There are a lot of aspects to consider when selling your vehicle. Do you intend to sell it quickly? Get as much money possible? Or would you prefer selling to be as easy and stress-free as possible?
Selling quickly the traditional way
If you’re thinking of trading with your previous car for a newer model, traditionally you’d exchange your car at a dealership.
You can’t guarantee that you’ll get the most value for your money. The dealer might have to sell your old car for auction. Of course they’ll be looking to make a profit. They may not be able to offer something that is comparable to your car’s value.
Selling your vehicle privately
Selling privately may earn you more cash, if you are able to find a buyer, however it’s usually more effort. You’ll have to:
Arrange and pay for advertising
Get your documents ready
Meet with potential buyers – including enquiries, viewings, and test drives
Negotiate a fair price
Make sure payment takes place in a secure and legally legal method
Selling your car through an online service
If you’re interested in the amount you’d receive by selling your vehicle privately, without the hassle-inducing work involved then you must use an online platform
That way, you don’t have to compromise price and the ease of selling. They offer an easy, fast and straightforward method to get the most money for your vehicle. Plus, they’re available for use at no cost.
It is possible to do almost everything on your phone in just a few minutes.
If you register your car into sales on the day, they’ll showcase it to their nationwide network of used dealers. Interested dealers will then compete to purchase your vehicle by offering you their best price. Click here to value my car.
In less than 24-hours, you’ll receive the most competitive price. If you choose to accept the purchase the dealer will come and collect your car for free and transfer the money to your bank account quickly and safely.
The price of your car should be realistically priced.
If you’re looking to make a quick sale, make sure you determine the value of your car in a realistic manner.
Do some online research at sites like eBay, AutoTrader and AA Cars to see what similar automobiles are being sold for. It is also possible to search for the dealerships in your region.
Preparing your car for sale
However you choose to sell your vehicle, making it ‘sale-ready’ is essential if you want to sell your car quickly and receive the best price. The appearance, the mechanical condition, and the history of service can all make a difference. It is important to:
Clean your car from inside to out and make sure it’s generally tidy
Repair paintwork imperfections that are minor or simple mechanical faults
Take a fresh MOT, particularly if there’s less than three months on the current one
You should consider a full-time, professional valet service. It’ll help take you less time and really make a difference
Finance a car purchase
If you’re looking to sell an automobile you’re currently financing, a good start is to get in touch with the finance company you’re with to talk about options or to get their approval.
When selling your vehicle privately, you’ll have to settle any outstanding financing prior to selling – since it’s illegal to sell a vehicle that you don’t actually own. Be sure to remember any outstanding hire-purchase or conditionsal sale agreements.
If you’re selling using a dealer, they may be able assist you in making the selling process less difficult.
Organising the test drive
If you’re inviting potential buyers to see or your car, make sure to ask for their name, address and contact number. A genuine buyer will be happy to provide these details – and they will accept when you call to confirm arrangements and check the number you have provided.
If the buyer wishes to test drive the car then ask for their driving license. And if your own insurance doesn’t cover it, check whether they’re insured.
Always go along on any tests. If you switch seats midway through the journey, take the keys and hand them to the driver when you’re back in the car.
If you’re worried about being in a room with a stranger, you can ask someone you know to join you at the show or to test drive If you’re able.
Find out more:
Don’t fall for fraud
Be wary of buyers who contact you via the internet or on the phone asking for specifics such as the VIN number of your car. They might utilize this information to create a cloned advert. Genuine buyers will be happy to go to the car and check those particulars for them.
Make sure you have your documents prepared
If you can, keep all documents required on be on hand, including your car’s MOT and service certificates. A properly stamped service history can make your vehicle more attractive to prospective buyers.
Never allow prospective buyers to create copies or snap photos of your car’s documents before you’ve sold the car. The documents should be handed over after you’ve negotiated the sale and have received the payments made.
Make sure you’re paid
They are generally thought of as the most secure and fast method of payment. Customers can make payments over the phone or by using online banking, all day and every day.
If you prefer, you can do an immediate bank transfer with the CHAPS system, though you’ll generally have to pay the fee.
ESCROW which is where an outside party holds the funds for you and the buyer, could also be a reliable method of receiving money. However, you should be wary of counterfeit ESCROW or shipping companies that are recommended by buyers. To determine if a business is authentic, use the Financial Conduct Authority’s (FCA) financial services register.
If the buyer wants to pay using a personal or building society cheque, explain the buyer that you’ll need to wait for the money to get cleared. Be aware that bankers’ drafts could be forgeries.
It’s essential that you don’t hand over the keys until you’re absolutely satisfied you’ve received your money in full.
Giving a receipt to pay
Prior to the time the buyer is driving off, it’s a good idea to create the receipt as well as the sellers’ contract to safeguard yourself.
Check:
This receipt has the words “sold as seen, tried and approved with no guarantee”
Print two copies of this contract. One for yourself and one for your buyer
You and your buyer have both signed and dated both copies of the contract.
You will each keep a signed copy as proof of the purchase
Keep in mind that even though the buyer is agreeing that the car is exactly as 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
Let the DVLA be aware whenever you can that you’ve sold your vehicle and no longer are responsible for it. Don’t want to end up with any tickets or fines that the new owner is accountable for.
Contact the DVLA to inform them that you no longer own the vehicle the vehicle. The fastest and easiest method is to go online. The vehicle’s records will officially be updated and you’ll get a refund on any tax you didn’t use for your vehicle.
You can also inform the DVLA through mail, although it will take longer for the record’s information to be updated and to get any vehicle tax refund. Fill in the ‘New Keeper Information’ on your V5C logbook and both you and the buyer need to sign the declaration. This can be sent information to DVLA.
If you decide to contact the DVLA via email or post, make sure you give the buyer the V5C/2 section of the V5C logbook. This is their proof of keepership until they receive a fresh V5C issued by the DVLA.
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