Unless you're in the market for your very first car, it's more likely than not that you already have a trusty old car sitting in your garage. When it comes to forking out for another car, we all know your odds of being able to finance a new set of wheels will be greatly enhanced if you have accumulated some savings. More often than not, that might mean parting ways with your old car.
We've previously talked about some of the trade-offs between selling on the private market and trading in your car at a dealership to go towards the next one. The latter will see you effectively cut the price you pay towards a new car, allowing you to potentially borrow less and avoid financial stress.
The fact that you can save a bit of dosh is great, but knowing you're more likely to be able to sell the car for a higher price on the private market, you might consider that route instead. If you do, here's a handful of potential avenues you can explore to clear that car from your driveway and get yourself on the path to pick up a brand new car.
Private sale avenues
- Online marketplace websites
If exposure is what you're looking for, online car marketplaces are the place to go. Yes, you'll generally have to pay a listing fee or some sort of commission on the sale, however, your car will be right up there among all the others on the second-hand market for buyers to consider. And given these sites have an established name that attracts thousands of car buyers, you know you're guaranteed an audience, it just comes down to whether your car attracts the right buyer. Make sure to put up plenty of photos, a clear but appealing description and price according to the market.
- Classified ads
Today it might not be as popular as it used to be, however, not everyone is tech savvy in this day and age, even though we'd like to think otherwise. An ad in the classifieds might appeal to a different demographic as well, which can suit certain vehicles, perhaps collectables.
- Setting up the car on the street with a For Sale sign
A tried and trusted method of selling one's car, however, this does work and will set you back barely any money. All you need is a marker and to write on a piece of paper or cardboard the price you're looking for. Make sure the sign is visible to anyone who might drive past, or create more than one sign just to be sure.
- Car fairs
You might get a mix of private buyers and dealer buyers at fairs, which provides you with scope to an audience of willing buyers. However, at a car fair, you are likely to face stiff negotiation as everyone is on the lookout for a bargain.
- Public bulletin ads
Much like the For Sale signs that have been around for what seems like an eternity, public bulletin ads are effective. Have a look at your local supermarket or shopping centre, where you might find a spot to stick up some flyers and advertise your car. Include pictures and your contact details of course, but don't rely on this method, because while it can be effective, the reality is most buyers have moved online.
- Wreckers yard
If your old wheels have died, it might be time to seek out a wrecker's yard and gauge whether they might be interested in buying your old car. Keep your hopes low, because the only value in the vehicle is likely to be scrap value.