Selling privately - some advice
Discussion
I would very much appreciate some advice in selling my car privately as I have little to no experience. The last time I've sold privately was 10 years ago and it was a bad experience. I've since p/x my car in.
I'm thinking of selling my E92 Comp Pack M3 to free up some cash. I was offered 29k from Audi as p/x value a month ago. My car is a 60 reg M3 Frozen Grey Comp Pack with around 1 year left on AUC warranty. New front bumper and new rear tyres.
I have a few questions:
1) Valuation : How do I value my car? Looking on AT the closest car I can find to mine are selling for around £35k trade.
2) Payment : Let's say the car does sell for 35k how do I go about ensuring payment is made? Do I go to the bank with the buyer to arrange for an instant transfer and finalise V5 after transfer is verified? Never sold anything so expensive so don't want to risk getting no money for the sale.
3) Test drives : Can I insist test drives only available if proof of insurance is made available? Not to sound mean but I really cherish my car and wouldn't want to risk tyre kickers
I'm thinking of selling my E92 Comp Pack M3 to free up some cash. I was offered 29k from Audi as p/x value a month ago. My car is a 60 reg M3 Frozen Grey Comp Pack with around 1 year left on AUC warranty. New front bumper and new rear tyres.
I have a few questions:
1) Valuation : How do I value my car? Looking on AT the closest car I can find to mine are selling for around £35k trade.
2) Payment : Let's say the car does sell for 35k how do I go about ensuring payment is made? Do I go to the bank with the buyer to arrange for an instant transfer and finalise V5 after transfer is verified? Never sold anything so expensive so don't want to risk getting no money for the sale.
3) Test drives : Can I insist test drives only available if proof of insurance is made available? Not to sound mean but I really cherish my car and wouldn't want to risk tyre kickers
Edited by crazy about cars on Tuesday 2nd September 21:39
crazy about cars said:
I would very much appreciate some advice in selling my car privately as I have little to no experience. The last time I've sold privately was 10 years ago and it was a bad experience. I've since p/x my car in.
I'm thinking of selling my E92 Comp Pack M3 to free up some cash. I was offered 29k from Audi as p/x value a month ago. My car is a 60 reg M3 Frozen Grey Comp Pack with around 1 year left on AUC warranty. New front bumper and new rear tyres.
I have a few questions:
1) Valuation : How do I value my car? Looking on AT the closest car I can find to mine are selling for around £35k trade.
2) Payment : Let's say the car does sell for 35k how do I go about ensuring payment is made? Do I go to the bank with the buyer to arrange for an instant transfer and finalise V5 after transfer is verified? Never sold anything so expensive so don't want to risk getting no money for the sale.
3) Test drives : Insurance wise can I insist test drives only available if proof of insurance is made available? Not to sound mean but I really cherish my car and wouldn't want to risk tyre kickers
1) £34kI'm thinking of selling my E92 Comp Pack M3 to free up some cash. I was offered 29k from Audi as p/x value a month ago. My car is a 60 reg M3 Frozen Grey Comp Pack with around 1 year left on AUC warranty. New front bumper and new rear tyres.
I have a few questions:
1) Valuation : How do I value my car? Looking on AT the closest car I can find to mine are selling for around £35k trade.
2) Payment : Let's say the car does sell for 35k how do I go about ensuring payment is made? Do I go to the bank with the buyer to arrange for an instant transfer and finalise V5 after transfer is verified? Never sold anything so expensive so don't want to risk getting no money for the sale.
3) Test drives : Insurance wise can I insist test drives only available if proof of insurance is made available? Not to sound mean but I really cherish my car and wouldn't want to risk tyre kickers
2) Cash or go to bank to arrange transfer with buyer
3) You drive it unless they have fully comp on your car...they won't!
crazy about cars said:
I would very much appreciate some advice in selling my car privately as I have little to no experience. The last time I've sold privately was 10 years ago and it was a bad experience. I've since p/x my car in.
I'm thinking of selling my E92 Comp Pack M3 to free up some cash. I was offered 29k from Audi as p/x value a month ago. My car is a 60 reg M3 Frozen Grey Comp Pack with around 1 year left on AUC warranty. New front bumper and new rear tyres.
I have a few questions:
1) Valuation : How do I value my car? Looking on AT the closest car I can find to mine are selling for around £35k trade.
2) Payment : Let's say the car does sell for 35k how do I go about ensuring payment is made? Do I go to the bank with the buyer to arrange for an instant transfer and finalise V5 after transfer is verified? Never sold anything so expensive so don't want to risk getting no money for the sale.
3) Test drives : Can I insist test drives only available if proof of insurance is made available? Not to sound mean but I really cherish my car and wouldn't want to risk tyre kickers
1. As said, look for similar cars here and on AT. I suspect the Audi dealer would have had your car up on the forecourt for £35k the very next day but privately you'll never get as much as a trader sale. have you approached a BMW dealer or known specialist such as Nick Johnson or Munich Legends to see what they would offer?I'm thinking of selling my E92 Comp Pack M3 to free up some cash. I was offered 29k from Audi as p/x value a month ago. My car is a 60 reg M3 Frozen Grey Comp Pack with around 1 year left on AUC warranty. New front bumper and new rear tyres.
I have a few questions:
1) Valuation : How do I value my car? Looking on AT the closest car I can find to mine are selling for around £35k trade.
2) Payment : Let's say the car does sell for 35k how do I go about ensuring payment is made? Do I go to the bank with the buyer to arrange for an instant transfer and finalise V5 after transfer is verified? Never sold anything so expensive so don't want to risk getting no money for the sale.
