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As investments go, buying a new car is hardly the most appealing. After all, unless you’re able to invest in a classic car, the value of your vehicle begins to depreciate from the moment that you first put your keys in the ignition.
This raises a big issue when the time comes to upgrade to a new car and cash in on your existing model, which is often necessary as your family continues to grow.
Make no mistake; attempting to get the most for your car through reselling is almost an art-form, especially if you’re trying to do it for the first time. Fortunately, there’s some advice that can help you on your way, while you also have a few options available to you as a seller!
Start by Determining What your Car is Worth
How can you tell if you’re getting good value for your car if you don’t know what it’s worth? Sure, you may have a rough idea about how much you’d like for the car, but this holds no sway in a competitive market where value is at a premium.
Luckily, there’s a wide range of independent valuation tools on the market, which will estimate the worth of your vehicle based on its age, registration and the model in question.
You should also factor in the condition of your car, as this will also have a direct impact on value (for better or for worse!)
This information should help you to manage your expectations when reselling, while also offering an insight into how you should sell your car. Especially if you have a sought after number plate. If you’re thinking of get a personalised number plate on your new car, consider using showplatesexpress for a great deal on high quality plates
Determine the Right Channel for Sale
Often, the easiest way of selling your car is to trade it in when you buy a new one. In this instance the dealership in question will provide an on-the-spot valuation of your car, before subtracting this from the value of your new model.
This is ideal if you simply want to complete a quick transaction, but the obvious issue is that the valuation will be weighted in favour on the dealership. As a result, you won’t get as much value for your old car, which can prove problematic if you’re already dealing with fine financial margins.
Conversely, you may want to optimise your potential returns by selling the car privately in a magazine or online. The downside with this is that the process can be time-consuming, while you’ll also need to showcase a willingness to negotiate with buyers when they contact you.
Ultimately, you’ll need to choose the sales method that best suits your circumstances, including the cost of your new car. Presuming that you’re not part-exchanging, you can use the AA finance calculator to work out the cost of a new model and determine a desirable resale amount for your old car.
Prepare your Car for Sales
The notion of negotiating with potential buyers is an interesting one, as people will use every opportunity to bring down the value of your car and secure the best deal for them.
You can negate this by preparing your car for sale, however, as you look to repair any body damage, clean the interior and ensure that all the necessary documentation is up-to-date and in order.
The amount that you spend on preparing the car for sale should be based on its potential resale value, however, particularly as body work can be expensive on more recent models.
The last thing you want to over spend on preparing a car with a low resale value, as this could leave you out of pocket and counting the cost of being a motorist!