to give you evidence that the funds transfer has been completed, by means of a receipt or digital transaction statement. Always require this if it’s not forthcoming.
- Checklist to sell your car
It’s essential to have some key items to complete a car sale and steer clear of losing any value from missing keys and paperwork. Be sure you locate all of your car keys (including any spares), your V5 document (you’ll need at hand above the “new owner” part), as well as your service and MOT history. If you’re missing any these, a buyer will have a good case to drop the ultimate price offered.
- Get money back after the sale
As well as sending the remaining area of the V5 form back to the DVLA, be sure to cancel your vehicle insurance and reclaim your road tax. Many people don’t realise you can reclaim any highway tax for all of those other year once you’ve sold your motor.