3) Test drives : Can I insist test drives only available if proof of insurance is made available? Not to sound mean but I really cherish my car and wouldn't want to risk tyre kickers
Edited by crazy about cars on Tuesday 2nd September 21:39
2. For that amount I'd be expecting a Bank Transfer (Would you feel comfortable carrying £30k+ in cash around?) but that may also cause it's own problems. It may be worth speaking to your bank to see if there are any limitations.
3. It's your car, you can insist on anything you like! Some may want to drive the car but you can most likely tell what the person is about. Their attitude, the way they examine the car and paperwork and ask you questions will tell you a lot about the person, especially what car they arrive in and if it's a could of tyre smoke and ticking/smoking brakes.
Lordbenny said:
1) £34k
2) Cash or go to bank to arrange transfer with buyer
3) You drive it unless they have fully comp on your car...they won't!
Wow! Thanks for the quick reply!2) Cash or go to bank to arrange transfer with buyer
3) You drive it unless they have fully comp on your car...they won't!
I would prefer cash but doubt anyone would bring that amount of cash with them. Plus there is a risk of fake notes? If arranging transfer in the bank would it be instant?
Good call on fully comp requirement. Is there a need to call the insurance to verify?
For a private sale, grab one of these:
http://www.theaa.com/motoring_advice/car-buyers-gu...
There was one from Breadvan72 as well, but my google skills are failing me.
http://www.theaa.com/motoring_advice/car-buyers-gu...
There was one from Breadvan72 as well, but my google skills are failing me.
TooMany2cvs said:
Normally, I'd be quite happy to flog a car privately.
But something like £30k+ of M3? If ever there was going to be a magnet for scammers, tealeaves and daydreaming testpilots... The hassle factor would put me RIGHT off.
This is basically my primary concern as well. I've not tried approaching BMW directly nor any of the BMW specialists mentioned - perhaps it worth a try.But something like £30k+ of M3? If ever there was going to be a magnet for scammers, tealeaves and daydreaming testpilots... The hassle factor would put me RIGHT off.
crazy about cars said:
I was offered 29k ... as p/x value a month ago.
Which will likely have lost a few hundred £ by now. Seems abotu right if retail asking prices are around £35k at dealers. crazy about cars said:
1) Valuation : How do I value my car?
Pretty much exactly as you have. Bear in mind you don't offer all the same convenience a dealer does - things like ability to PX, finance facilities, ease of test drive and payment and so on. So you're limited to either real cash buyers (a small proportion of the market...) or those happy and able to raise their own loan and pay a private individual for a car, that comes without the legal recourse of buying from a dealer - important to many in the price bracket. crazy about cars said:
Looking on AT the closest car I can find to mine are selling for around £35k trade.
Selling? Or are those their asking prices? There's a key difference. Given the above, you can't really justify asking those prices (it doesn't stop private sellers trying, then sitting on their cars for weeks and months on end, paying out for advertising), plus - people will want money off. Quite a bit of it, whatever your asking price, usually. Be prepared for that, as daft as it sounds. crazy about cars said:
2) Payment : Let's say the car does sell for 35k how do I go about ensuring payment is made? Do I go to the bank with the buyer to arrange for an instant transfer and finalise V5 after transfer is verified? Never sold anything so expensive so don't want to risk getting no money for the sale.
Transfer it online via BACS/CHAPS and confirm with your own bank funds are present and cleared before releasing the vehicle. crazy about cars said:
3) Test drives : Can I insist test drives only available if proof of insurance is made available? Not to sound mean but I really cherish my car and wouldn't want to risk tyre kickers
It's a reasonable request, bear in mind it's actually difficult for anyone who isn't the owner to obtain comprehensive cover for a specific vehicle that isn't theirs and is insured as someone else's property. Their comprehensive cover should detail that they are insured to drive your car with your permission and they are covered for third party risks, provided you hold comprehensive insurance too, that does not preclude other drivers. Worth checking your own insurer's T's and C's before scrutinising others. A private sale will generally yield you a better return than PXing it/flogging it to the trade - accordingly, it takes more work from you and involves elements of risk.
Good luck.
I've sold a lot of cars privately with zero hassle, but I wouldn't go there on a £30k M3
Too many test pilots, dreamers and people wanting finance, etc
I'd go sale or return or swallow a part ex personally
Why do you want to sell? Is part ex not an option? You sound like you'll only get £1k more selling private anyway
Too many test pilots, dreamers and people wanting finance, etc
I'd go sale or return or swallow a part ex personally
Why do you want to sell? Is part ex not an option? You sound like you'll only get £1k more selling private anyway
Muzzer79 said:
I've sold a lot of cars privately with zero hassle, but I wouldn't go there on a £30k M3
Too many test pilots, dreamers and people wanting finance, etc
I'd go sale or return or swallow a part ex personally
Why do you want to sell? Is part ex not an option? You sound like you'll only get £1k more selling private anyway
Agreed that return in selling privately and p/x is very close.Too many test pilots, dreamers and people wanting finance, etc
I'd go sale or return or swallow a part ex personally
Why do you want to sell? Is part ex not an option? You sound like you'll only get £1k more selling private anyway
I don't mind p/x but would like around 20k my way. So as an example I'm buying a car retailing at £7k and p/x valuation for my car is at £27k. I don't think any dealer would do that deal though...
Swoxy said:
I suggest that you check that your insurance is in force, valid and covers your car being stolen whilst on a test drive.
My fully comp insurance is all valid but I've never checked if it covers car being stolen whilst on a test drive... good point! You learn new things everyday...Gassing Station | General Gassing | Top of Page | What's New | My Stuff