Drivers urged to use the 'best way' to sell their vehicles with used cars prices soaring
When selling a car, drivers should give a full service history of the vehicle
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Drivers have been told of the “best way” to try and sell their car, with many Britons looking to sell or trade-in their older cars.
With the cost of new cars continuing to spiral, many motorists may take advantage of the high prices of used cars by selling their cars to a dealer.
Speaking to GB News, Paul Barker, managing editor at carwow, said drivers should take time to understand what their car is worth.
He added that it would help them know what is and isn’t a good price in the event that they decide to sell their vehicle.
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He continued, saying: “The best way to do that is to search for cars that are as close to yours as possible – the same make and model, and a similar year, mileage, and specification – which you can do right here on carwow.
“Remember that dealers will offer you a lower figure than what they intend to sell the car for, because that’s how the trade-in business model works, but an understanding of the market for your type of car can help you spot the difference between a sensible offer and a bad one.”
Motorists should also look at the comprehensive service history of the vehicle to make sure it is reliable and safe.
People can do this by using the GOV.UK website, which lists details such as vehicle tax, SORN status, when the MOT expires, the last V5C log book issue date and the emissions rate.
When selling to a dealer, drivers should have all of the service history information, with dealers likely to take a “huge chunk” off the car’s value if pieces are missing.
Some manufacturers will keep digital data about more recent cars, with drivers urged to download it before they contact or visit a dealer.
According to Auto Trader, the current average price of a used petrol or diesel car is £17,774, while a used EV will set drivers back £32,203.
Used cars sell in around 28 days on average, which is the fastest pace since May and ahead of last year, highlighting consumer demand.
Paul Barker continued, saying: “If there’s one factor that’s out of an owner’s control, it’s the wider used car market.
“You could have a spotless, low-mileage car with a full service history and, although it will be worth more than an equivalent without those qualities, if the market doesn’t fancy it, then don’t expect top dollar for your trade-in.
“The used car market is all about supply and demand, so if a lot of similar cars are sold at the same time, it dilutes their values and vice versa. Generally, lower-than-average availability since Covid has pushed values up, but they can always flex and change.
“Draw the dealer’s attention to the MOT if the car has recently passed one. The thick end of a year’s MOT is a selling point, and while it might not necessarily inflate the car’s value, it is certainly not a bartering opportunity.
“The opposite applies to cars imminently due an MOT – expect this to knock a little off their trade-in value.”
Records were recently broken with the sale of a Lamborghini Urus via carwow’s online auction, selling for a staggering £305,050.
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The Lamborghini Urus sold for a staggering £305,050
CARWOW
The 2023-plate SUV was put up for auction with just 1,500 miles on the clock, with 16 dealers battling it out to get their hands on the white supercar.
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