There are an increasing number of ways you can sell your car today. Gone are the days where you would just trade your vehicle in at your nearest dealership or do a deal from your driveway.
Going down to a car dealership has the obvious advantage of bargaining with the salesman to get a better deal on your new car as you part-exchange. The drawback is that your old car is often marked down at a considerably high cost so as the dealer can sell it on for more money.
Now you’re probably thinking: ‘Why don’t I sell my car privately then?’ And you’d be right to question this. The clear benefits of shifting your car in this way is that you will often get slightly more money than at a dealership. Time and effort is the main downside to this method.
Selling your car online
Since 2008, the concept of buying and selling cars from the public has gained steam. Sites like eBay and Gumtree have become great platforms for users to come together, advertise, bid on and sell cars.
These sites largely dominated until a new generation of online car buying came along. Dedicated car buying services started sprouting up, which would in turn cut out a line of the car buying chain.
Other than buying from the public in part-ex deals, car dealerships will buy their stock from auction houses, before selling on their forecourts. Car buying services buy their stock directly from the public. As a result, they are prepared to pay more money than you would expect part-ex.
Which is the best option?
The best option depends on your circumstances. Selling your car through eBay or Gumtree is an example of using an online platform to sell your car privately. Do this if you want to ensure yourself of a little more money, but you have the flexibility of time on your hands.
Online car buying websites are good if you want to sell your car quick or would like the cash rather than a part-exchange deal. Bear in mind that you might not get as much as a private sale if you sell in this way, however there is added security in selling to a reputable car buying company. Most offer same day payments.