There are a lot of aspects to consider when selling your vehicle. Do you want to sell quickly? Make as much as you can? Or do you just want the selling process to be as easy and stress-free as possible?
Selling quickly the traditional way
If you’re planning to trade the car you have had for an upgraded model, typically you’ll part-exchange your vehicle with a dealership.
You can’t be certain that you’re receiving the best value my car. The dealer might have to take your car for auction. And, of course they’ll need to make a profit. This means they won’t offer something that is comparable to your car’s worth.
Selling your car privately
Selling privately may earn you more money, provided you find a buyer, but it’s typically more effort. You’ll need to:
Find and pay for ads
Get your documents ready
Engage with prospective buyers, including inquiries for viewings, enquiries, and test drives
Negotiate a fair price
It is important to ensure that the payment process takes place in a legal and secure method
Selling your car through an online platform
If you’re interested in the amount you would get when you sell your car privately – without the time-consuming tasks that go with it to do so, you must consider an online marketplace
That way, you don’t need to sacrifice price or the ease selling. They provide an easy, quick and clear method of getting the best price for your vehicle. Plus, they’re absolutely free to use.
You can usually do everything from your mobile in a matter of minutes.
If you enter your car into an auction on a daily basis, the company will present it to their nationwide network of used car dealers. These dealers will then try to buy your car by giving you the best price.
In less than two hours you’ll receive your highest price. If you choose to accept the sale, the dealer will collect your car for free and deposit the funds into your account swiftly and securely.
Make sure you price your car in a realistic way
If you’re looking to make a quick sale, you need to make your price realistic.
You can conduct some online research on places like eBay, AutoTrader and AA Cars to check out similar cars are sold for. It is also possible to search for local dealerships.
Preparing your car for sale
Whatever way you decide to sell your car, getting it ready for sale is crucial when you wish to sell quickly and get the most value. The appearance, the mechanical condition, and even service history can affect the price. You should:
Clean your car both inside and out, and make sure that it’s always clean
Repair minor paintwork damages or mechanical issues
Make sure you have a new MOT, especially if it’s less than three months on your current one.
Take a look at a professional and full valet service. It will save you time and can actually make a big difference
A car can be sold on finance
If you’re considering selling a vehicle you’re financing, the start is to reach out to your financial institution to inquire about options or to get their approval.
When you decide to sell your car privately, you’ll need pay off any outstanding debts first – as it’s illegal to sell a car that you don’t own fully. And don’t forget any outstanding hire-purchase or agreement to sell with conditions.
If you’re selling using dealers, they might be able to help make the selling process less difficult.
Arranging a test drive
When arranging for potential buyers to see or your vehicle, be sure to ask for their address, name, as well as their phone number. A genuine buyer should be happy to provide the details, and will appreciate when you call to confirm arrangements and check the number provided.
If the buyer is planning to test drive the vehicle, ask to see their driving license. And if your own insurance does not cover it, make sure the insurance coverage of the buyer.
Always take part in any test drives. If you swap seats midway through the trip, take the keys with you and hand them to the driver when you’re back in the vehicle.
If you’re worried about being alone with someone you don’t know, ask an acquaintance or a family member to join you at the screening or for a test drive If you’re able.
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Don’t be a victim of fraud
Beware of potential buyers calling your online or by phone asking for specifics such as the VIN number of your car. They could utilize this information to create an untrue advertisement. Genuine buyers should be delighted to go to the vehicle and review the information for them.
Be sure to have all your documents ready
If you are able, keep all of the documents you need on hand, like your car’s MOT and service certificates. A fully stamped service record can make your vehicle more appealing to buyers.
Never permit potential buyers to make copies or take photos of your car’s paperwork before you’ve sold it. Only give the documents after you’ve negotiated the sale and had an agreed upon payment.
Make sure you get paid
Bank transfers are generally regarded as the most secure and fast type of payment. Customers can make payment over the phone or by using online banking all day and every day.
If you prefer, you can do an instant bank transfer by using the CHAPS system – though you’ll usually have to pay the fee.
ESCROW in which an uninvolved third party holds funds for you and the buyer, can also be a safe way of receiving money. But, it is important to watch out for counterfeit ESCROW or shipping firms recommended from the purchaser. To verify if a firm is legitimate, use the Financial Conduct Authority’s (FCA) the register of services for financial transactions.
If the buyer wants to pay using a personal or cheque from a building society, explain your buyer that you’ll need wait until the cheque is be cleared. Be aware that bankers’ drafts could be forgeries.
It’s crucial to not transfer the keys until you’re totally happy you’ve been compensated in full.
Providing a receipt for payment
Prior to the time the buyer is driving off the property, it’s recommended to make an invoice as well as a seller’s agreement to ensure that you are protected.
You must ensure:
This receipt includes the phrase “sold as seen, tested and approuvé without warranty”
You print two copies the agreement, one to yourself and another for your buyer
You and your buyer sign and date both copies of the contract.
Keep a signed copy as proof of purchase
Remember, while the buyer is agreeing that the car is in the condition you’ve stated at the time of sale but this doesn’t alter their legal rights to refuse the car if they later discover it isn’t roadworthy.
Contact the DVLA
Inform the DVLA know when you can you’ve sold your vehicle and you’re no more responsible for it. You don’t want to end having to pay any tickets or fines that the new owner might be responsible for.
Contact the DVLA to inform them that you’re no longer the owner The most effective and fastest method is to do it online. The vehicle record will then officially be updated, and you’ll receive a reimbursement on any unused vehicle tax.
You can also inform the DVLA by mail, however it can take longer to get the record’s information to be updated and to get any vehicle tax refund. Complete the ‘New Keeper’s Details in your V5C logbook. Both the buyer and you need to be able to sign the declaration. You then need to send it an email to DVLA.
If you decide to notify the DVLA online or by post and mail, ensure you give the buyer the V5C/2 section within the V5C logbook. This is their proof of keepership until they receive a fresh V5C form the DVLA.
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