Second Hand Car Selling

Share

Congratulations!  You’ve finally decided to take the leap.  It’s time to upgrade your Second Hand car.  But first, you’ll have to sell your old one.  Second-hand selling is an art- you’ve got to offer it in such a way that no one can resist.  This is your chance to make the most out of your vehicle.

There are a number of possible routes you can take when selling a car privately, however online is probably the easiest.  You can also use the classified ads in your local paper or head on over to the nearest car dealership.

To help you get an idea of the price that you should aim for, start by entering the necessary details of your car and receive a free car valuation.  This will give you a general idea of the market in your locality.  Be mindful of depreciation.  The older your vehicle gets, the more miles it’s driven, and there’s bound to be greater wear and tear.  Therefore, there’s an overall decline in condition.

Advertise

If you decide to sell privately, the key is to advertise.  Make sure to get your ad right.  Since the market for used cars is quite competitive, you need to lure as many customers as possible.  But as a general rule, there are some few key points to keep in mind when selling your car.

  • Include plenty of photos. It’ll help buyers see every angle of your car. It may encourage potential buyers to take the next step and arrange a manual inspection.
  • Don’t make exaggerated claims about your car. Describe the condition of your automobile honestly.
  • Give it a thorough cleaning before inspection. It can make a big impression on potential buyers.
  • Set a realistic price. Asking a high price will scare off buyers, and a low one will make them wary of the reasons why it’s underpriced.  Remember that buyers will haggle, so keep a margin for negotiations.  Just have an idea of how low you’re willing to go.
  • Mention any modifications. What does your car have that others don’t? Installing state-of-the-art gadgets such as stereo systems, sat nav, and a built-in camera can justify a higher price.
  • Highlight facts and features. Mention mileage, model, make, how long is left on the MOT, service history, regular maintenance work, etc.

Meeting potential buyers

If you’re selling privately, you need to take certain precautions.  Be aware of fraud or theft of your vehicle.  Verify the person’s ID and set a meeting in a well-lit public place.  Ask a friend or family member to come along.  Let the interested person inspect every aspect of your car freely, but don’t leave them alone with it, especially on the test drive.

On the other hand, if you’re planning to sell to a dealer, make sure to find one with a good reputation.  Ask around for a reference, preferably someone you know had a recent experience.  Check online to see if the company is genuine.  Search for a car buying company with positive reviews and testimonials.  Remember, only entertain those dealers that are registered and have a valid license.  A bigger, more established dealership with years of experience in selling and buying cars is an ideal place to go.  As a clue to its business sense, take an inventory of the stock on the lot as well as the website.  The cars should be well-maintained, detailed with accurate information, and be continuously updated with different ones to indicate the signs of a successful business.

Car inspection

All potential car buyers will want to examine your vehicle before purchasing it.  The interior and exterior will be thoroughly checked.  To facilitate a deal with a private customer, you may have to go to a mechanic with them. Typically, this service is not free; however, it’s negligible in comparison to the sale of your car.

In this area, a dealership can make life easier for you.  They have employees that handle car inspection, at a time and a location that is convenient for you.

Receiving payment

If you’re selling your car privately, be streetwise.  Ask for valid ID, a residential address and landline phone number to be extra safe.  Be wary of anyone reluctant to give you this information.  Try to carry out the transaction at a bank if you’re being paid in cash.  At least that way you can deposit the money immediately and have the notes checked for forgeries at the same time.  However, payment via electronic transfer is more convenient.  As a precautionary measure, don’t hand over the keys until the funds are in your account.  This could take a few days. The least recommended route is a check, but if you accept one, wait till the payment clears before releasing the vehicle.

If you wish to sell your car through a dealer, it’s best to receive cash, certified check, or online transfer into a bank account.  Avoid long-term payment plans at all costs.

Post-sale documentation

The typical paperwork includes the sale deed, signing over the title, and a release of liability.  Though these documents vary from place to place, the primary objective is to show the transfer of ownership.  Remember to keep photocopies of all documents.

Once the deal is final, it’s vital to bring the paperwork up to date as soon as possible.  You need to let the DVLA know you’re no longer the registered owner.  This is especially important to ensure that you don’t receive any fines incurred by the new owner.  The car’s registration document has a tear-off portion (the V5C) that you need to send to the DVLA.  The rest goes to the buyer.  Once the payment is made, hand over the vehicle’s handbook, service and maintenance records, the current MOT certificate, and any warranty details.  Remember to cancel your insurance as well.

On the other hand, a car buying company is responsible for completing and organizing all the necessary paperwork during the sale of your vehicle.  This is one of the benefits of selling a used car through a dealer.

At the end of the day, it doesn’t matter which method you decide to use to sell your car.  Selling privately or through a dealer both require research, car valuation, and a quick eye for picking out potential, genuine buyers.

Share