How to sell a car
Buying and selling a car can be a very stressful experience, in this short article we will try and make the advice on how to sell a car as easy to understand as possible.
Firstly make sure the car is clean inside and out, you can do this yourself or have it done professionally for around £30-£50, and personally we would go with the latter when selling your car.
The £30-£50 you spend may add £100’s to the car’s value, next when selling your car be realistic about its value, cars devalue on average about 1% per month.
But keep in mind that the price you paid for your car when you bought it from the dealer would of included the dealers profit margin of roughly 20%.
The truth about a car dealers margin
This may seem excessive but when you consider the dealer has huge overheads like Staff, security, premises and VAT you can quickly see why a dealer needs that type of margin, and don’t forget their stock is devaluing each month too.
Lets take an example of a car purchased two years ago from a dealer for £10,000, if we take out the dealers profit margin of £2000 the car when purchased was really worth £8,000
Now make sure you have all the documents you are going to need, when it come to how to sell a car. To sell your car these are as the documents you require.
V5 (Log book)
The MOT certificate
The service book
And the cars handbook
You now have four choices to make on how to sell a car.
- Advertise it on Ebay Motors or Autotrader; or any of the 100’s of other sites available
- Place the car in an auction (I would not recommend this)
- Part exchange your car at a local dealer
- Sell it to us.co.uk (Highly recommended)
Advertising your car on ebay or autotrader; can be effective but it is not without its down sides. You should remember that people are not always what they appear.
Things you should NEVER DO
- Allow someone to test drive your car on there own.
- Accept a cheque from someone and let them take the car, it might bounce!
- Never accept cash for a car, take the person to your local branch of your bank pay the money in to your account, that way you know the money is not counterfeit.
- If someone says they have sent you a bank transfer do not release the car until your bank has confirmed the funds are clear in your account.
Selling a car at auction
If you decide to sell your car at auction remember you will have to pay the auction selling fees, this could be as high as 25% of the price the car is sold for, and you may have to wait weeks for your money.
Selling your car to a dealer in part exchange is very straight forward, but remember the dealer will probably be giving you more than your car is worth because he is making £2000-£5,000 out of the car he is selling you.
By far the best way to sell your car is to sell it to us.co.uk and here is why:
- We will make you an offer in just 3 minutes
- Once your car has been inspected the money will be transferred in to your account
- Once you have the cash for your car, you can go and negotiate a much better deal for your next car, because you know how much margin dealers have in the cars they are selling, but leave the dealer a little meat on the bone as they also provide a great service most cases.
And don’t forget we buy any car not just nearly new! We will buy any car from £50-£100,000
So why not take a free valuation now? You have nothing to lose and it only takes 3-4 Mins to complete.
We hope this information on how to sell your car has been of use to you.
“No Hiccups” “I received the money on time and no hiccups. Roy, the buyer was very kind and agreed to see me without an appointment. I’d give the overall service 9/10.”