Selling Your Old Car: Here Are Your Options
Selling your old car is no easy feat. You want to receive the best possible price in the least amount of time and with minimum hassle. However, the entire process is often not that convenient. You may have to sell the car at a lower price to secure a quick deal or wait it out for the right buyer to sell it at the optimum cost.
Tip: Before you can go down the car-selling route, you should have a general estimate of the actual worth of your car. This will allow you to judge whether an offer is reasonable or is a complete rip-off!
The following article lists a number of options to sell your car, where each alternative comes with its own pros and cons. In addition, you will also find a few tips and tricks that will help you sell your car at the best price possible.
Sell it to a dealer
While most dealers prefer trade-ins, numerous dealerships are willing to buy old cars without trading them for newer ones.
Selling your car to a dealer is one of the most convenient options since it helps you escape the cumbersome process of scheduling an individual meeting with potential buyers, negotiate price, and receive and verify the payment. However, you may have to sacrifice on the price since most dealers are likely to give you the lowest possible amount for your car.
Look around and check in with different dealers before settling with the one who gives you the best offer. Choose a dealer depending on the specific condition and manufacturer of your car. If it has a lot of imperfections and requires extensive repair work, or is an older model with considerable mileage, don’t take it to a dealership that deals in new cars. In addition, begin by going to dealers that sell your brand of vehicle because they are most likely to offer you the most amount of money. Once you have visited a couple of dealers and are not getting your required price, then visit an off-brand dealership.
Trade it for a new car
Trading in entails that the value of the old car is deducted from the price of your new vehicle. If you are looking to buy a new vehicle, this might be a feasible option for you. It is also timesaving since you can sell your old car and buy a new one simultaneously. Thus, you will not have to go even a day without a vehicle.
However, the convenience comes at a cost. It is highly likely that the car dealer offers you a trade-in offer that will not be the best price that you can get otherwise. After all, the higher the value he provides, the lower is the profit he makes on the sale of the new car.
If you are on the lookout for a quick, easy route and the best selling price is not your primary concern, you can go for this option, albeit it is rarely highly recommended. This is because it gives too much power to the dealer.
Finally, scout for different offers for your old car, make sure that the price of the new car is competitive and negotiate the cost to the best of your abilities before closing the deal.
Sell it privately
Selling your old car to a private party is the best way to get the highest value for your car. However, the entire process can be time-consuming and most certainly longer than the other sales options. Therefore, go for this option if you wish to receive the best price and are in no hurry to get rid of your old car.
To begin, you will have to place an advertisement. It can be a “for sale” sign, with your contact number, on the windshield of your car or the local store. You can also place a classified ad in the newspaper or on one of the online selling platforms. In addition, you can notify your peers and colleagues through Facebook or post a flyer on your office notice board.
Reply promptly to any queries generated by the ads and schedule a meeting with the potential buyer. Make sure that you choose a safe way to receive the payment for your car before turning over the vehicle to the new buyer. Do not accept a personal check because they can be invalid and bounce. Then, you will have to adopt a legal route to recover your car, which can be expensive and time wasting.
You can also auction your car, but there is no guarantee that you will receive the actual value of your vehicle. In fact, you can end up getting a lot less than what you anticipated. However, the process is quick and often not very cumbersome.
You can also connect with a private buyer in an auction, who will be willing to pay you an optimum amount.
You can also advertise your car on a live online auction. Simply, post a picture of your vehicle with an accurate description on the website to avoid misleading the prospective buyers. You will have to pay an insertion fee that is not very high, around £10, as well as a final value fee depending on the ultimate selling price.
Try the “We buy cars for cash” offers
If you are looking to make a quick sale, you can contact one of the signs you may notice on the side of the road. However, this should be an absolute last resort since these offers are extremely low. Moreover, if your car’s condition is below average, they may not make an offer at all as their sole purpose is to buy a good car at a low price.
Use an online car buying site
Car buying sites are comparatively the latest methods of selling your vehicle. However, they are often your best option since they offer the highest value and take the work out of selling your old car.
The car buying companies are willing to buy any vehicle, regardless of its condition, make, model, size, shape or mileage. Their service and procedures are transparent and easy to understand. You simply have to enter your car’s details, and the site offers a reasonable quote. The suggested price is often very accurate to the actual worth of your car and the highest possible value you can receive.
Moreover, there are no hidden charges, and the customers are given a free car valuation. You can receive the payment for your car the same day you sell it to them. In fact, they come to collect the vehicle themselves, making the entire transaction extraordinarily convenient and hassle-free.
Almost every method of selling your old car has its own pitfalls and highlights. It all depends on whether you choose to sell your car quickly, wish to receive the best value, or want a new car immediately, so you do not have to go even a day without transportation. However, if you are short on time and want to make the most amount of money, go to an online car buying site and experience a smooth car selling process.