There are many things to consider when selling your vehicle. Are you hoping to sell it quickly? Get as much money possible? Or do you just want selling to be as smooth and as stress-free?
Selling quickly the traditional way
If you’re planning to trade up your old car for one that’s newer, generally you’d exchange your car at an auto dealer.
You can’t be certain that you’re receiving the best price. The dealer is likely to take your car for auction. Of course they’ll want to turn a a profit. Therefore, they might not provide any comparable service to your car’s actual worth.
Selling your car privately
Selling privately may earn you more cash, if you can locate a buyer, but it will typically involve more effort. You’ll need to:
Find and pay for ads
Get your documents ready
Contact potential buyers – including enquiries, viewings, and test drives
Negotiate a fair price
Be sure that payment is made in a safe and legal way
Selling your car through an online marketplace
If you’re looking to get the price you’d receive from selling your car privately – without the time-consuming chores that come with it to do so, you must consider an online platform
This way, you don’t need to sacrifice price or ease selling. They provide simple, fast and straightforward method to get the most value for your car. Plus, they’re free to use.
You can typically do everything right from your phone in only a few seconds.
If you put your vehicle into the daily sale, they’ll present it to their nationwide network of used car dealers. These dealers will then try to purchase your car giving you the best price.
In as little as one hour, you’ll be able to receive your highest price. If you choose to go ahead with the purchase the dealer will take your car for free and drop the money into your account swiftly and safely.
Cost your car realistically
If you’re looking to make a quick sale, you need to make your price realistic.
Check out online places like eBay, AutoTrader and AA Cars to find out what similar cars are sold for. You can also look up local dealerships.
Preparing your car for sale
However you choose to sell your vehicle, making it ready for sale is crucial in order to sell quickly and get the best price. The appearance, the mechanical condition, and the history of service can all affect the price. It is recommended to:
Clean your car both inside and out, and ensure it’s always clean
Repair minor paintwork damage or mechanical issues
You should get a new MOT particularly if there’s less than three months on your current one
Consider a full, professional valet service. It’ll save you time and can be a real significant difference
Financing a car to purchase a vehicle
If you’re planning to sell a vehicle you’re financing, the starting point is to get in touch with the finance company you’re with to talk about your options or obtain their consent.
When selling your vehicle privately, you’ll need to pay off any outstanding debts prior to selling – since it’s unlawful to offer for sale a car that you don’t actually own. Be sure to remember any outstanding hire purchase or conditional sale agreements.
If you’re selling through an agent, they might be able to assist in making the selling process less difficult.
Setting up an opportunity to test drive
In arranging for potential buyers to see or your vehicle, be sure to get their address, name, and phone number. A genuine buyer will be willing to give these – and will understand that you need to call them back to confirm arrangements and verify the number provided.
If the buyer is planning to drive the vehicle request a copy of their driving licence. If your own insurance doesn’t cover the vehicle, verify that they’re insured.
Always join any tests. If you change seats halfway through the drive then take the keys with you and hand them to you when you’re back in the vehicle.
If you’re concerned about being in a room with someone you don’t know, ask an acquaintance or a family member to join you for the drive or viewing when you can.
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Don’t be a victim of fraud
Beware of potential buyers calling your online or by phone , asking for information like the VIN number for the car. They may make use of this information to create an imitation advertisement. Genuine buyers should be delighted to come and view the vehicle and verify those information for themselves.
Have your documents ready
If you can, keep all documents required on hand, like your car’s MOT certificate and service records. A stamped service certificate can make your vehicle more appealing to potential buyers.
Don’t let potential buyers make copies or take photos of your car’s paperwork prior to the time you’ve sold it. Only hand over the documents once you’ve reached an agreement on the sale and received an agreed upon payment.
Be sure to get paid
They are generally thought of as the most secure and fast option for payment. Customers can make payments over by phone or via online banking all day all day, every day.
If you prefer, you can do an immediate bank transfer using the CHAPS system, though you’ll typically have to pay a fee.
ESCROW in which a third party holds the money for both you and the buyer, could also be a reliable method of receiving money. But, it is important to be wary of fraud ESCROW or shipping companies suggested to you by your buyer. To check if a company is legitimate, you can check the Financial Conduct Authority’s (FCA) the register of services for financial transactions.
If the buyer wishes to pay with a personal or building society cheque, explain to them you’ll need to wait until the cheque is clear. Also, keep in mind that bankers’ drafts can be faked.
It’s important to not hand over the keys until you’re completely satisfied that with the amount you’ve paid.
Giving a receipt to pay
Before the buyer drives off and leaves, it’s a good idea to prepare an invoice and a sellers’ agreement to ensure that you are protected.
You must ensure:
The receipt contains the words “sold as seen, tried and approved without guarantee”
Print two copies of this contract. One for yourself as well as one for the buyer.
Both you and your buyer must sign and date both copies of the contract
You will each keep the original signed copy to prove of the purchase
Keep in mind that even though the buyer is confirming that the car was described as it is at the time of sale however, it doesn’t affect their legal right to reject the vehicle if they discover that it isn’t roadworthy.
Inform the DVLA
Let the DVLA inform the DVLA as soon as possible that you’ve sold the vehicle and that you’re no longer accountable for it. Don’t want to end up with any fines or parking tickets that the new owner is responsible for.
Contact the DVLA and inform them that you’re no longer the owner the vehicle. The fastest and easiest method is to do it online. The vehicle record will then officialy updated, and you’ll receive a refund on any tax you didn’t use for your vehicle.
Contact us to value my car.
You can also inform the DVLA by mail, however it will take longer for the record to be updated as well as to claim any vehicle tax refund. Fill in the ‘New Keeper Information in your V5C logbook and both the buyer and you need to acknowledge the declaration. Then, you can send it directly to DVLA.
If you decide to notify the DVLA through the internet or via mail ensure that you send the purchaser the V5C/2 section from the V5C logbook. It’s proof of keepership until they get a brand new V5C from the DVLA.