Do you plan to sell your car? Here’s a guide to the different options and ways to do it and the ways each one can affect the price you’ll receive. And don’t miss our tips regarding the best timing to sell your car and how to proceed if you have remaining outstanding financing.
What is the value of your car worth?
The first step of selling your car is working out the value of your car. be worth.
It’s important to remember that these are only estimates, and there are several other factors which could impact the value. For example, damage, quality of the tires, the service history and the length of time left on the MOT.
There are other aspects to think about when you are valuing your car.
For example, it might take longer to get the best possible price for your vehicle. If you’re in need of money quickly, you might want to consider selling at less.
The best method to sell your vehicle
There are a number of various options to sell your car. The best option is based on the amount you’d like to pay for the car and the length of time you’re willing spend on it and if you want to get another car.
Selling privately means you might get more for your car than you could from a dealer. But might be time consuming.
If you want another car immediately, trading with a dealer possible.
This means if your car would have been worth at least £5,500 privately, you could lose around £500 when selling it to a dealer.
Sell my car car to a dealer
If you’re looking to purchase a car right away, an exchange deal with a dealer could seem like the best choice.
It’s likely that you’ll get less for it than private sales, but you’ll avoid the work and cost of advertising as well as handling inquiries or viewings, as well as test drives.
Your car’s part-exchange value will be a bit more than the price you’d receive if you sell your car outright to the dealer.
But the dealer may not be prepared to negotiate over a part-exchange price.
If you’re not interested in buying a car straight away You might be in a position to sell it directly to the dealer. While this might be quick however, you’re not likely to receive the most competitive price.
Privately selling a car
Selling your car privately can take a long time, but you could get a better price.
Here’s what you’ll need to complete:
Promote your vehicle to potential buyers. For example, advertising a “For Sale” sign on the windows of your car or shop or classified ads in local newspapers or on websites like Gumtree, PistonHeads, AutoTrader and Motors Or, you might be able find someone who is interested in buying your car from acquaintances or through social media such as Facebook or even at work.
Be sure that you describe your vehicle in a correct manner in your advertisement , and you have proof that you’re the legitimate owner.
Deal promptly with messages or phone calls from prospective buyers.
Set up and attend viewings and test drives.
Choose a method for getting paid for the sale.
Car buying sites online
There are many online car buying sites that can make it easier for you to selling your vehicle. The car’s information is entered on the site of the company, like age and mileage and receive a value then bring the vehicle to a local depot to be evaluated.
However, Which? says “You’re almost certain to get more money for the car, or going straight to auction, yourself. In our research undercover, we found that five out of six mystery shoppers would be better off selling it to dealers. In one case, by more than £2,000.”
If you choose for selling the car online be aware that generally the valuation on the internet will be subject to a physical inspection of the car. If the inspection uncovers flaws, the final figure might be lower. Additionally, you might need to pay an administrative fee to get the service.
Auctioning off a car
Auctioning a car can be quick and relatively painless.
But there’s no guarantee your vehicle will sell for the price it was originally set at, so you could end up receiving less than you would through other methods of selling. And, if it doesn’t meet your reserve price it will be necessary to return it back to the dealer and try again in a different sale.
Most auction buyers are in the motor trade. If you’re fortunate and can attract an individual buyer who is willing to purchase your car for more than dealers would.
Big car auction firms such as British Car Auctions and Manheim have offices across the country However, you might prefer using a local independent auctioneer nearer to your home.
You can also consider online auction sites like eBay However, you’ll have to do more of the work involved in creating the advert and answering questions. If your car sells and the bidder who wins pays for it instantly and the auction house will pay you the price of the sale less its commission. This could be up to 10% of the sales price.
Are there any ways to dispose of my car if it has outstanding finance?
In the event that you’re considering selling your car that has a loan outstanding, there are two things that you must complete before you can legally offer it for sale:
Inform the finance company of your request and inquire about the “settlement amount” they’ll require from you in order to repay the loan in full.
Repay the amount of the settlement and any early cost of repayment as well as any administration fee the lender might charge.
However, paying off your loan early could end up costing you less than the remaining installments would have cost.
Keep in mind that it’s typically very difficult to get rid of a vehicle with excellent financing.
The finance provider will have placed your car on HPI and Experian databases. HPI as well as the Experian databases when you signed out the finance plan.
Before buying a second-hand car dealers, dealers and even individuals should look through these databases to make sure there’s nothing outstanding on the financing for it.
You can get a car history or data check by The AA, RAC, HPI Check as well as other companies for about £20.
Do I have the ability to part-exchange my vehicle with outstanding financing?
Similar principles apply when selling a vehicle with outstanding finance.
You should contact the finance company for the “settlement amount” and pay it along with any fees and administration charges before part-exchanging.
Keep in mind that most dealers are looking to earn money in the event that they resell your vehicle therefore the cost of part-exchange may be less than what you’d be likely to receive selling privately. It’s much easier and faster to offer a part-exchange rather than to list, make testing drives and watchings to sell a automobile by yourself.
