Are you planning to sell your vehicle? Here you can learn the different ways and places that you can sell your car and the ways each one can affect the amount you’ll pay. And don’t miss our tips about the ideal timing when to trade in your car as well as the best way to go about it if there’s still outstanding finance.
What is the value of your car worth?
The first step of selling your car is to figure out what your car’s value could be worth.
It’s important to note that these are only estimates. There are numerous other elements that could impact the value. For instance, any damaged or defective tires, the service record and the length of time left to the expiration date of the MOT.
There are other aspects that you must take into consideration when considering the value of your vehicle.
In this case, it could take longer to obtain the most affordable price for your vehicle. If you require money quickly, you might think about selling your car at a lower price.
Choosing the best way to sell your car
There are a number of various options to sell your vehicle. The ideal one is based on the amount you’d like receive for the vehicle and the length of time you’re willing to spend on the car, and whether or not you’d like to buy a new vehicle.
Selling privately could mean that you make more than you can from an auto dealer. But might be time consuming.
If you’re planning to purchase a new vehicle right away, exchange with a dealer possible.
This means that if the car was worth £5,500 privately, you might lose at least £500 in the event of selling it to a dealer.
Selling a car to an individual dealer
If you’re looking to purchase a car right away, the option of part exchange with a dealer might seem like the easiest option.
You’ll probably get less for it than through a private sale, but you’ll avoid the work and expense of advertising , and dealing with enquiries or viewings, as well as test drives.
The value of the car’s part-exchange will be a little more than the trade price that you would receive if selling your car outright to the dealer.
But the dealer may not be willing to negotiate on a price for a part exchange.
If you don’t need a new car right away You might be being able to sell your car direct to dealers. While this might be quick but you’re likely to not receive the most competitive price.
Selling a car privately
Selling a car privately may be time-consuming, however, you may get a lower price.
Here’s what you’ll have to do:
Advertising your car to potential buyers, for instance, an ‘For Sale’ sign on the windows of your vehicle or a shop or classified advertisement in local newspapers or advertisements on websites such as Gumtree, PistonHeads, AutoTrader and Motors Or, you might be able to locate a buyer among acquaintances or through social media such as Facebook, or at work.
Make sure you describe your vehicle in a correct manner in your advert and you have proof that you’re the legal owner.
Deal promptly with email or calls from prospective buyers.
Be present and organized at viewings and test-drives.
Find a secure method of being paid for the sale.
Online car buying sites
There are many online car buying websites that can make it easier for you to selling a vehicle. The car’s information is entered on the company’s website including mileage and age to get a valuation and then take the vehicle to a local depot for it to be inspected.
However, Which? claims “You’re probably going to get more money for the vehicle, or going straight to auction. Our undercover investigation revealed that we found the majority of our mystery shoppers would have been better off selling it to dealers. In one instance, by more than £2,000.”
If you choose selling your vehicle on the internet, be aware that typically the online valuation is subject to an physical inspection of your vehicle. If the inspection does reveal imperfections, the final figure might be lower. There is also the possibility of having to pay an administrative fee to get the service.
Car auctions can be a good way to sell your vehicle
Auctioning a car is fast and fairly hassle-free.
However, there’s no guarantee that your car will reach the reserve price, and you may end up paying less than what you could get through other means of selling. And, if it doesn’t achieve the reserve price then you’ll need to bring it back and try with another offer.
A majority of auction buyers are involved in the motor trade. If you’re fortunate and can attract private buyers then they may be willing to purchase your car for more than dealers would.
Big car auction firms like British Car Auctions and Manheim have branches across the nation, but you might find it easier to use an independent auctioneer who is closer to your home.
There are also auction websites such as eBay however you’ll need to complete more of the work involved in creating the advert and answering questions. If your vehicle is sold and the bidder who wins pays for it instantly and the auction company gives you the sale price minus its commission. This can be up to 10% of sales price.
Can I sell my car if it has outstanding finance?
If you’re selling a vehicle with finance still outstanding there are two things to be done before you are able to legally offer it for sale:
Inform the finance firm and inquire about the “settlement figure” they’ll need from you to settle your loan in full.
You must pay the balance of the settlement and any early repayment fee and administrative fee the lender may charge.
Even with these expenses the fact that you have to pay off the loan earlier could have a cost less than what your other payments would have done.
Keep in mind that it’s typically hard to trade in a vehicle with outstanding credit.
The finance provider will have registered your vehicle on the HPI or Experian databases when you checked out the financing plan.
When buying a used vehicle, dealers and most sensible individuals should look through these databases to make sure there’s no outstanding finance on it.
You can get a car background or data check with the AA, RAC, HPI Check and many other companies for about £20.
Do I have the ability to part-exchange my vehicle with outstanding finance?
The same principles are applicable when you sell my car that has outstanding finance.
Contact the finance company to obtain the “settlement amount” and pay the figure along with any fees and administrative charges prior to part-exchanging.
Remember that most dealers want to earn a profit in the event that they resell your vehicle So the price you pay for part-exchange may be less than the one you’d in a position to sell privately. But it’s far easier and more efficient to part-exchange than it is to list your car, conduct viewings and test drives to sell your car on your own.
