Contrary to popular belief, selling your car can be a quick and painless process.
With a few hours of research and preparation, you can have your vehicle listed online for a fair price. To help keep you organized, here are seven things you should know about selling your car.
How to Determine an Asking Price
There are a number of steps for evaluating your car’s worth.
- Compare your car’s make and model online – The first step is to use online resources to compare what similar cars are selling for. This will give you an underlying base value.
- Condition of the car – The next step is to evaluate your car honestly. Is it running well? Or does it start to shake and make a weird sound on the freeway?
- Ask a mechanic – Have a mechanic run diagnostics on your vehicle and get a quote for what they would sell it for. They’re surrounded by cars every day, so they might have a fair price in mind.
- Mileage – If your vehicle has a low mileage for its age, you can raise your asking price above the average. This is a big one.
Once you’ve evaluated these factors, set the asking price at the top of your price range. Expect to negotiate and don’t settle for less than the lower end of your spectrum. Be aware that many buyers will offer a lower price once they’re in person. Be ready for this, and don’t be afraid to walk away from the deal.
The Papers You Need
To sell your vehicle properly, you must have all the necessary documentation in order. This will be used to prove ownership of the car, the vehicle’s history, and any other relevant information for the buyer to know. The standard three you should have when selling your car are:
- V5C registration (proof of ownership)
- MoT certificate for older cars (3 years or more)
- Maintenance receipts for any work done
Have the Car Prepped and Ready
It’s a car buyer’s nightmare when they finally get to test drive a vehicle after weeks of research and haggling, only to find that the car is completely trashed and smells like sweaty socks. Unfortunately, this happens more than people would like to believe. Spending £20 on a car wash and a few hours cleaning out your car can prevent this situation. Plus, it can raise your asking price by a few hundred dollars. Toss in a fresh car scent too for added insurance!
How to Advertise Your Vehicle
Advertising your car can be a valuable investment of time and resources. By getting your vehicle in front of more potential buyers, you better your chance of selling for a higher value. With three potential buyers, you can slowly raise the price and pit one against another until there’s only one buyer left.
Some places to advertise are:
Your local paper and adjacent community newspapers
Online sites like Craigslist and eBay
Social networks
Check with Local Dealerships
If you’re not sure where to sell your car, there are always local dealerships that will offer to trade in your vehicle for another car. This can be a great way to invest in a new car. Plus, you won’t have to deal with the hassle of finding a buyer, negotiating a price, and setting up a test drive. Just drop off the car and trade it in.
Reporting Transfer of Ownership to DVLA
Once you’ve found the right buyer and the funds have been transferred, you can officially hand over your keys and the V5C registration. The last step is then to report it to the DVLA. This will ensure you do not pay any additional tax on your car and avoid any penalties for not reporting.
Selling an Old Car for Parts
If your vehicle was damaged badly in an accident and is no longer economical to fix, there are still ways of scraping some cash together.
1) Selling to a salvage yard – Oftentimes selling the broken car to a salvage yard who will take it apart themselves will yield the best results. They’ll buy you out for any decent parts and take the hassle off your hands.
2) Individual parts to individual buyers – If you have time on your hands and you’re looking to make more money, you can remove the middleman and find buyers for the parts yourself.
Making the Sale
Selling a car is mostly prep work and research. Knowing how much to sell the car for, gathering all the necessary paperwork, and giving it a quick shine is all that’s needed to swap your vehicle for a check.
20th June 2019