Refund your vehicle tax receive a refund
Sellers and buyers cannot longer transfer tax they have already paid after the sale of a vehicle.
Instead , you’ll need pay for the vehicle yourself and the owner of the vehicle can apply for the refund.
But, new tax is now retroactive to beginning of the month . refunds begin at the beginning of the next.
That means that if you purchase and sell a car in the beginning of the month, you’ll be paying taxes twice.
If you make an application for SORN (Statutory Off Road Notification) prior to the end of the month, you will be able to get tax relief on your existing car.
You’ll also be subject to a fine if you then drive on the roads untaxed. This could be problematic for buyers who want to test drive your car.
Recycling your car
If your car is reaching the point of no return in usefulness and it is no longer economically viable to maintain, think about making a donation to a charity or even scrapping it.
Negotiating the sale of your car
If you’re planning to sell your car either privately or through a dealership the buyer will likely be willing to negotiate the cost. Don’t let yourself be shocked – read our tips for negotiation below so you’re aware of how to maximise your car’s value without losing the sale.
Beware of fraudulent buyers
Selling your vehicle privately could expose you to thieves who pose as buyers.
Here are some recent scams to be on the look-out for:
Someone pretending to be a car exporter, who wants you to transfer ‘shipping fees for overseas buyers.
Emails from scammers that claim to be websites selling and buying cars soliciting login information and payment details for your credit card.
Text messages that indicate that you are interested in your vehicle will be charged a higher rate if you respond by text or phone.
A person who makes payment by cheque and gets the car before the cheque clears, however, the cheque bounces few days later as it’s a forgery, or fake
A buyer offering to buy your car without seeing it, who then pays the entire amount via PayPal. Then, you’re told you’ve been overpaid, and are requested to refund the difference via a different payment method online. After this the scammer arranges for the original PayPal purchase to be reversed and you lose the money you’ve ‘returned’.
After you have sold your car
Once you’ve sold the car you’ll need to notify the DVLA you’re no longer the owner.
You , along with the person whom you’re selling your product to must be able to sign and date the appropriate section of V5C and forward it to the DVLA.
Don’t forget to pay off any remaining finance remaining on your vehicle and also let your insurer know that you’ve sold the vehicle.
How do you dispose of an old car
There’s a time in any vehicle when it’s not practical or safe to keep it in good condition for long. Furthermore, if the vehicle is not roadworthy you might end up with points on your driving license or a fine. So, if your vehicle is at the point of no return and you’re looking for ways to dispose of it, check out the methods to eliminate the vehicle.
If you decide to scrap your car There are a few points to remember prior to starting.
Take the paperwork out. When a car is scrapped it is the Driver and Vehicle Licensing Agency (DVLA) must be informed by means of a Certificate of Destruction (CoD). They can only be issued by scrap car recycling facilities that are known as Authorised Treatment Facilities (ATFs). If you don’t, then you’re still responsible for the vehicle , and could be fined.
Keep your personal details safe. Customers from England and Wales have to be able to prove their identity before selling their vehicle for scrap. The buyer will be required to present the photo ID along with documents that prove your address, for example, the utility bill. Your information will be stored for three years. So make sure that you share it with a reputable organisation.
Reclaim your tax and insurance. If you’ve had your car scrapped at an ATF and the CoD has been issued then the DVLA will pay back any months of the remaining car tax (officially called VED, but is often referred to as road tax). You should also tell your car’s insurance supplier and ask for a refund,or use any credit toward another insurance policy.
Scrapping a car
Cars are usually disposed of in the event that they stop working or fail an MoT or require expensive repairs, or they are unable to find an investor.
Scrapping your car should be a last resort you might opt to use if the car is damaged beyond repair or if you cannot find anyone willing to buy it.
Remember, unless your car is in complete disrepair It could still be worth something, so it shouldn’t cost you anything for it to be towed away.
Be aware that the vehicle recycler (otherwise called scrapyard, breaker or dismantler) could make hundreds of pounds from your cast-off simply by selling some of its components, even though your vehicle may not be worth the price of that scrap of metal.
If you decide to keep your car the car needs to be transported to ATF ATF to be scrapped.
You’ll then receive a CoD.
It’s illegal to dispose of your car in any other location.
Scrapping your car will ensure it’s properly recycled without damaging the environment.
The prices for scrap cars fluctuate, based on the model of car and the location it’s parked in, whether it has any parts that are resalesable and the current market prices.
Rewarding Recycling and CarTakeBack are the official recycling partners for several motor companies.
All their scrap car recycling centers have ATF licenses.
You can also ship it directly to a ATF if you prefer.
Donate your old car to charity
If your car isn’t worth much or you’re not in the mood to sell it, why not donate it to charity? Charitycar
They’ll collect it for free and you’ll enjoy the satisfaction knowing that your car’s worth goes to the charity of your choice.
You could also consider giving away your car via Giveacar
If you offer to donate your car that you no longer use the vehicle will be sold at auction or recycled.
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