You can cancel your tax on your vehicle and receive a refund
Sellers and buyers can no more transfer taxes that are already in place when a car is sold.
Instead you’ll need to tax the car yourself and the previous owner may apply for a refund.
However, the new tax is now backdated to the beginning of the month , and refunds begin at the beginning of the following month.
This means if you decide to sell your car early in the month, you’ll be taxed twice.
If you submit an application an SORN (Statutory Off Road Notification) before the end the month, you’ll get tax relief on your car.
But, you’ll have to pay the payment of a penalty if you drive your vehicle on roads that aren’t taxed. This could be problematic for buyers to drive a test-drive of your vehicle.
Transferring your car to a recycling facility
If your vehicle is approaching the point of no return in service and becoming expensive to keep, you could consider donating it to charity or even scrapping it.
Negotiating when selling your car
When you’re selling your vehicle in private or with a dealer the buyer is likely to be willing to negotiate the cost. So, don’t be taken by surprise – take a look at our negotiating tips below so you’re aware of ways to maximise your car’s value without losing the sale.
Don’t be tricked by fraudulent buyers
Selling your car privately can expose you to thieves who pose as potential buyers.
Here are the latest scams that you should be on the lookout for:
Someone who is posing as a vehicle exporter, and asking you to transfer “shipping costs for overseas buyers.
Emails from scammers that claim to be websites for car sales and buying soliciting login information and payment details for your credit card.
Text messages that express the desire to purchase your vehicle are only to be charged at a premium cost if you reply by phone or text.
A buyer who pays by cheque and gets the car before the cheque is cleared, but the check bounces few days later because it’s a fake or fake
A person who offers to purchase your vehicle unseen, and who will pay the entire amount via PayPal. You’re then notified you’ve been overpaid and you’re instructed to pay back the difference through a different payment method on the internet. In the process the fraudster arranges for their initial PayPal transaction to be reversed and you forfeit the funds you’ve’returned’.
After you have sold your car
After you’ve sold your car you’ll need to notify the DVLA you’re no longer the owner.
The person who you’re selling to, must confirm and date the relevant part on the V5C and then send this to DVLA.
Don’t forget to pay off any remaining finance remaining on your vehicle and also let your insurer be aware that you’ve sold the car.
How do you get rid of an old car
There comes a point with every car when it’s no longer safe or practical to keep it in good condition for long. Furthermore, if the vehicle is not roadworthy, you could end up with points on your driving license or a fine. So, if your vehicle is nearing the limit of its road take a look at this article to find the best way to get rid of it.
If you are considering scrapping your car, there are a few tips to keep in mind before you get started.
Sort through the documents. When a car is scrapped it is the Driver and Vehicle Licensing Agency (DVLA) must be notified using a Certificate of Destruction (CoD). They can only be given from scrap car recycling centres which are referred to as Authorised Treatment Facilities (ATFs). If you don’thave one, you’re still responsible for the vehicle and may be fined.
Keep your personal details safe. Customers from England and Wales must verify their identity before selling their car for scrap. They’ll ask you to show the photo ID along with proof of the address, such as an utility bill. Your information will be stored for three years, so be sure you’re sharing it with a trusted organization.
Reclaim insurance and tax. If your vehicle has been taken away at an ATF and an ATF CoD was issued, the DVLA will pay back any months of car tax that remains (officially known as VED but is often referred to as road tax). Also, you should inform your car’s insurance supplier and request a refund. You can also use any credit toward another insurance policy.
Scrapping the car
Cars are usually disposed of when they fail to start, fail a MoT or need expensive repairs, or they can’t find a buyer.
Scrapping your car is an option you choose to do if it’s damaged beyond repair or if you don’t have anyone willing to purchase it.
Remember, unless your car is in a state of total destruction It could still be valuable, so it shouldn’t cost you anything for it to be towed away.
Be aware that the vehicle recycler (otherwise called a scrapyard, breaker , or dismantler) might earn hundreds of pounds from your cast-off simply by selling some of its components, even if your car isn’t worth the value of this scrap material.
If you decide to keep your car the car has to be transported to An ATF to be removed.
Then you’ll be sent a CoD.
It’s illegal to scrap your car elsewhere.
Scrapping your car ensures it’s recycled properly without damaging the environment.
Scrap car prices fluctuate depending on the model of the car, the region it’s collected in, whether it has any parts that are resalesable and the current market prices.
Rewarding Recycling and CarTakeBack are the official recycling partners of several motor companies.
All of their scrap car recycling facilities have ATF licenses.
You may also send it directly to a ATF in the event that you would prefer.
Donate your old car to charity
If your car isn’t worth much or you don’t have time to sell it Why not consider donating it to Charitycar
They’ll pick it up for free and you’ll have the satisfaction of knowing that the value of your car will be donated to the charity of your choice.
It’s also worth considering giving away your car via Giveacar
If you decide to donate your car that you no longer use, it will either be sold at auction or it will be scrapped.
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