You have three main options;
1. Sell my car to a cash car buyer?
An option which is becoming ever more popular due to the fact it can be very quick and easy, providing you choose the correct type of company. Many online cash car buyers provide you with an instant online quote – but how accurate can that be when you are not able to input all the relevant information about your specific car? Some people have found that once they have accepted such a quote and have gone to the hassle of organising someone to come along as transport home after the delivery of their car, they are disappointed.
Having arrived at the car buyers premises, usually during regular business hours only, find that the buyer decides that the car is not as described and offers a lower price, leaving the choice of accepting less money or going home with an unsold car. However, there are online cash car buyers that will come to you at a time and place that is convenient to you. This means that you are not in a position where you either need to take time off work or arrange transportation home. It is in the interests of the car buyer to actually buy your car or risk a wasted journey. You are in the stronger position! When choosing which company to use, decide whether you are happy to use a computer programme or talk to a call centre for an instant quote, or whether you would prefer to deal with the people who will actually be dealing with the entire process, from researching your specific car, to offering a quote, to arranging a convenient time and place to come and pay for, and collect your car from you.
By using phrases such as cash car buyer in Sussex, buy my car in Sussex, sell my car in Sussex, cash for cars in Sussex, in your search engine, you will receive a list of the most suitable companies for your requirements from which to choose. But whichever company you decide upon the advice is the same once you have accepted a quote and sold your car. Accept payment by means of cleared funds, either a banker’s draft or cash transfer directly into your account. Then you need to complete the yellow “notification of sale or transfer to a motor dealer” section of the V5 logbook. You need to send that to the DVLA to advise as to the change of ownership, this will prevent any fines or motoring offences committed after the date of sale being sent to you in error. You then need to date and sign the remaining part of the V5 as the registered keeper/seller, which the car buyer will retain to allow him to sell the car on. You should receive a receipt for the transaction complete the buyers company details. The car buyer will also require all other documents, service history, MOT certificate, spare keys etc relating to the car.
2. Sell my car to a local dealer?
Possibly the least favourable option! It can work in your favour under a certain set of circumstances, for example; if the dealer is low on stock or specialises in your type of car, you may get a reasonable offer. More typically the dealer will trade/sell your car on to a cash car buyer having factored in his profit into the price he has offered you. However if you decide that this is the route to selling your car you wish to take, our advice is to accept only cleared funds as payment, either in the form of a bankers draft or transfer directly into your account as a secure payment.
You are required to complete the yellow section of the V5 logbook (notification of sale or transfer to a motor dealer) and send to the DVLA – this informs them of the change of details and will prevent any fines or offences committed after the date of sale being sent to you in error. You also need to date and sign as the registered keeper/seller on the remaining portion of the V5, which, along with all other documents, service history book etc, go to the dealer to enable him to sell the car on. It is a good idea to request a receipt for the transaction as your proof of sale.
3. Sell my car to a private buyer?
When considering this option, make sure you are aware of what this entails. In the current “credit crunch” climate we are living in, you may find that this is a time consuming and expensive option with fewer genuine buyers about. However you may be able to achieve a slightly higher selling price, this is largely dependent on your preparation of the car and on being realistic about what your car is actually worth. We suggest looking at sites such as www.autotrader.co.uk or www.exchange&mart.co.uk and looking at what similar cars are being priced at, we feel that this will give you a more up to date idea rather than some of the online computer generated quotes where you are unable to define details of your specific car and that may quickly be out of date.
Once you have set a realistic price, you should valet the car thoroughly, either yourself or get a professional valeter to do the job for you, you may find this to be the better investment. Next, take good quality photographs, internally and externally of your newly valeted car to show it off to its best advantage, many people are able to enlarge the pictures to full screen size, so it really is worth doing well. A detailed description is also helpful when advertising your car, highlighting any good selling points the car has, including condition, mileage, service history etc. If your current MOT has only a short time left to run, it may be a good idea to have a new one done.
Once the car is advertised, prepare yourself for any calls you may get, a good idea is to request a contact number for anyone wishing to see your car, along with some form of ID, a passport or photo ID driving license is a good bet! Remember, you are inviting a stranger to your home to possibly test drive your car!
Once a potential buyer has arrived, stay with them when they are looking at your car and allow a test drive when you have ascertained that they have adequate insurance cover. Even fully comprehensive insurance may only cover them with third party cover to drive your car, it is up to you whether you allow them to drive, but be aware that if you hand over your keys and your car is stolen, your insurance company won’t be very helpful.
If your customer decides that they wish to buy your car and makes an offer that you are prepared to accept, take payment by means of a bankers draft or bank transfer which would be cleared funds, for your own security. Cash could be a security risk and a personal cheque, can be cancelled. The V5 logbook needs to be filled in with the new owners details and sent to the DVLA informing them of the changes. The new owner takes the green “new keeper supplement” as proof of ownership and will receive the full V5 in due course from the DVLA with their details completed. It is a good idea to provide a receipt showing the details of the transaction to the buyer and keep a copy for yourself, also, if possible, take a photocopy of the photo ID.
Whichever way you decide to sell your car, we hope this information is useful.