What To Do With Your Old Car
When the time comes to sell your car, you have two options:
No one of these two paths is necessarily better than the other, as each depends on your circumstances at the time. However, protecting yourself financially and keeping the transaction above-board can urge you to lean towards Part Exchange.
- Selling Privately
- Part Exchange
Selling Privately & Managing The Transaction
The main perk of selling privately is that you can dictate the price. You can assess what other people are selling similar cars for and what’s a realistic price to ask for and determine your bottom line.
Before selling your car ensure you perform as extensive a valet as you can, so potential buyers will be impressed with the car’s cleanliness and tidiness.
By selling via sites like Auto Trader you can extend the range of your sale to a much wider audience and increase the chance of your advert being seen. Make sure that the details you give for your car are as rigorous and accurate as possible. Any false information can be held against you.
You can arrange the viewing times and test drives at times that suit you and there’s no pressure to sell until you’re satisfied with the buyer and the price. However, there are concerns that come with selling privately.
It’s sad but the times we live in mean there are a lot of scam artists and con-men out there who will pry on those they view as easy targets.
- Start simply. Ask for proof of ID from the buyer. Make sure they are who they say they are.
- Make sure the buyer has insurance. The last thing you want is an accident with an uninsured driver behind the wheel of your car during the test drive.
- Never let a potential buyer go for a test drive on their own. This is probably the first time you’ve met this person so make sure you accompany them on the test drive.
- Never let the buyer be alone with the keys to your car.
Make sure that if you do sell privately that you notify the DVLA immediately because until you do the tax on the car will still be your responsibility. Also, if the new owner commits any driving offences before you’ve spoken with the DVLA you’ll have to prove you were not driving the car at the time of the offence.
Part Exchanging With An Official Dealer
As mentioned above, with a private sale you can get a higher price when you sell your car, so the lower price offered by a dealer or a garage may make you slightly disheartened. However, the perks of part exchanging offer less hassle and aggravation.
- It’s free to do! The dealer/garage will offer you a price and if you say yes, it is that simple. Once the forms are filled in they’ll take your old car off your hands and the value of it will be reduced from the new car you are buying.
- You don’t have to spend much time prepping the car ready for sale, as the dealer/garage will give the car a full valet themselves before resale.
- It’s regulated. With a legally regulated company you know the transaction and contract is of a high standard and this peace of mind isn’t always the case with a private sale.
In the case of both, you should notify the DVLA as soon as you can using you V5C/3 section from the certificate of registration. The rest of the certificate should go to the dealer.
Within approximately 4 weeks you should receive an acknowledgment letter confirming your responsibility for the car has ended.
As of the 1st of October 2014 road tax cannot be transferred to a new owner or dealer. An automatic refund from the DVLA should be issued for any remaining time left that you’ve paid for.
It might mean selling for under the price you’d like, however, for peace of mind and ease of the transaction when you upgrade to your new car, the benefits of part exchange are iron-clad. You’ll stop worrying, knowing that it has been handled correctly and that you’ve joined thousands of other motorists who have discovered the benefits of part exchanging.
For more information about how you can part-exchange with us, see our dedicated part-exchange page for more information about how easily you can do this.
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