If you’re trading up to a newer model, or moving down to a smaller size or even an alteration in your lifestyle and transportation needs eventually, you’ll need to sell your vehicle.
In the majority of cases, you’ll want to maximize the value of the vehicle since you’ll use the funds to purchase a replacement however, you might also need to dispose of it as swiftly and efficiently as you can.
In any case, there’s many different methods to sell your vehicle – as well as a variety of ways you can go about it to ensure you get the most value for your car.
Find out the method that is most suitable for you, along with our top six auto selling strategies.
Cars for sale via classified ads for private individuals
Traditional classified services like Auto Trader remain a popular method of selling used cars. For performance, sports or classic vehicles such as the ones listed above, you could consider advertising in a magazine that is specifically designed for your needs or on a website related to it or if you are selling a less valuable older vehicle, you can try an online classified site that is free (such like Gumtree) as well as local newspapers that are free.
Be sure that your advertisement is accurate and includes all necessary details: the specific specifications and model as well as mileage, age as well as the length of the MOT and the service history. Be careful not to overdo it, but include any information that is appealing like ‘only one owner’,’recent cam belt replacement’ and ‘new tires’, in the event that it is applicable. Also, provide a wide collection of high-quality photos including interior photos.
Be ready for those who don’t show up or are time-wasters, as well as aggressive hagglers. Be sure that the buyer is insured to test drive and possess a valid driving license. Be wary of scammers: be cautious providing your personal details on the internet, and don’t leave the car unattended with their keys or papers Be aware of your own security and security throughout the day.
A tip for taking payments at a private sale, make two receipts for any payment or deposit made by the buyer and you and containing the vehicle’s make and model, registration number as well as the price at which you received the cash. Note both the buyer’s and your names and addresses, along including the date and time. Be vigilant for counterfeit banknotes. A banker’s draft is safer however it could take up to two weeks to clear, and forgeries can occur. Don’t hand over the keys until you have the money safe in your account.
Cars can be sold using an online platform
There is an increasing number of businesses that will purchase your car, such as We Buy Any Car. Enter the details of your car on their website (such as mileage and age) and receive a value and then bring it to a local dealership to be assessed. If everything is fine, the cash is typically deposited directly into your account, however admin charges could be due.
These companies will only provide an amount that gives a margin of profits once they have sold the vehicle at auction. Online valuations are not final prior to an inspection of the vehicle and could be significantly diminished once the vehicle is inspected.
You can also make use of an online service like Motorway that provides you with an estimate of the value of your vehicle and then sends the car to dealers. If you decide to accept the most expensive offer the car will be taken away for free.
Be aware that although the online services for buying cars like these are extremely efficient, you’re likely to receive a higher price by selling your car privately or putting it up for auction. Even if you have no plans to sell your vehicle using an online platform They can be a great method to obtain a quick appraisal of your vehicle that you can use later to determine a price for selling it privately.
Part exchange of a car exchange
If your vehicle is just two years old, or if you’re considering buying a new car from that same brand, then trading it in for part exchange is the most efficient and straightforward option. Dealers who are franchised tend to accept second-hand vehicles for their forecourts however, they may choose to use models that are manufactured by the same brand they sell new. Independent dealers typically accept almost any quality vehicle in exchange for a part-exchange.
If you decide to exchange, you must focus on the ‘price of change which is the difference between the exchange offer for your previous car and the cost of the new car, instead of the price of each. Dealers may offer a reduction on the new car in exchange for an unsatisfactory appraisal of the old model as an example or provide a affordable price for your old car to convince you into purchasing the new vehicle near the list price (the price is listed on the brochure).
Keep in mind that the majority of dealers are looking to earn a profit on any used car they sell on, therefore the ex-part cost is likely to be at the same level as what you’d receive from selling privately. But, it’s definitely more practical.
selling a car to an individual dealer
If your vehicle is new, is low-mileage and is a model that is in high demand, second-hand or has a specialization or a particular appeal or appeal, then a dealership (franchised or an independent) who specializes in that particular marque or model of vehicle might be interested in purchasing the vehicle outright. Clean, well-maintained mainstream vehicles are also appreciated by smaller local businesses, particularly when that they are confident they will be able to sell it again in a short time. It could be a fast and simple way to sell even if it’s not the most profitable.
Cars are sold at an auction
The idea of putting your vehicle up for auction is a less personal method of disposing of it, even though there is no guarantee that it will sell and the prices aren’t usually high. There is an entry fee, and then set the reserve price. If you don’t get the price set, you’ll be required to return it or attempt to sell it again at a different auction. If you do not receive the payments from the auction house quickly, the commission will be taken out.
