When the time comes to sell your car, you have three main options: dealership trade-ins, public auctions, or a private sale. With modern accessibility to private selling platforms, the last option has become very popular in recent years. Obviously though, this doesn’t automatically mean that it’s the best option for you. If you’re chewing over private selling, here are some of the biggest pros and cons to consider…
– You’ll Generally Get a Better Price: One of the most obvious attractions to selling a car privately is that you’ll usually get a better price. In the majority of cases, if you choose to sell a used car privately, you can expect a price that falls neatly between the retail value (what a dealership would sell it on for) and the wholesale value (what a dealership would be willing to pay you) the reason behind this is simply because dealerships need to make money, and can’t afford to pay too much for a car that they’re only going to sell later. You may have to cover other costs, such as services like Shiply, but this is one pro you can’t afford to overlook. If you’re going for the best price possible, private selling is the way to go.
– Affordable Advertising: A lot of people stay away from private car selling because they believe that the cost of marketing their vehicle will be way too high. This really isn’t the case. These days, there are plenty of online platforms where you can sell a car for a fairly low or even non-existent fee!
– Negotiating is a Breeze: As long as you’re not in too much of a rush to get rid of your car, you’ll have much more bargaining power when you’re selling privately compared to the alternatives. Private buyers don’t have anywhere near the haggling ability of a used car dealer, as they usually don’t have anywhere near as much experience.
– It Takes More Time: One of the primary drawbacks of selling your car privately is that it takes much longer compared to more conventional methods. When selling your car at a dealership, you drive it over there, hand over the keys, and that’s the end of it. When selling privately, you need to make some time for the necessary maintenance and repairs, have it all cleaned and detailed, write a compelling ad, and respond to a lot of niggling questions.
– There’s Some Risk in Test Drives: You might feel a little nervous about letting a complete stranger take your car for a spin, and rightly so! However, this is a critical part of the selling process, and something you’re not going to be able to work around.
– Potential Scams: Car-buying scams are uncommon, but they still happen, and the best way to avoid them is to be informed. Do a little research on any scams that have operated in your area, and the country in general, then take steps to minimise your risk.