Are you looking to sell a car in order to upgrade to the latest model? Perhaps you are moving to a different part of the United Kingdom which dictates that a smaller model is needed (such as driving within urban conditions). These are two of the many reasons why a sale could represent a logical choice. However, the sales process can be a bit complicated if you are unsure where to begin or of you do not appreciate the unique mechanics of what is involved. Let's take a look at this topic in greater detail so that you can approach the sale with a greater level of insight and clarity.
The first step is to obtain the resale value of your vehicle. This is important, as you want to make sure that the asking price is reasonable and realistic. As all vehicles lose a great deal of their value (known as depreciation) over time, perform research using online sources such as Kelly Blue Book. As a rule of thumb, do not expect to obtain any more than 20 per cent of the original value of your vehicle if it is more than seven years old (although this might vary slightly depending upon the exact make and model).
Assuming that the vehicle is in good condition and that you and the buyer have agreed upon the price, write out two receipts. One is a personal copy and the other will need to be handed over to the customer. The main purpose of the receipt is to legally cover you if he or she decides to make any future counter claims in regards to its value or the prior agreement. Once this has been completed, You will need to complete the V5G form and send it to the DVLA as a record of the sale and the change of ownership. Finally, be sure to give the buyer these items:
It might also be good if another witness is present during the actual transaction. This provides even more clarity and once again, he or she can testify on your behalf in the event that a dispute arises.
The sales process can be quite tricky, so get ready to negotiate. This is why it is normally a good idea to be somewhat flexible with the asking price. Do not be unrealistic in regards to what you expect to receive; especially if the vehicle is not in the best condition. Having said this, be sure to clean both the inside and outside of the car. Buyers will often look for signs of wear and tear; these can be used to ask for a lower price. Pay particular attention to the condition of the wheels, the interior upholstery, the brakes and the paint job. If there are any major mechanical issues, make these clear during the negotiation process if they cannot be corrected ahead of time. Finally, be sure to speak to at least three potential buyers in order to get a good idea of how they perceive your vehicle before committing to a single transaction.
You might also wish to use to the power of the Internet to your advantage. The good news is that you can list a vehicle for sale on a number of reputable public portals. The top websites include:
All of these boast a user-friendly appeal and you can list your car for free in a matter of minutes. Above all, never be afraid to ask for professional advice if you have additional questions.