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Top 5 Tuesdays: Tips for Selling Your Car

November 17, 2015

If you’re looking to sell your car, there are several things to consider in your quest to get the best price possible – and this often leads to people selling privately.

In today’s post, we’re giving you the lowdown on everything you need to know when it comes to selling your wheels – from preparing your car for sale to receiving payment, we’ve put together 5 top tips for selling your car.

Money

Preparation is key

How you market your car is crucial to getting the best possible price – so before you advertise your vehicle, give it a thorough clean inside and out, and make sure you repair any minor paintwork damage. If there’s less than 3 months left on the MOT, you might want to consider renewing it – giving potential buyers a clear indication of the car’s condition and helping you on your way to making a sale.

Advertising your car

When it comes to selling your car, there are plenty of places to advertise. From free adverts in your local paper to car-selling websites like AutoTrader and Gumtree, the opportunities are endless.

Here are some things you should include in your listing:

  • Make and model
  • Manufacturer year
  • Registration identifier
  • Mileage
  • Condition
  • Colour
  • Full service history
  • List of equipment/extras
  • Your contact details

Viewing safety

When selling your car, you can never be too careful. It’s unlikely you’ll know the potential buyers, so it’s always a good idea to ensure someone else is with you for viewings. Make sure the buyer has the appropriate insurance if they want to take the car for a test drive and don’t hand over the keys until you’re in the passenger seat – eliminating the risk of a potential buyer driving away without you.

Taking payment

Once you’ve agreed on a sale price, it’s time to talk payment. There are several ways you can do this, but always make sure you have full payment either in your hand or in your bank account before handing over the keys and relevant documents.

If the buyer is paying cash, make sure it’s in full and counted. There’s also the option of an instant bank transfer, but keep in mind you may need to hand over your bank details to a stranger if you choose this option. You can accept a banker’s draft or cheque, but to ensure you’re not a victim of fraud, ask for proof of the buyer’s name and address – and always wait until the funds have cleared before you hand over the vehicle.

Completing the paperwork

contract

The final part of the deal is handing over the documents and keys. First of all, make sure both you and the buyer have a written and signed receipt of sale – detailing both names and addresses, price, make, model, registration and the date. As the seller, you’ll need to complete the tear-off of the V5C registration document and send it to the DVLA. The top part of the V5C should be given to the buyer, along with the car handbook, all sets of keys, service log book and the MOT certificate.

Following these actionable tips on how to sell your car could help you on your way to an easy and profitable sale – meaning you’ll have the cash to put towards a new car in no time. At the Car Loan Warehouse, we offer car finance deals to suit all circumstances. So whether you’re in the process of selling your car or just need an added financial boost, apply online or get an instant estimate with our car finance calculator – and you could be driving away in your new set of wheels sooner than you think.

About The Author

Jon Le Roux is co-founder and company director of The Car Loan Warehouse. Being a mad engineering and motorsport enthusiast, I spend more hours than is healthy, watching, reading or talking about cars, boats, motorbikes…..basically anything with an engine.