Purchasing your first vehicle is a monumental landmark life event for any driver. But even so, cars don’t last forever. If your current vehicle is becoming costlier to repair, it’s breaking down frequently, or battling to start; it may well be time for a new car. With this, there’s more than one way to sell a car, so we’ve listed the main options for you.
You can sell your car privately with the help of online listing platforms. There are so many virtual marketplaces available where you can list your vehicle for sale.
The benefit of selling your car this way is that you cur our the middle-man and so you can receive all of the sales price yourself. However, the main downfall with this option is that your car might not sell quickly. In some cases, it really can take months to find interested buyers.
Selling To A Wholesaler
A wholesaler is a large company that will buy your car from you without any exchange required. The benefits are that a wholesaler will settle the transaction swiftly, and you’ll get an appropriate amount for your used vehicle. The amount is usually calculated transparently using a formula so you’ll know exactly what to expect and there’s no need for negotiations.
Moreover, you can trade your vehicle in or sell it to an auto wholesaler when you have outstanding finance. If you decide to trade-in or sell your vehicle with outstanding finance, it’s essential to know your vehicle’s value, how much you owe, and your lenders’ repayment terms.
The disadvantage of the wholesale route is obviously that there is a middleman involved so while you’ll get a fair price it’s probably not going to be as much as you could get if you’re able to sell the vehicle directly.
A quick way to go from your current car to a new vehicle is to trade in your existing vehicle. The dealership will evaluate your vehicle and deduct the appropriate amount from your new vehicle, so the price of your new car will be reduced.
The main benefit of trading your car in is that this option is a quick solution and it is very easy. Everything is taken care of for you. But unfortunately, dealerships often don’t offer much for a trade-in. But this is a situation where you are very likely to be able to negotiate.
It’s a bit risky to auction your vehicle, although, in some cases, you can receive a lot more than you ever expected; it all depends on the auction attendees and your vehicle’s value. If you have a rare car model, an auction is one of the best options.
These days car auctions are available online and offline. You will generally have to pay a listing fee of £100 to £150 and the auctioneer will retain around 10% of the sales value. You can also set a reserve price if you don’t want to lose your vehicle for peanuts.
Managing the Process
However you sell your car you will have to do some preliminary preparation. Make sure that car is immaculate inside and out and that you have a file with all relevant documents, including the V5C registration document, handbook, service history and garage receipts. You can also check out the expected resale value for the make, model, age and mileage of your vehicle using one of the free valuation tools available online.
And when you’ve sold the car don’t forget to complete the paperwork by letting the DVLA know the details of the sale.