So, you’ve had it with your old “clunker” and finally decided to take the plunge and sell your car. However, you’re also in a bit of a quandary: you don’t have the foggiest clue how to go about selling it.
Well, you essentially have four options to sell your car:
Sell it privately
In this process, you sell your car directly to the buyer, which increases the chances of obtaining better financial outcomes in the sale. However, there are also many risks associated with this process, particularly if you are not familiar with the legal requirements or normal conventions to be aware of when selling a car. These risks include paperwork that needs to be undertaken, security concerns and issues around financing. If you are comfortable with these challenges, a private sale could prove to be rewarding.
While trade-ins offer you the convenience of selling your car within a single transaction, you will also not be entirely sure of what vehicle you will be getting. Even though a dealer can offer a seemingly good deal for your current car, it could be subsidised by an inflated price that you are paying for the new car. As such, you should rather ask for a cash price to get a better idea of what you are actually being paid for your old car.
Using wholesalers who buy cars for cash can often be the quickest and most convenient way to sell your car. You should be aware though that these buyers will usually on-sell these vehicles to other car dealers, where the middlemen will add on a further layer of cost. As such, you are almost certain not to get the optimal price you want.
Selling your car at an auction is quick, easy and quite transparent. The only downside is that the nature of an auction means that you may not get the price you want, with auctioneers charging quite a hefty fee and most buyers being dealers.
It’s also important to remember these two factors when selling your car:
Conduct proper research
Before you even consider selling your car, it’s important to get a good idea of what it’s actually worth. In this regard, we’re talking about its resale value. You need not be a car expert to gather this information; a simple Google search will display several reputable websites that can assist you in finding out your car’s resale value. All you have to do is select your car details, and best of all, discovering its market value is free.
Only use trusted car buying services
For someone who is selling their car for the first time, or even for someone who is not an expert on cars, it easy to get taken for a ride when engaging in this process. You should therefore make sure that the service you are using is reputable and will be honest, transparent and equitable in the deal they attain for you.
When you do eventually buy a new car, it is essential that you protect it against would-be thieves.
For only R.9.99 a month, you can insure your vehicle against theft with Drive and Save – terms and conditions apply.
Related Article: Buying a new car vs buying a used car