It is a sad fact that the large majority of cars depreciate in value pretty quickly and the value of a car after 10 years is significantly lower than what it was when it was first purchased. Unless you own a prestige car like an Aston Martin or Rolls-Royce then this is almost a gravity issue that we need to just contend with. When people are looking to get rid of the car they have there are many different options to choose from. We have all heard of some of the car retailers out there that are just looking to snap up your car quickly – in fact the jingle from some of their adverts is so annoying that it sticks in your head all day if it comes on the TV or radio – this is one option to sell your car. There are several options that you should look to consider, all with their advantages and disadvantages.
Car Purchasing Retailers
There are several companies out there that look to entice people to sell their car with them. How it generally works is that you would give them the details of your vehicle on the website and the condition you believe your car to be in. They will then give you a valuation of the vehicle and price as to what they would pay. You would then take the car along to one of their local retailers and they would look to purchase the car from you. There are several advantages to this type of service with the main one being the speed as to which you can give them your car and the efficiency of the cash funds reaching your account. Probably the biggest disadvantage of this is around the valuation price of the vehicle. When you enter this online and get a nice price back, do not expect that to be the final price that the retailer actually offers you. The first thing they will do when your car comes in to their area is inspect it. Trust me – they will pick up every single niggle, scratch, bump etc that they can see. In fact they will even imagine they see things as everything they pick up on will reduce the price they give you for the vehicle. They will then give you a revised price and it will be up to you whether or not you accept this.
Depending on the age and condition of your car, you may wish to consider scrapping the vehicle. This option would not be cost effective if the value of the car is quite high (as you would be more cost-effective selling it on). Across the UK you will find companies like scrap car network in almost every county. Before driving to one of these places, you can go online and enter the registration number of it and you will get a rough quote as to what the scrap yard will give you for it. Most reputable scrap companies will then arrange a time to come and collect the motor vehicle from you. Not only can this be completed for cars but for vans and other vehicles. They also generally take care of the DVLA paperwork on your behalf to announce that the vehicle is scrapped – failure to do this could lead to an £80 fine.
Car Sales Magazine
Another option would be to advertise in a car sales magazine. This used to be an extremely common method for people to trade cars and there are paper and online versions of this magazine making sure that they can reach a large audience. The advantages of this method is that you can take pictures of your car and give an expectation of the price that you are looking for. People may then come out to view the car and even request a test drive. Some of the risks of this method include insurance – if someone comes and test drives your vehicle, are they insured to do so and what happens if they have an accident? You are also at financial risk as you are not protected by anything – for example if they pay by cheque and the cheque bounces or they give you fake money that you don’t pick up on at the time of the sale.
If you are looking to purchase a new vehicle from a car dealership then you may look at the option of exchanging the car you have with them. This is probably one of the most common methods as it is generally hassle free and you swap cars instantly. Although convenient it is definitely not the most cost effective as you will find the car dealerships looking to make as much money as possible from you therefore squeezing the value of your car as much as they can.