Auction sites, like Ebay is a well-known method to purchase and sell second-hand vehicles of all kinds and age. There is usually an amount of money and decide on a reserve price. Ebay offers a ‘buy it now’ option at the price of a predetermined amount. Buyers are able to inquire prior to the auction, however as it is properly described, bids are legally legal. Use the same method for creating an Ebay advertisement as you would with an advertisement in a classified publication, as previously described.
Since the buyer could be buying without seeing the item, don’t be expecting to get a premium price. Be cautious of bidders who have no Ebay record, or with no positive feedback. Do not transact with anyone who offers a hefty cost to settle without using Ebay’s payment system (ie giving the details of your bank account).
Donate a car to charity
If you’re stuck with a car that isn’t worth the money or simply don’t want to deal with the tyre-kickers, give it away to charity. Numerous charities, from large household names to smaller local fund-raising groups, are registered to programs where the car that is donated can be taken in and sold (if the vehicle is road-worthy), or recycled and scrapped, and the charity will receive the amount paid. Sometimes, this is carried out in conjunction with social enterprises, like ones that offer work experience to those who are disadvantaged.
You can declare your contribution to be Gift Aid, which will boost the amount the charity you choose to support receives. Explore the various schemes but be aware that certain schemes deduct administration fees and vehicle collection, which reduces the amount of money that a charity receives.
Six tips to sell your vehicle
Before you begin drafting an advertisement, there are some things you can do to make sure you maximize the appeal of your vehicle. Here are our top suggestions to prepare a car to sell.
1. Make sure you know the right price
Don’t undervalue your vehicle. Therefore, before you sign any deal for part-exchange or put your vehicle on the market look for similar models that are advertised online. Look for cars with the same model and trim level. This will give you a an idea of the price the value of your vehicle will be.
2. Think about an MOT (and take your documentation)
A car that recently been tested for an MOT is more attractive than one that didn’t. It’s not just that buyers don’t need to purchase a new MOT immediately, but the buyer is more assured that the vehicle is in good condition.
Also, ensure that you have all relevant documents in your possession. Here’s a quick checklist of paperwork:
Important receipts and invoices for the work performed or parts bought.
If applicable, make sure you have proof that any remaining loans paid off and that the vehicle remains yours for sale.
3. Locate all keys and other accessories
Take all keys to your car and include (if there are locking wheels) the socket-style tool to unlock alloy wheels. Re-install any components or accessories that you may have taken off, like shelves for parcels in the boot or an instrument kit.
4. Make sure it looks nice with a spick and spread
Before taking photographs or taking the vehicle for a test drive make sure it is clean both inside and outside. Be particular about the areas that drivers are most likely to be looking at like the dashboard and steering wheel, the seats carpets, windows and carpets.
If your vehicle is new and of high value It could be worthwhile to consider having small paintwork and bodywork scrapes fixed, or even resurfacing the alloy wheels that have been scratched.
5. Remove your personal information
You may be wondering, what information? If your phone is equipped with Bluetooth it is possible that you have transferred your phone book onto your car’s memory and a built-in satellite navigation system could have all the address of your work, home and other contacts all within its memory. This isn’t information that you (or your acquaintances) would like to share on accidental means, so you should delete it prior to selling.
Also, you will need to cancel your rights to access the vehicle and provide proof of this to the buyer.
Here’s how to do it:
Clean up your data by going to the infotainment system in your car and then look under the Settings menu for options to wipe your account and information. Go through the manual if you are unable to locate it within the unit. If you take it to the buyer or dealer do not connect your phone to your car, because it could leave behind trace information that isn’t deleted.
Refuse access. Simply deleting the app for your car from your smartphone isn’t enough to end your access. You must cut off the connection between you and your vehicle. You’ll also need access to the infotainment system to activate the master reset button. Follow the directions on the device or refer to the manual to make sure your access is fully revoked prior to you decide to sell it.
If you’re not sure what to do then give the manufacturer a phone call to get help.
6. Honesty can be the most effective way to conduct business (really)
It’s tempting to appear perhaps a little economical with the truth. If you’re honest about the car you are selling and can answer every question honestly the sale will be easy and the buyer should have no legal recourse should the vehicle eventually develop a fault.
Other aspects to be considered
Legally accountable for your vehicle up to the point that DVLA is informed of the sale, whether by sending a portion or all of your V5C (logbook) or by notifying the DVLA through their online system.
The next full month’s vehicle tax (VED) you’ve paid will be returned to the person listed on the V5C. The buyer of the car will have to pay the tax on the car.
Resolve any outstanding debt by negotiating with the lender.
The buyer must inform the warranty company, if applicable about the change in ownership. Items like servicing packages when purchased originally could also be transferable.
Make sure to inform your insurance company that you have sold the vehicle.
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