Selling Your Used Car? You Could Turn a Profit
Do you wish to sell your car that too with profit? Are you seeking a deal of desire for your car? Are you looking for an easy sale? Or are you indecisive about finding a private buyer or a professional dealer?
We often come across such questions when we decide to sell our car and choose the type of buyer and deal that we may fetch. It is indeed a tedious task to get the desired deal and often results in selling your car at a loss.
Even the trickier part is to make comparisons between different ways to sell and select amongst different types of buyers.
Even though there are multiple places where you can try and get a great deal and sell your car, a place with a huge network of dealers, etc., these platforms are not the only ways.
Along with various selling options, these markets also have lenders that offer you car loans in Ireland if you need to buy a new car post your sale of an old car.
Various ways to sell your car
#1. Private selling
Many of you would want to sell your car by yourself to a private buyer. You can either go online, find a classified website, and find interested buyers for your car or you can find a buyer personally (the traditional way) – but the dilemma remains, which is a better way and will get us the best deal?
Selling a car privately definitely involves hard work and man-hours, and there is no guarantee of success too.
Selling your car privately might be the solution if you aim to find the best profitable price for your car. Yes, this could be a time-consuming, tedious process, as we’ll explain below.
Online Auto Marketplaces
First, you need to get your car evaluated and set a price for it. Then you need to place an ad on an online marketplace available on the internet.
With hundreds and hundreds of cars selling each day, these platforms have emerged to be generating huge traffic. These marketplaces allow different buyers and sellers to connect directly at one place and the option to choose the other and crack a deal.
However, having no guarantee with such private sales is a challenge in this sector. Finding the right buyer turns out to take longer than expected and can often be frustrating.
Also, with many of these online marketplaces, there is a cost of advertising attached. In Ireland, you will have to get an advertisement package to place it on the website whenever your car valuation is above a certain value. The fee depends on your car valuation and the package selected. This fee is a part of no deposit car finance.
Once you can finalize on a buyer and generate the interest in your car, you’ll also have to show the car yourself to the buyer and make sure to keep the essential paperwork ready. This, again, can be a time taking and fiddly process.
These online automobile marketplaces are not the only platforms, but there are general online platforms too where you can sell any other item along with your automobile.
On such platforms where you can sell anything, there are plenty of potential buyers with cash, visiting and trying to find a good deal. These platforms normally have no cost of advertising attached and are free to use unless you are a dealer.
The only limitation or the challenge is the lack of specialism. With umpteen options and free users having access to such platforms, there are often unrealistic prices, offers, and casual buyers present over such places, and hence could be hard for serious buyers to connect with sellers.
eBay and other online car auctions
eBay offers a unique way for your car to sell. With a simple placing of a classified ad and interested buyers making the queries to you, eBay also allows you to put a reserve price and sell your car through auctioning it to the highest bidder.
This means, with a larger number of real buyers seeing your listing, the chances of you getting the market value for your vehicle are higher.
Considering the popularity of eBay, nearly every car is being sold on the platform, and hence the buyers also visit the platform to search for desired car purchases.
Apart from the auction, there is a ‘Buy it Now’ feature as well, and hence gives you an option to do the traditional sale by fixing a price for your car.
Either way, there is a fee attached. Despite the fee, it can be cheaper than other online sales platforms or portals.
#2. Selling privately offline
The option of selling the car privately is doing it the traditional way, which is “offline”, meaning not going to any online platforms.
The challenge in this option will always be to fetch the best price for your car and, most importantly, compare it with the market price or the other buyers willing to pay.
The first is to try word of mouth, spread the message within family and friends to find a buyer (in the known circle) who might be looking for a car to buy. If not them, then there could be someone in their further network or known to them who might be interested.
Second, you can place adverts in the local newspaper (still popular in the print media) or place an ad in a corner shop, coffee shop or a supermarket, or pub – any place where the footfall of the right kind of consumers would be higher.
Simply placing an ad in your car window or a box on top of your car top and park your car in an open area can work too. Just be careful of the laws around doing this.
#3. In an exchange with a dealer
Well, in all probability, if you are selling your car and buying a new one, then getting the older car in exchange for the new car is one of the best and hassle-free ways to sell off your car.
This way, you give your earlier car to the dealer you are purchasing your new car and discounts the new car’s price with the amount equivalent to the old car price set by the dealer.
In Ireland, many dealers provide you with the option of used car finance to make things easier for you.
Yes, the price set by the dealer might not be the price you were expecting or hoping to get. In all probabilities, it would be lesser and favoring the dealer as they make more profits in such kinds of trade-offs.
Hence it is very important to understand the true value of your car before getting into the exchange option.
#4. Selling directly to the dealer
Another option is just to sell your car to a dealer. You will only need to ensure you find the right dealer. Even some franchised dealerships also buy older cars, even from other brands, but the prices offered aren’t the best prices as they themselves would not be able to retail it directly in the market.
Find a good dealer nearby, up your negotiation game to fetch the best price possible, even cross-check with one or two other dealers, and easily sell your car.
One caution while dealing with dealers is that you need to know about your car in and out, as they are likely to find as many faults in your vehicle to make it seem challenging to resale and lower the price. Hang in there, know the value of your car and negotiate.
#5. Sell to Scrapyard
One place is certain to sell your car, that is a scrapyard or a scrap buyer. Especially if the car’s condition is not so good that it can be sold through the ways mentioned above, the scrap option will still get you some money in disposing of your car.
There are different car scrappage schemes available in Dublin and becoming common in the past few years over the concerns about pollution and climate change.
If your used car is old but functioning, this can be an option. Such schemes provide incentives to the sellers, aiming them to replace the older cars with the newer, environment-friendly ones.
Car manufacturers or the government often launch these. However, only certain cars are eligible for such schemes. Older cars, non-functional or junk ones, are unlikely to get covered under scrappage schemes and have to be sold to scrap yards.
You can sell your car in various ways and earn profits from it. Do not just depend on one method and wait. Instead, be proactive, make profits on selling your old car, and go for a new car to fulfill your dreams.