If you want to sell your car for the most money, then this article can help.
Take a look at these tips for selling your car quickly and easily and learn how to get the most money when selling your car.
How much is my car worth?
You should be aware of the value of your used car before you decide to sell it. A car is only worth as much as somebody is willing to pay for it, so you have to consider what the market dictates.
By taking the time to do your research and be prepared, you can ensure that you will get the most money for your car when selling or when you’re part exchanging it for your next car. Take a look at Parkers for a valuation.
Many factors can influence its value. For example, the repair and maintenance history or the length of time before the tyres need to be replaced. It is advisable to consider a few factors when obtaining a value for your car. Sometimes getting an excellent price on a vehicle may require more time. If you need cash quickly you can sell your car at a discounted price but it is not advisable to do so.
Ensure your car is ready to be sold
If you are looking to sell your car, the most important thing you can do is to make sure that it is in perfect condition. Almost everyone in the world has nightmare stories describing dirty vehicles, whether that’s inside or out.
Buyers first thoughts on viewing a car that is an unkempt sate will naturally ask themselves what else has been overlooked or not taken care of.
When there are plenty of other well maintained vehicles for sale, why would they buy yours. A car in a poor state either leads to a lower resale value, or the potential buyers feels they are well within thier rights to haggle.
What selling options do I have?
There are three options for selling your car: private party sale, part exchange, and dealer sale. The first option is the simplest – you sell your car to a private party.
The second option will allow you to trade in your vehicle towards a new purchase at a dealership.
The amount of money you can ask for can depend on how many cars of that type are currently available on the market.
Choosing the best way to sell your car
It’s possible that very similar care sell at different prices. Private sales can make you more money than the dealer would offer you but it can be more time consuming. It could be more advantageous to part exchange through a dealer if you want a new car immediately.
Should I sell my used car privately?
A private sale may mean obtaining a higher price especially if there is a private buyer who wants to add a particular high end car to their collection, or is finding it difficult to source one from dealers.
You can also try to sell your car privately on sites like Autotrader for a higher profit margin.
Should I sell my car to a dealer?
Glasses Guide have been around for decades as an indicator of car values and is the most referred to by car dealers, but you may find that depending on the ecominic climate, and supply and demand, the dealer is prepared to offer more money.
If there is competition for your car due to a lack of availability, or there are no similar cars of that type, some dealers may offer you over the ‘list price’. This is the price set by the manufacturers.
They may have a buyer, or buyers ready to purchase from them so it makes sense for them to pay more to have it on their stock books.
Should I sell my car online?
Because the Internet is more popular, online advertising makes selling cars easy now. This is an option if you want to sell your car fast. You need to ensure you have the vehicle details such as registration number and mileage. The most well known is webuyanycar. The latest is carwow. The latter will ask questions about the car’s condition.
With careful planning and preparation, you can maximize the value of your current car and make the transition to a new one much smoother and less costly.
This is especially important if you are obtaining car finance. Getting the most money from the sale of your existing vehicle could mean the difference between higher or lower monthly repayments. on your next car finance deal. It could also help with your initial deposit.
Firstly, research the car market and understand what your car is worth to ensure you are getting a fair price.
Call us now on 0330 174 8540 for a no obligation discussion
Negotiating when selling your car
Always negotiate to get the best price, whether that’s a private sale or through a dealer, main or independant. We would suggest that even when getting an online valuation, to speak to someone at the company and haggle for the best price.
Can I sell my car if it has outstanding finance?
You cannot sell your car if it still has outstanding finance. You will need to inform the finance company if the car is secured against finance.
Ask your lender for a settlement figure and pay this off, including any settlement charges, administration or early settlement fees.
Legally, you must make the new buyer aware of any outstanding finance.
If you are selling a car if the financing remains unresolved two things must be done before it is allowed to go on sale. Remember it is often very difficult to sell vehicles that have excellent credit.
During a finance transaction the lender will have registered the vehicle with the HPI or Experian database. When buying their next car, buyers will look at the database for finance, unless they can pay cash for an expensive new car.
If your potential buyer wants to check the status of any car before purchase, they can assure themselves by using the HPI Check website. It costs £19.99 for a basic check and shows the car’s details along with any finance agreements or whether the car has been reported as stolen as well as other helpful data.
You may wish to reimburse them for the cost as a goodwill gesture, or include it in your selling price at the outset. This shows forethought on your part and gives a great impression! Not only have you taken care of your car whilst in your posession but you are showing that the sale is a trustworthy process.
Make sure you get paid before handing over the car
However you decide to sell your car, never give out car keys and other documents before the payment has been secured. Whatever the method of deposit or full payment, ensure the money has been sent through your bank transfer.
