Top 10 tips to increase the resale value of your car:
1. Check what other similar cars are selling for
2. Be honest about the condition of your car
3. Prepare your car for a valuation
4. Check the expiration date of your MOT
5. A recent service shows you care
6. Get a valuation from more than one place
7. Decide on your priority – fast sale or maximum money
8. Understand the pros and cons of each way you can sell your car
9. Decide whether you want to be paid in cash or wait for funds to clear
10. Get the necessary paperwork in order
1. Check what other similar cars are selling for
Research your vehicle on used car resale sites like AutoTrader. You can search within the UK or a similar geographic location, e.g., ‘within 50 miles of Warwick’. Make sure you utilise all the advanced features within the search to get as close as possible to the specification, milage and condition of your own car so you know what your car is worth.
2. Be honest about the condition of your car
As much as you probably love your car, being honest about its condition, online as well as in person, will help you achieve a realistic sale faster. It’s no good stating it’s in great condition if it clearly has scratches down one side, or stone chips all over the bonnet, you’ll just be wasting everyone’s time.
3. Prepare your car for a valuation
Take a little time to clean your car before you take it anywhere to get it valued. A quick wash and polish and a hoover inside, can show that you care about your car and that it has been looked after. Make sure you clear any rubbish out too. And don’t forget to check under the seats, even putting the back seats down can reveal a lost tenner or a cherished child’s toy. Don’t forget to find the spare key too.
4. Check the expiration date of your MOT
Selling a car without an MOT, or an MOT certificate that is due to expire in the next month, won’t help you achieve the best value for your car. Any potential buyer will be wondering whether there is anything going to fail during the next MOT test and what the cost of any auto repair may be. This can then become a good negotiating tactic for the potential buyer! For a minimal outlay of just £35, you can have an MOT test carried out at Just Nice Clean Cars and then sell your car with a lengthy MOT certificate.
5. A recent service shows you care
When was the last time you had the vehicle serviced? Check your service log, as you will most certainly be asked this question by any potential buyer and also need to enter the details in any online valuation service to get an accurate price. Regular servicing shows the car has been looked after and the potential for future problems is minimised as well as increasing its value. If it needs a service, think about having one carried out, or adjust your value accordingly to allow for one to be done.
6. Get a valuation from more than one place
Utilise the online valuation options to gain an insight to your vehicles value but expect them to negotiate when you take the car along to one of their physical valuation sites. Alternatively, taking your vehicle to your local independent used car dealership could get you an accurate valuation instantly, and even mean you had the cash in your hand, or the money in your bank, the same day. Let us know when you’d like to bring your car in for a valuation using our online form here.
7. Decide on your priority – fast sale or maximum money
This is always an interesting one as most people want to achieve both, which often isn’t possible. So have a think before you start the sale process and decide whether you’re prepared to take a little less for a fast sale or hold out for maximum value. When you get asked what the best price would be you’d accept, have a figure in mind.
8. Understand the pros and cons of each way you can sell your car
Are you prepared to handle the multiple phone calls and deal with individual potential buyers, test drives and payment options by selling privately, or would you just like to have the cash in your bank as easily as possible? Are you therefore going to retail your car yourself and handle the negotiations directly or would you prefer to sell your car to a dealer via online site or a local dealership?
9. Decide whether you want to be paid in cash or wait for funds to clear
Whether you retail your car yourself or sell it to a dealer, you can ask for the payment to be made in cash or directly to your bank account. If it’s a cash payment, make sure you check the notes are genuine. If it’s being paid into your bank account you may have to wait for the funds to clear, with some online car buying services taking up to 4 days. Don’t accept cheques, bankers’ drafts, or IOU’s and particularly if you’re selling privately, make sure funds have cleared before you hand over your keys.
10. Get the necessary paperwork in order
Before you advertise your car, or get it valued, make sure you have all the necessary paperwork to hand, and it is all in order. The last thing you want is to have agreed a sale and then find things get delayed because the paperwork isn’t right. You’ll need your V5 document plus your service records and MOT certificate. Missing any of these reduces the vehicles’ value. And in readiness for the sale, get your insurance contact details ready so you can call and cancel your car insurance, and check when your road tax ends as you may be due a refund from the DVLA.