When it comes to selling your car, you have three main options. Each has its own pros and cons, and it depends on what suits your circumstances.
So, let’s take a look at your choices to help you decide which is best for you.
Part Exchange Your Car
If you’re looking to change your car, part exchange is undoubtedly the easiest way to get rid of your old one.
Take it to any dealer, they’ll value it, and give you a price. Often against the price of the car you want. You can see how much your car is worth through our app below.
If you own the vehicle outright or your vehicle is worth more than any outstanding finance, you can use your current car as a deposit for a new one. And by making a deposit, the monthly payments on your new car will be lower.
By using your car as part exchange, you have the power. If you’re not happy with the valuation, you can either negotiate or walk away.
And often, a dealer will be more open to match your expectations if you’ve shown interest in buying or leasing a new car with them.
Sell Your Car To A Company
We’ve all seen the adverts. Phillip Schofield gloating that you can sell your car in less time than making a strong cup of tea.
And it’s true. Selling your car to the likes of WeBuyAnyCar is a quick process in the short term, but there are a few things you need to be aware of.
Firstly, although they may quote you an appealing price, when you take your car to one of their valuation centres they’ll likely start knocking money off. They, obviously, want to buy it for as little as possible.
Another thing to consider is time. Yes, we know we said it was faster, but only to get a quote.
Once you get your quote, you can’t always sell your car the same day. And when you do sell it, you’ll either have to pick up your new car beforehand, which means you won’t be able to use the cash you’ve raised towards your new car, or be car-less until you get your new one.
As well, if you’re looking for a new car, you still have to go through the same process when buying or leasing even if you don’t part exchange. You just have less leverage with the dealer.
One big positive, however, is you can sometimes get more for your car through the likes of WeBuyAnyCar compared to a dealer. But that’s not always, and it’s often more hassle if you’re looking for a new vehicle.
Sell Your Car Privately
The final option of the big three is selling your car privately. Advertising it on the internet, magazines or in the local paper, and hoping to get a bite.
There’s no doubt if you have the time and don’t mind the wait, selling your car privately is the more lucrative option of the three.
But it’s the wait that’s the problem. It’s not uncommon to be left waiting for weeks, sometimes months to find a buyer – even after you pay for advertisement.
Another factor to consider is depreciation. As every month passes, your car is worth less. Of course, it depends on the age of your car, but waiting to sell your car privately could see you lose a considerable amount.
Really, it comes down to whether you have the time, energy and patience to wait for a buyer.
You have to weigh up whether getting a little more money is really worth the hassle selling your car privately brings.
So, what’s the best way to sell your car?
The question we came here to answer. And really, there’s no definitive one. As we said at the start, it depends on what suits your circumstances.
For ease and leverage, part-exchanging your car is undoubtedly the one for you.
If you want to chance time-wasters, paying for advertising and seeing how far your patience will really go, but earning a bit more money, then selling your car privately may be the right option.
Our advice, try all three. Speak to a dealer first and get their price against a new car.
You can quickly see how much your car is worth by using our part exchange valuation app.
Alternatively, request a professional valuation over the phone or via email.
If you’re not happy with the valuation after you’ve negotiated, explore other companies such as WeBuyAnyCar or even list it privately. Then, and only then, will you really know the best way to sell your car.
Just make sure, whatever you do, you do what’s best for you.