We all know the drill, you've had your car a couple of years and fancy a change, you want to sell your car...question is, is it paid for or (like me) do you still owe a great whack to some finance company?
If you sell privately whether this be to friends, family or strangers you need to pay the finance off before you sell it...bit of chicken and egg here, as no doubt you need the money tied up in the car to pay the finance off. Some negotiating may be needed or indeed the buyer could pay the money direct to the finance company and the balance (if there is any) to yourself.
If you sell to a Motor Dealer / Trader they will settle the finance for you and pay you the balance.
What is the best way to sell it?
Selling your car to Family - undoubtedly one of the easiest ways if someone in your family has been hankering after your car...ask them if they want it. Beware though (and ask anyone in the motor trade) family and friends will be your most difficult customers. Every time they see you you they will mention something else that isn't quite right with the car and if something major was to go wrong then take cover because they will be on the phone or round at your house quicker than Lewis Hamilton trying to get home to Nicole. On top of all of this they will expect you to sell the car cheap to them..after all they'll think they're doing you the favour.
Advertising your car privately - Another popular way to sell your car, it will cost you to advertise and like most things you pay for what you get. Typically you would either advertise in your local paper or with Autotrader. Whilst these options are no doubt the best way if you are looking for the premium price for your car, you may have to be patient and re-advertise it a couple of times depending on how desirable your car is. You will also be faced with a lot of tyre kickers, test pilots, dreamers and time wasters in general. Who will expect your car to be in showroom condition and then and knock you down for the slightest mark. No doubt they will also bring their mate Bob who has been a mechanic for 25 years, he'll tut a couple of times and say the bottom ball joint is knocking (I thought that was something that joined my leg to my backside). In the end you'll either tell them to clear off (and re-advertise) or take a vastly reduced offer just to get rid.
Part Exchange - A great choice if your new car is with a dealer and they offer you a price you are happy with, they'll assess the car and make you an offer..simples. Don't accept the first offer though, tell them you want more and don't forget they will be making profit out of the car they sell you. Also if you are comparing deals with other dealers make sure you look at your total cost to change, not just what they are offering you for your PX. A small variation in the interest rates offered can make a massive difference to your total amount payable over the duration of any finance period.
Selling your car online or direct to a dealer - a relatively new way to sell your car with many new companies popping up in the past couple of years such as webuyanycar; bestcarbuyer, trademymotor, sellacar . Most of these allow you to enter your registration number, fill in a simple form with details such as service history and condition online and value your car for free. Whilst you won't necessarily get the highest price for your car, this method is virtually hassle free and the transaction could be done and dusted within 24 hours. Don't give these companies any excuse to knock the price down when the car is presented to them. Be honest about the condition, tyre tread and service history and the deal should go smoothly. Try and find a company that pays you by Chaps transfer (normally takes about 20 minutes to process) and if possible one that collects the car. If you're on home ground then they have already committed to the sale by sending a collection driver, their negotiation position when trying to knock the price down for chips, tyre wear etc... will be substantially less than if you were to to take it to one of their drop off points.
Agree or disagree?