There are plenty of aspects to consider when selling your vehicle. Do you want to sell it quickly? Earn as much cash possible? Or would you prefer your sale to be as simple and as stress-free?
Selling quickly using the traditional method
If you’re planning to trade in your car to one that’s newer, normally you’d trade in your vehicle part-exchange through a dealer.
You can’t guarantee that you’re receiving the most affordable price. The dealer is likely to sell your old vehicle to auction. Of course they’ll be looking to make an income. They may not be able to offer the same car’s worth.
Selling your vehicle privately
Selling privately could earn you more money, provided you find a buyer, however it’s likely to require more effort. You’ll need to:
Pay for and arrange for advertising
Get your documents ready
Contact potential buyers, including inquiries, viewings and test drives
Negotiate a fair price
You must ensure that payments are made in a legal and secure method
Make sure you price your car in a realistic way
If you’re looking for a speedy sale, it is important to make your price realistic.
Conduct some research online at sites such as eBay, AutoTrader and AA Cars to find out what comparable automobiles are selling for. You can also look up local dealerships.
Preparing your car for sale
If you decide to sell your vehicle, making it sale-ready is crucial if you wish to sell it quickly and get the most value. Condition, appearance and the history of service can affect the value. It is important to:
Clean your car from inside to out, and ensure you keep it clean
Repair paintwork imperfections that are minor or mechanical issues
Make sure you have a new MOT, especially if there’s less than three years on the old one.
Take a look at a professional and full valet service. It will help you save time and be a huge an impact.
Finance a car purchase
If you’re looking to sell a vehicle that you’re financing, the starting point is to reach out to your finance company to discuss about options or to get their approval.
If you are selling your vehicle privately you’ll need to settle any outstanding debt first, because it’s illegal for you to sell a car that you don’t own fully. Also, don’t forget any outstanding hire purchase or conditionsal sale agreements.
If you’re selling through an agent, they might be able to assist in making the selling process simpler.
Organising an opportunity to test drive
If you are arranging for prospective buyers to visit or test your vehicle, be sure to ask for their address, name, and contact number. A genuine buyer will be more than happy to supply these details and will be understanding that you need to call them back to confirm arrangements, and then verify the number provided.
If the buyer would like to drive the vehicle make sure they bring their driving license. If your insurance does not cover it, make sure the insurance coverage of the buyer.
Always join any test drive. If you change seats halfway through the drive you should take your keys with you and give them to the driver when you’re back in the vehicle.
If you’re concerned about being in a room with a stranger, request your friend or family member to come along for the show or to test drive when you can.
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Beware of fraud
Beware of buyers who may contact you via the internet or on the phone asking for specifics like the car’s VIN. They might utilize this information to create fake advertisement. Genuine buyers ought to be able to go and see the vehicle and verify the information for themselves.
Make sure you have your documents prepared
If you can Keep all your important documents in your possession such as your vehicle’s MOT certificate and service records. A properly stamped service history can make your car more appealing to buyers.
Don’t let potential buyers make copies or pictures of your car’s papers prior to selling it. Only give the documents once you’ve reached an agreement on the sale and received the money.
You must be sure that you are paid.
Transfers to banks are generally seen as the safest and most efficient method of payment. Customers can pay on via phone or online banking throughout the day all day, all day.
You can also send a transfer to your bank immediately via the CHAPS system – but it’s usually required to pay fees.
ESCROW which is where an uninvolved third party holds money on behalf of both the buyer and you could be an effective method of getting paid. But, it is important to be wary of fraudulent ESCROW and shipping firms that are recommended from the purchaser. To verify if a firm is genuine, check the Financial Conduct Authority’s (FCA) financial services register.
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If the buyer wishes to pay by individual or building society check, explain the buyer that you’ll need be patient for cheque to be cleared. Be aware the fact that drafts from banks could be forgeries.
It’s vital to never release the keys until you’re completely satisfied that you’ve received your money in full.
The receipt must be presented for payment.
When the buyer leaves before leaving, it’s best to prepare the receipt as well as the seller’s contract to ensure your security.
This receipt is accompanied by the words “sold as seen, tested and approved, without any guarantee”
Print two versions of this contract, one to yourself and one for your purchaser
Both you and your buyer must are required to sign and date each copy of the contract.
Keep the original signed copy to prove of purchase
Be aware that while the buyer agrees that the car is exactly as you’ve described it at the time of sale, it does not affect their legal rights to refuse a vehicle they later discover isn’t roadworthy.
Inform the DVLA
Inform the DVLA inform the DVLA when you can you’ve sold your vehicle and no longer are responsible for it. You don’t want to wind in a situation where you have to pay penalties or parking tickets the new owner may be accountable for.
Get in touch with the DVLA and inform them that you no longer own the vehicle the vehicle. The fastest and easiest method is to do it online. The car’s record will be officially updated and you’ll be able to claim the refund of any unpaid tax on your vehicle.
You can also inform the DVLA via post, however it may take longer to be updated and for any refund on tax for vehicles. Fill in the ‘New Keeper Information on your V5C logbook. Both buyers and you need to acknowledge the declaration. You then need to send it information to DVLA.
If you decide to notify the DVLA via email or post be sure to give your buyer the V5C/2 portion from the V5C logbook. It’s proof of keepership until the time they receive a new V5C form the DVLA.