Latest Motor News // 27 February 2017
Whether you are selling your car privately, to a dealer or trading in your old vehicle for a new one, there are many ways you can ensure that you are getting a fair price for your old car.
There are several benefits to getting a fair deal for your old car. Most obviously is that you will want as much money as possible when you come to sell. Although having this extra cash is nice, it can also mean that you have a higher deposit for your next vehicle which can then mean you need less finance and have lower monthly repayments.
Private selling is normally the best way to get the highest sale value for your car but, it can cause lots of headaches and hassles. You really need to do your research. A good way to check the value of your old car is by looking online at places such as Autotrader and GumTree to see what similar cars are being sold for in your area. Additionally, you can use the Moneybarn car finance calculator to see the approximate valuation we would give to your vehicle based on how much finance we could potentially offer someone who bought it.
If you are selling your car privately make sure you know what price you would be prepared to accept and be prepared to negotiate and haggle with your potential buyers. Let them know you have other interested parties and if they don’t offer the price you are looking for, you can always reject their offer.
People often think that selling a car directly to a dealer can mean that they get a lower price for it. However, there are definitely good deals to be done when selling your car to a trader and it can often be a much quicker process than trying to sell it independently.
A good tip for increasing the price a dealer offers to you is to wait until after they have made an initial offer and then point out the extra benefits your car has. Does it have a full service history? Has it recently had its MOT? If so, you could increase the price your dealer is prepared to pay and end up getting a few more pounds in your pocket.
Part exchange is where you trade your old car in against your new vehicle. This means that you have a ready-made deposit and can be a really useful method of getting a new car quickly. Car dealers often make part-exchange deals look very attractive but it is definitely worth checking around to make sure you have the best deal. If you don’t need a brand-new car and are happy with a vehicle that is 1 or 2 years old instead, you could actually end up saving much more money.
If you have sold your car and have some cash towards your next vehicle, why not talk to the Moneybarn team and see what finance options are available for you? Having a good deposit could lower your monthly repayments, your payment term and even the interest rate you pay. If you have a new vehicle in mind already, fill in the details on our car finance calculator and we’ll give you an immediate indication as to what we could potentially finance for you and how much that would cost you.