Although selling your car is a widespread way of making money quickly, unfortunately, it does often come with its own challenges. It can be challenging to find a new owner for our car – not to mention, the emotional attachments we often form to our vehicles make us want it to go to the right home! In this article, we will consider three of the most common challenges you might face when trying to sell your car!
Who to Sell to
When trying to sell a product, it is essential to work out who is going to be selling it to. You could waste many hours trying to sell your car in the wrong place. It may be worth starting with your own personal contacts, such as friends, family, or co-workers. This approach may save you time, although you may feel obliged to sell for a lower price due to your personal connection. You should weigh up whether the convenience makes this worthwhile!
The value of your car will affect who to sell it to – if you are selling an expensive sports car, it will not be worthwhile advertising to people who cannot afford it. If you are thinking “how do I sell my luxury car?”, it is worth researching marketplaces specific for such vehicles. You can use existing marketplaces, from your local used car dealership to a variety of online marketplaces. Whichever marketplace you choose to use, you should always carefully research the terms and conditions that apply to the sale.
Deciding on a Price
It is highly relevant to correctly price your car. Selling it at a competitive price will increase interested buyers, yet you do not want to underestimate its value and reduce your profit. There are various issues to consider when pricing your vehicle.
One factor is the vintage of the car. Automotives are a fast-depreciating asset. Generally speaking, newer models will be worth more than older ones, although there may be exceptions in the case of classic cars which may derive worth from their vintage.
The general condition of your vehicle will also be crucial. Even minor issues such as scratches or broken lights can hugely reduce the car’s market value. It may be worth considering making repairs before you sell your car, and you should always make sure that it is clean and presentable both in photographs and in person.
The mileage of your vehicle should always be disclosed, as this is important to most buyers. A car with 200,000 miles on the clock will be much harder to sell than one with 20,000!
Insurance
Insurance is an essential factor to consider when selling your car. A car’s insurance policy will not be transferred automatically to the new owner – you must inform your insurance company about the sale. Once you have done this, the responsibility to insure the car will pass to the vehicle’s new owner.
If you have accumulated a no claims bonus on your insurance, you can thankfully keep this – all that you will need to do is contact your insurance company and get them to send you your NCB preserve certificate! You must bear in mind that your no claims bonus cannot be transferred if your new car is of a different class than your old one.
