If you have come to a point in your life where you are looking to sell your car then there are several different ways in which you can do this, all with different advantages and disadvantages. It isn’t something that you should rush into as selecting the wrong method could cost you hundreds or even thousands of pounds. The easiest solution may be far more costly. Here are some of the different options that can be considered:
Scrapping your Car
Clearly this option is not suitable for all everyone as if the value of your car is high then scrapping it would cost you a lot of wasted money in comparison to selling it on. I have looked to scrap my car just to see how easy the process is and I was pleasantly surprised. You can literally go online, type in your car registration number and answer a few basic questions about your car, such as the condition of it, wheels, interior etc. Once this is all completed, they will come back with an instant quote as to what they will give you as a cash value. You should weigh this up against actually selling the car however if the car is in an old or maybe even unsafe condition then this may be the most effective option. A big plus about this process is that the scrap yard team will come to your home to collect this, they will then check over the vehicle and reward you with the money (usually by bank transfer). They will even take care of the scrap DVLA paperwork on your behalf as if this is not completed you could find yourself receiving an unwelcomed fine.
Trading Your Car with a Dealership
Probably the most common way to move on your car is via a car dealership when trading it against another one you purchase. The dealership will give you an immediate valuation after inspecting the car (and maybe taking it for a test drive). One of the biggest disadvantages of this option is that the value the dealership gives you may not be particularly competitive. They are clearly looking to make a lot of money from the car you give them and they will sell it on for a much greater value. The advantages though of this process is mainly around the ease of it. When you go to collect your new car, you will be able to give them the old one on the same day. There is generally no need for finances to be traded as they would normally take the trade value off the price of the new car that you have purchased.
Probably the biggest hassle however could prove to be the most cost effective method is to sell your car privately. This could be online, car magazine or even an advertisement in your local post office. By doing this through this method you are then inviting people to purchase the car for the price you have defined (or the nearest offer). Generally before any private buyer purchases a car they will look to actually view it and test drive it – this is where the complications could start. If you allow someone to test drive your car, then you need to make sure that you have insurance in place that will cover this. Getting this wrong could land you in some legal trouble (or even be costly if there is an accident – even if not your fault).
Car Purchasing Company
There are many companies out there that focus simply on purchasing your car. You will know all the different jungles from the TV adverts of radio. These are specialists such as Gumtree. If you head on over to their website then you will be able to instantly place the registration number of the car you are trying to sell on to the site and then it will ask you to give the condition of the car. For every piece of damage there will be a value taken off the car in terms of the money they will give you. Once a value has been sent to you, you can then decide if this is worth selling to them. Something to point out – once you get this car inspected by them, they will then look to find any little scratch or mark that you did not declare to them and claim that it will knock money off the car value. If you manage to get to an agreed price (maybe through a bit of haggling) then one of the good advantages of this process is that you will get the money transferred to you fairly quickly.