How to sell my car in London
You have three main choices;
1. Sell my car to an online cash car buyer;
This option is becoming more popular, mainly due to the fact that many people now have readily available internet access and it can provide an easy, hassle free way to sell your car. The best way to search for a suitable online cash car buyer is to use phrases such as; sell my car in London, car buyer in London, cash car buyer in London, cash for cars in London etc into your chosen search engine. This will produce a list for you to choose from. When choosing which company to use from the many available, you need to consider whether you want a company that offers an online quote where you input the information requested into a computer programme to rapidly achieve a result based on a generic car, and once you have accepted the quote, take the car to them. Or whether you would prefer to talk to the people who you are actually going to be dealing with throughout the whole process – the people who will actually personally buy your car and come to collect it from you once a quote has been accepted. Many online cash car buyers expect you to take your car to them, often during the working week, when it may not be convenient for you or your second driver who will be returning you home if you do sell your car. You should also be aware that once you have driven to meet the buyer, you might find that they decide that your car is not as described and is therefore worth less than the agreed online quote. You are then in the position of having to accept the lower price or travelling home again with your unsold car! By deciding on a company that comes to you at a time and place convenient for you, you are placing the onus onto the car buyer rather than yourself. putting you in the stronger position.
Whichever company you use, the advice is the same once you have accepted a quote and sold your car. Firstly you should accept payment by cleared funds only, either a bankers draft or money transfer into your account. Secondly you need to complete the V5 document – the logbook. As you are selling to a motor trader, you need to complete the yellow section with the car buyers VAT registration number and company details, both parties then sign and date it and then you must send it to the DVLA to inform them of the change of ownership. This will then prevent any fines, parking tickets etc being sent to you in error after the car is no longer in your possession. You also need to sign and date the main page of the V5 as the registered keeper/seller – the car buyer will keep this part for when the car is sold on along with all other documents, invoices, service history book, spare keys etc.
2. Advertise to sell my car privately;
There are several points to take into consideration, should you decide you would like to sell your car to a private buyer. In the current economic climate, you may find this a costly and time consuming option, however you may still decide that it should be worth the time and trouble, by following our guidelines we hope to be able to advise as to the best way to sell your car. Firstly to establish a realistic selling price, we suggest visiting a site such as www.autotrader.co.uk to search for similar cars to your own to see what they are priced at, this will give you a good indication as to what you can market your car at. Once you have set a price, a good valet is essential, you can either do this yourself or you may feel that the cost of a professional is justifiable. Good quality external and internal pictures are a must to show your newly valeted car off to its best advantage – many potential buyers will blow your pictures up to full screen. A comprehensive description is also helpful including details about service history, ownership, mileage, condition, etc.
Prepare yourself for any calls you may get and when making an appointment. It is a good idea to take a contact number and to request that the person bring along photographic ID – a passport or photo driving license are a good bet, remember you are inviting a stranger to your home to test drive your car.
We would advise that you stay with your car and to go with your potential buyer should they request a test drive, having first established that they are covered by insurance. Be aware that even if they have fully comprehensive insurance, they may only have third party cover to drive your car – it is up to you whether you let them drive! Also remember that if you hand over your keys and your car is stolen, your insurance company are not going to be very understanding!
Finally once you have agreed a price that you are willing to accept, make sure you are paid in cleared funds, a bankers draft or money transfer into your bank account are probably your best options. A personal cheque can be cancelled and cash can pose a security risk. Paperwork needs to be completed – the V5 logbook needs to be dated and signed by both parties, the new buyer is given the green section – the new keeper supplement, and you send the remainder to the DVLA to advise them of the changes. It is a good idea to provide a receipt for the buyer to show that you have sold it and that they have bought it from you, and keep a copy yourself, it is also advisable to take a photocopy of their photo ID if possible.
3. Sell my car to a local dealer;
This can work in your favour if the circumstances are right, but are more likely to be disappointing. If your car is one that the dealer specialises in and is low on stock of, they may offer you a good price, but if not then unless your car can be bought from you at a price that will allow them to extract a profit by selling it on to another dealer, they probably wouldn’t be overly interested. You may find that by cutting out the middleman and selling directly to a cash car buyer would gain you a better price. Bearing that in mind, if you do decide to sell your car to your local dealer, make sure that you are paid by cleared funds, a banker’s draft or transfer to your account, ensuring that your money is secure. You are also advised to complete the yellow section of the V5 logbook with the dealer’s VAT registration number and company details and send it to DVLA to inform them that you have sold the car to a motor dealer. This will prevent any correspondence being mistakenly being sent to you should any driving offences be committed after the car has left your possession. The dealer will keep the remainder of the logbook, along with all other documents, service history and spare keys etc to allow him to sell the car on.
We hope this advice is useful, and wish you a happy and safe car sale.
