Planning to sell your car? Here you can learn the simplest paths you can do so and how each might affect the price you’ll get.
Selling a car privately can be time-consuming, but you’ll probably get a better price.
Here’s what you’ll need to do:
There are lots of online car buying sites that will offer to take the work out of selling a car. You enter your car’s details on the company’s website such as age and mileage, receive a free car valuation, and then take it to a local car yard to have it assessed.
If you do choose to sell your car online be aware that usually, the online valuation is subject to a physical inspection of your car. If the inspection reveals some faults, the final valuation figure might be considerably lower.
Auctioning a car is another option that you may want to give a go, most popular car auction in New Zealand is Turners Auction.
But there’s no guarantee your car will reach its reserve price, and you might end up getting less for it than through other ways of selling. And, if it doesn’t reach your reserved price, you’ll have to take it home and try again in another sale. You also might have to pay an administration fee for the service.
You’ll need to pay an entry fee of around $100 to $500 for live auction, set a reserve price for your car, take it along to the auction and then wait for the hammer to drop.
If your car sells, the winning bidder pays for it immediately and the auction company then gives you the sale price minus its commission. This can be up to 10% of the sale price.
First and foremost it’s usually very difficult to sell a car with outstanding finance.
It is illegal to knowingly sell someone a car with outstanding finance without informing them of the situation.
If you are selling a car with finance still outstanding there are two things you must do before you can legally sell it:
The finance company will have registered your car on the databases when you took out the finance plan.
Before buying a used car, dealers and most sensible private buyers check these databases to make sure there’s no finance outstanding on it.
You can arrange a car history or data check on carjam.co.nz and other companies for around NZD10-20.
If your car is reaching the end of its life and becoming uneconomic to maintain, consider car collection or scrapping it.
Once you’ve finished negotiating the price and agreed to the sale with the buyer, you need to agree on how they’ll pay the money to you.
Below are the main options available to you, with some tips to help ensure safe payment.
Make sure you count the money.
If possible, it’s a good idea to meet the buyer at your bank to take payment, so you can pay in the money immediately and the cashier will check the notes are genuine.
Keep possession of your car until the funds have transferred.
Bear in mind with this payment method you have to reveal your bank account details to the buyer.
As soon as you’ve been paid for the car, you need to complete the following essential paperwork:
You can find out more about Tips on Selling Car for Cash New Zealand 2020 at your nearest cash for cars service: