What is the best way to sell my car?

I’m looking at buying a new car but unsure what to do with my current vehicle. What are my options?

Once you have made the decision to buy a new car, one of the first things to consider is what to do with your current car. Do you sell it to a dealer, sell your car privately, use one of the online car buying sites or put your car into an auction. Each of these options has its pros and cons, but with the help of this article, we hope you can pinpoint the option which suits your circumstances.

Sell Your Car To A Dealer

Also known as part exchanging your vehicle, this option is likely the quickest and comes with the least hassle. The value of the car you are trading in will likely be less than the car you are buying you will need to pay the difference either in cash or by a finance agreement. Most lenders will allow you to use your part exchange as a deposit. Although selling your car to a dealer involves the least hassle, the price offered is usually the trade price. If you are looking to maximise the amount you sell your old car for then continue reading.

Private Sale

There are a number of ways to go about selling your car privately. Outside of selling your car to someone you know, you will likely need to advertise your car for sale. The good news is you’re able to advertise your car for free using the likes of Gumtree Facebook Marketplace. The process can be time-consuming as you will need to be present for people to view the car. You should also consider how you will accept payment, handing over all the required documents and don’t forget to take care of the road tax.

Car Buying Site

Car buying sites have become very popular over recent years, which is understandable as the process is very simple. You simply enter your reg number and if you choose to accept their offer, the sale of your car can be completed within 24 hours. However, it is commonly known going this route won’t see you get the best price for your old car. In recent studies, the majority of customers were able to get a better price when selling their car privately or through a dealership.

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Car Auction

Selling your car at an auction allows you to put your vehicle in front of many potential buyers at once. The auction house will take care of negotiating the price. By setting a reserve price, you can control the minimum amount your car would be sold for.

It should be mentioned many of those who attend auctions work in the car trade, so will want to ensure they maximise their profit. So you may not receive the best price, but you do regain a lot of control.

Ultimately, only you can decide which option is the best, balancing how much of your own time you commit to selling your car versus the price you achieve. Selling your car privately will ensure you get the best price, but it’s the most time-consuming. Whereas a part exchange will see you lose profit but are by far the quickest way to sell your old car.

Justin Cottrell

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