Changing your car is an exciting experience. You may be looking for a similar model or you may want to upgrade to a newer car.
Finances are always a consideration when making a large purchase, so you need to consider your options. Most car owners want to sell their current car, either as a private transaction or by part-exchanging with a dealership. You can also decide whether to sell online or at a car auction.
Let’s take a look at your different options so you can find the right one for you.
Selling privately
Selling privately is the option which usually results in you receiving the best price as you are cutting out any middlemen and extra fees. It does, however, require you to put in a bit more effort.
To sell effectively you will need to create an appealing advert, set up viewing and negotiate by yourself. To succeed at this, make sure the car is well presented and that you have all the relevant paperwork to hand. Remember to keep an eye out for scammers as well.
Part-exchanging with a dealer
Part-exchanging is one of the most common ways to finance a new car especially if you are getting a new or used car at the same time.
Whilst this is a convenient method of selling your car, you will get offered a lower price than if you were selling privately, as well as possibly getting admin fees added on. However, you do not have to do much work, so it is relatively hassle-free. Make sure you do your research and contact a reputable dealer to make sure your contract is legitimate.
Using online car buying services
Fitting in visiting a dealership can be tricky, especially if you work odd shifts or have a busy family. There are multipleonline sites where you can sell your car and receive instant valuations. This is usually based on your car’s registration and mileage.
Some companies will come and collect your vehicle from your home which is why selling online is becoming a popular option. The convenience is unlike any other option, but be aware that the final sale price may differ from your offer after an in-person inspection.
Selling at car auctions
Auctions have been a selling option for pretty much any item over the years, and car auctions are always popular. Buyers are always looking for a deal or rare vehicles at these sales. If you are looking to sell quickly as you need funds, then this could be the choice for you.
Auctions work by competitive bidding, meaning you may get a better price than a trade-in, but there is also a risk of the opposite happening and you getting less than you bargained for.
If you are considering using an auction house, why not visit one to see how it all works before committing?