Taking cash payments isn’t as easy as it used to be as banks now want an explanation for where the money has come from to satisfy their money laundering procedures. Your bank may even call you if a large deposit has been made to check the reason.
Avoid foreign buyers if possible. It seems like so many scams involve people pretending they want to sell their automobile overseas or send a complex transaction that there is no reason to entertain it much. Tell me the answer to the emails or ignore them.
Don’t get ripped off by scams or thieves
While we may be happy to believe nobody gets ripped off, you should take some simple precautions to prevent it from happening to you. When a prospective customer calls to inquire about your car, be sure to get contact numbers and an email address if possible.
Always check your drivers’ insurance policy before anyone takes your car for a test drive. And whatever happens don’t allow them to take it on their own!
Also check thier driving licence and take a copy if you can. DVLA now provide a link that all UK drivers can share with anyone to check that they are entitled to drive.
Have the correct documents ready
Whether you’re selling your car privately, or to a dealer it is important to give anyone who is buying the car the best possible information.
Any receipts for maintenance or parts, and of course they will want to see a copy of the Vehicle Log Book (V5C). Many people regard this document as proof of ownership but it isn’t. It acts as a record of who the car is registered to, not necessarily the person who owns it.
You should show the potential buyer the V5C so they can reassure themselves that the car is not stolen or unsafe. The gov.uk website provides details on how your buyer can check the vehicle is what it says it is.
The new owner will expect to see a copy of this together with other purchase documents to verify you actually own the car and are qualified to sell it.
More often than not, service history records for newer vehicles are kept online. Ensure you can get copies of these to show the buyer.
If you car is less than three years old, it won’t have an MOT certificate as it won’t be old enough.
Completing the sale
After receiving the money there are a few simple documents that should be completed. You should at least provide an official receipt and it is reasonable to have the correct language. To provide maximum safeguard, the AA advises including the statement that a sale will be deemed to be tested with the exception of guarantee.
You can download the cheapest one-page AA contract. It’s perfect. Just print some copies and give the customer their signature, to be attached with your signature.
What do I do with the V5C when I sell my car?
You need to give the V5C to the new owner so they can register the car in their name and address.
After you have sold your car
Once a seller sells their car DVLA will notify them that they have no longer purchased his/her property. The seller or buyer has the legal obligation to sign and register the relevant parts and submit them to the DVA. Do not forget to repay your remaining finance and notify your vehicle dealer of your car sale. If you have been paying the Vehicle Excise Duty (VED) by Direct Debit, make sure you cancel it.
Do I need to inform the DVLA that I have sold my car?
There is no need to tell the DVLA about selling your car. The new owner will need the green portion of the V5C to change the registered keeper. This can also be done online.
Can I notify DVLA online that I have sold my car?
The DVLA have an online service you can use to notify them that you have sold your car on the gov.uk website.
You will need the 11-digit reference number on the yellow slip and it is a straightforward process. Most people rely on the new keeper to notify DVLA of the transaction, however we suggest you do this yourself. If a fine is incurred or the vehicle isn’t taxed, the DVLA will send a letter to the person still on the V5C.
Call us now on 0330 174 8540 for a no obligation discussion
The following tips can help to enhance your offer
1. Ensure Your Car Is Presentable – You want to make sure that your car looks as good as possible. Wash and wax the car, vacuum the interior and make sure any cosmetic damages are repaired. This will show you have been a proud owner and taken the utmost care whilst the car has been in your possession.
2. Gather Proof of Maintenance – Be sure to collect all documents that show your service history on the vehicle such as oil change receipts and service records. This will give prospective buyers confidence in the condition of your car.
3. Report Accurate Mileage – Make sure you report accurate mileage when marketing your car. Most part exchange companies have ways to confirm this information so be truthful when reporting it or else you may get less money for your vehicle at trade-in time
4. Find A Reputable Dealer – Look for a reputable dealer who will offer a competitive part exchange price and provide quality customer service throughout the process. This includes doing research online before making an appointment with any potential buyers or dealerships. It also helps to read through customer reviews and determine if they have positive ratings from previous customers. By finding a reliable source, you can be sure to get a fair price for your vehicle.
You should also consider if any upgrades may be beneficial for your car before selling it. An engine upgrade can often improve the value of the vehicle, or a set of new tyres may help to make it look and drive better.
We hope this article will help you sell your car in no time!
How we can help you
Contact us today on 0330 174 8540 and learn about the best car financing options to help you drive away in your next dream car. Take the first step towards getting approved for luxury car finance now.
