The process of selling a car as an individual can be time consuming and difficult. With the lack of knowledge that is required when the process happens, and the uncertainty of value that comes with the disconnect between dealers and sellers, how can a consumer improve the situation? We are here to help. Read on as we list a few points that could better equip you when the need arises.
Knowing Your Car and Overall Value
The most important thing that is needed to begin the car-selling process is knowing what car you are driving in detail. The point of ‘in-detail’ refers to your car model, model variant, model features, transmission, powertrain figures, service schedule, colour, age, modifications, replacements and more. Contrary to popular belief, quite a number of sellers lack such basic knowledge when asked by third parties. By knowing what model variant you drive, you would also be able to find out the estimated value of your vehicle just by doing a little research and making a few phone calls.
Most car makers today provide a factory warranty of about 5 years on a new car. Depending on the manufacture, some provide free labour depending on the service interval. Servicing your vehicle at the manufacturers authorised service centres and at recommended intervals and mileage are also key. This ensures that your vehicle warranty remains intact should there be an issue with your vehicle within the warranty period. Whether you sell your vehicle within warranty or after, the service records are a good indication to the next buyer that your car has been serviced following the maintenance schedule.
Cleaning and Upkeep
Whether you are selling to a private buyer, dealer or trading it off, having a clean and upkept car both inside and out will provide a more than pleasant experience for the parties involved. While some say it doesn’t have any effect on the actual value of the car mechanically, we beg to differ. Differences are stark when comparing a car that has been cleaned and up kept with car care products versus one that isn’t.
Note: Should you decide to go the extra mile in getting the best price for your vehicle, putting in the effort to repaint your vehicle, change new tyres, spark plugs, battery and more, could get you extra brownie points for your sale. While you’ll definitely fetch a better price, it usually is calculated in the final sale.
Insurance Refund and No-Claims Discount
It is important to remember to cancel your insurance premium the moment you sell your car. This will allow you to enjoy better returns on your policy. If you are getting a new car, remember to get an endorsement letter from your insurance company on the No-Claims Discount entitlement that you currently have. This will allow you to transfer the accumulated NCD you have on the next vehicle.
Settling your Hire Purchase Loan
Selling your car is easy when the vehicle is fully owned by you. But when you are still servicing your loan, and are interested to sell your car, do you know that it can be settled by the next interested owner? To make full payment, going to any bank branch is possible. Ensure that the next party settles the payments. If you are advertising your vehicle via classifieds, you could secure the prospective buyers interest by requesting for a non-refundable deposit irrespective of loan approval.
How can you prevent these mistakes? Try Carsome! Our inspection process is free and we evaluate your vehicle based on a full vehicle inspection at our centres. You also stand to get a higher price as our bidding platform connects you to over 800 dealers nationwide!