Eventually, you are always going to need to sell your car. Unless you buy a classic, this is a purchase that is going to depreciate in value, quite dramatically even over a short period. After a decade, your car is basically worthless, even if you bought it brand new. So, it’s important to understand how to handle selling your car and the steps that you need to take. There are some important considerations here so let’s dive in and make sure that you understand the key points.
KNOW THE PRICE
The first step is to find out exactly how much your car is worth right now. This does mean speaking to a few different dealers and potentially some private buyers too. The aim here is to get a baseline price because you can work with that. You can either undercut it slightly to get more interest or you can increase it and aim for a larger payout.
Either way, understanding how much your car is worth on the market provides you with a lot of power. It ensures that a buyer can’t rip you off when you sell. Dealers are great at this. They give you looks and make comments, suggesting the vehicle is worth a lot less than the price you want. Ultimately, they are looking to make a profit from the sale and they know they can fix up the vehicle or sell it as parts.
You need to understand this and don’t be afraid to reject an offer that is too small. You might find that they come back with an offer of a higher price. This won’t always work but it can be worth a shot.
GET IT SERVICED
Depending on the value of the car, it can be worth ensuring that the MOT is up to date and that the vehicle has been serviced. Ideally, you should sell it straight after this because it’s always going to make the vehicle more desirable to the buyer. They’ll know that they have a solid 12 months before they have to even think about either the MOT or the service again. It is also the most solid evidence that there are no serious issues with the vehicle. They’ll be comfortable knowing that they are safe committing to this investment.
GET YOUR RECORDS IN ORDER
Something else that makes your car more attractive is ensuring that everything is above board and completely clear. The aim here will be to guarantee that buyers can easily see that your car has been well looked after. You should also provide a record of as many services and repairs as possible.
The more information you can provide the more they are likely to trust you. They will also be inclined to pay more for the vehicle because they don’t have unanswered questions that will make them hesitate and linger. Tempting as it may be, it’s also best to avoid skirting over information or trying to hide it. These days, it’s easy to research cars on sale.
CLEAN IT UP
You do need to make sure that you clean your car and ensure that it looks presentable. A buyer is always going to find a reason to haggle with the price and a car that isn’t clean could certainly be used as a sticking point. It’s basically like selling a property where the carpets haven’t been cleaned and the walls look like a complete mess. You see the issue?
Ideally, you should get it professionally deep cleaned. While the car may be old, there’s no reason why it shouldn’t look as good as it did when it emerged from the factory. You might even want to think about completing some repairs. Of course, you do need to be careful how much you spend fixing up the car. It will impact the profit you receive when it’s time to sell. If you’re spending more than £100 and your car is over ten years old, then you’ll probably end up making a substantial loss.
SHOULD YOU SCRAP IT?
Sometimes, it can be far less hassle to simply scrap the car. To do this, you will need to make sure that you sell the vehicle to a junkyard. When you sell a junk car, there are certain key questions to ask. Specifically, you should only sell a junk car if you stand to get more than you would if you tried to fix it up and make it roadworthy.
Usually, junk cars have been declared as right-offs by an insurance company and are often completely unsalvageable. But it is worth speaking to a couple different mechanics. One mechanic might have a completely different view of the situation compared to the one that your insurance company spoke with.
Be aware that scrapping it could save you headaches. You won’t have to worry about a buyer coming back and claiming that you weren’t honest about the condition of the vehicle. This happens quite a lot when you sell to a private buyer rather than a dealership. They have a lot of power in this type of situation and you can lose a lot of money in the process.
You also don’t have to worry about getting the car ready which means that there is going to be no big cleaning bill or anything similar such as repairs. It’s a great choice but does make sure that you get a quote for how much you’ll receive if you scrap the vehicle. You should never give it to a junkyard for free because, believe it or not, the car is still worth something. It can be cut down for scraps and spare parts.
We hope this helps you know everything that you need to consider before you sell your vehicle. The trick here will be making sure that you are able to get your car sold for the right price. You need to try and get as much back as possible for your vehicle. Remember, it’s always worth shopping around and speaking to a few buyers before you sell. You need to make sure that you have a solid baseline of what your vehicle is worth.
Photo Credit: Kia
