There are many things to consider when selling your vehicle. Are you hoping to sell quickly? Get as much money as you can? Or do you simply want the sale to be as simple and stress-free as possible?
Selling quickly and efficiently the traditional way
If you’re planning to trade the car you have had for one that’s newer, generally you’d exchange your car at a dealership.
However, you cannot be sure you’re getting the best price. The dealer will probably have to sell your old car through an auction. Naturally they’ll be looking to make a profit. So they may not offer something that is comparable to your car’s value.
Selling your vehicle privately
Selling privately could get you more money, if you find a buyer. However, it’s likely to require more effort. You’ll have to:
Find and pay for ads
Get your documents ready
Meet with potential buyers, such as inquiries, viewings, and test drives
Negotiate a fair price
Be sure that payment is made in a safe and legal method
Selling your car through an online marketplace
If you’re interested in the amount you’d receive from selling your car privately – but without the lengthy chores associated with it to do so, you must consider an online service
So, you don’t need to sacrifice price or ease selling. They offer an easy, quick and transparent way of getting the highest price for your car. In addition, they’re completely free to use.
It is possible to do almost everything on your phone in only a few seconds.
If you register your car into their daily auction, they’ll show it to their national network of used car dealers. Interested dealers will then compete to buy your car by providing the most affordable price.
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Within two hours you’ll be able to receive your best offer. If you choose to pursue the sale, the dealer will collect your car for free and deposit the cash into your bank account quickly and securely.
The price of your car should be realistically priced.
If you’re looking for a speedy sale, you must set a realistic price for your car.
You can conduct some online research on websites such as eBay, AutoTrader and AA Cars to check out similar cars are sold for. It is also possible to search for dealerships in your area.
Preparing your car for sale
Whatever way you decide to sell your car, making sure it is ready for sale is crucial if you want to sell quickly and get the most value. Condition, appearance, and service history can all contribute to the value. You should:
Clean your car from inside to out and make sure you keep it clean
Repair minor paintwork damage or other mechanical faults
Make sure you have a new MOT, especially if it’s less than three months remaining on the current one.
Take a look at a professional and full valet service. It will reduce your time and actually make a big difference
Selling a car on finance
If you’re considering selling an automobile you’re currently financing, a good starting point is to get in touch with your finance company to discuss about options or to get their permission.
If you’re selling your car privately, you’ll need pay off any outstanding debts prior to selling – since it’s prohibited to trade in a vehicle that you don’t actually own. Be sure to remember any outstanding hire purchase or contract for sale with conditions.
If you’re selling through a dealer, they may be able assist you in making the selling process simpler.
Organising for a test drive
When arranging for potential buyers to come and view or the car, make sure to obtain their address, name, and telephone number. Genuine buyers will be willing to give these – and will understand that you need to call them back to confirm arrangements , and confirm the phone number given.
If the buyer wants to test drive the car then ask for their driving licence. If your own insurance doesn’t cover it check whether they’re insured.
Always take part in any tests. If you change seats midway through your journey you should take your keys along and give them over when you get back in the vehicle.
If you’re concerned about being alone with a stranger, you can ask your friend or family member to join you at the drive or viewing, if you can.
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Don’t fall victim to fraud
Beware of would-be buyers contacting your online or by telephone and asking for additional information like the car’s VIN number. They might make use of this information to create an imitation advertisement. Genuine buyers will be happy to view the vehicle and verify those particulars for them.
Be sure to have all your documents ready
If possible, have all the necessary documents to in your possession, such as your car’s MOT and service certificates. A fully stamped service record will make your car more appealing to potential buyers.
Do not allow potential buyers to create copies or snap photos of your car’s papers prior to the time you’ve sold it. Only hand over the documents once you’ve reached an agreement on the sale and had payment.
Make sure you’re paid
Transfers to banks are generally seen as the safest and fastest option for payment. Customers can make payments on the phone or by using online banking at any time and every day.
You can also make an immediate transfer to a bank using the CHAPS system, but you’ll typically have to pay a fee.
ESCROW that is where an outside party holds the money for you and the buyer, can also be a safe way of receiving payment. However, you need to be wary of fake ESCROW or shipping companies recommended by buyers. To check if a company is authentic, use the Financial Conduct Authority’s (FCA) Register of Financial Services.
If the buyer wishes to pay using a personal or building society cheque, explain to them you’ll need to wait for the money to become clear. Be aware that bankers’ drafts could be faked.
It’s important to not hand over the keys until you’re completely satisfied that you’ve been paid in full.
Giving a receipt to pay
When the buyer leaves and leaves, it’s a good idea to prepare a receipt and sellers’ contract to protect yourself.
Be sure to:
This receipt includes the phrase “sold in the manner that was seen, tested and approved , without warranty”
Print two copies of the agreement, one to yourself and one for your buyer
Both you and your purchaser confirm and date both copies of the contract
You each keep one copy that you have signed as proof of purchase
Rememberthat while the purchaser accepts that the vehicle is as you’ve described at the time of sale but this doesn’t alter the legal rights of buyers to decline the car if they later discover it isn’t roadworthy.
Tell the DVLA
Inform the DVLA let the DVLA know whenever you can that you’ve sold the vehicle and no longer are responsible for it. Don’t want to end up with any ticket or fines the new owner could be accountable for.
Contact the DVLA to inform them that you’re no longer the owner – the quickest and simplest way to do this is via the internet. The record of your vehicle will officially be updated, and you’ll be able to claim a refund on any unpaid tax.
You can also tell the DVLA through mail, although it will take longer for the record to update and for you to receive any tax refund. Complete the ‘New Keeper Details on your V5C logbook. Both buyers and you have to confirm the declaration. Then, you can send it an email to DVLA.
If you choose to notify the DVLA via the internet or mail make sure to give buyers the V5C/2 part within the V5C logbook. It’s proof of keepership until they get a brand new V5C from the DVLA.