Need to sell car just weeks after buying it - advice please!

bill53

Hi,

I bought a second hand prestige car a few weeks ago for just under £20,000. The car is only 2 years old and I love it, its in perfect condition and everything and still has a warranty until the end of next year.

The problem is my personal circumstances have changed in the last few days and I need to downgrade to free up about £10,000 in funds in the next few weeks/months, so something around half the price would be ideal but what is the best way of going about this without losing much money?

I need a car so was thinking part-exchange but can't imagine I'll get a good offer as a dealer might use the fact I've only had the car a short while against me?

Or should I try and sell it privately? again, will potential buyers be suspicious that I've only had the car a short while and think I'm a trader even if I'm honest?

If you went to see a car and seller said they had only had it for a few weeks/months but had to sell for personal reasons would you have a problem with it? Most cars around this age have only 1 owner from new but I am obviously the second owner now so will this also affect the price I will get for it?

Like I said the car still has a warranty for another year so will that be enough for people to overlook the short length of time I've had the car?

I will need the cash by February at the latest so I could put off the sale for a month or so although the sooner I sell the better.

Any advice would be greatly appreciated.

Cheers

digitalphase

I think it depends on the car itself, what condition its in etc. If it's excellent in everyway, and you explain your circs I think you will find someone who will overlook the extra/short-time owner.

What kind of car is it?

Inactive

bill53 wrote: »

Hi,


The problem is my personal circumstances have changed in the last few days and I need to downgrade to free up about £10,000 in funds in the next few weeks/months, so something around half the price would be ideal but what is the best way of going about this without losing much money?

I'm afraid that you are going to take one huge hit on it, there are few buyers for prestige newish cars at the moment, those that are around will know that they are in a buyers market.

Let us know what make/model etc. it is.

Anihilator

I dont think a trade in is an option. No dealer is going to want to pay out 10k to sell a lower value car which will likely have no real margin on it.

A private sale is the way to go and yes people might be suspicous but just be open and honest. Possibly volunteer to let them have any reasonable inspecting/tests done at your cost to reassure them.

Hit wise depends on whether you overpaid initially.

plane_boy2000

I partexed a 26K car against a 10K one - dealer was happy to give me a cheque back for the difference - think your best bet is to try a few big dealer chains especialy if they are the same franchise as your existing car

bill53

Hi,

It is a BMW 3 series and has a low mileage for its age too.

I understand I will lose money but want to keep the loss to an absolute minimum.

Anyone know what car sales are generally like in the next few months with Christmas coming? i.e. if I was to sell between now and February would it be a lot easier to sell before Christmas?

LandyAndy

Personally I would try and sell it immediately.

Every day you wait is another day's depreciation and a day's less interest on the funds until you need it in February.

motorguy

bill53 wrote: »

Hi,

It is a BMW 3 series and has a low mileage for its age too.

I understand I will lose money but want to keep the loss to an absolute minimum.

Anyone know what car sales are generally like in the next few months with Christmas coming? i.e. if I was to sell between now and February would it be a lot easier to sell before Christmas?

Several avenues.

Try the dealer you bought it off. He may well be willing to buy it back off you, though you will take a hit.

He will also be happy to take the car on a trade in against a cheaper one. Check https://www.bmw.co.uk and find a dealer near to you who has cars near the £10K mark and pay them a visit.

motorguy

Inactive wrote: »

I'm afraid that you are going to take one huge hit on it, there are few buyers for prestige newish cars at the moment, those that are around will know that they are in a buyers market.

Let us know what make/model etc. it is.

Its a 3 series BMW so providing its the right spec it will be saleable enough.

JayCee

Don't know where you live but try www.webuyanycar.com They are based in Scotland/North of England and do what it says on the tin... they buy any car, from £50 to £100,000.

I sold mine to them last week and got £100 more than the best trade in price. I had traded my wifes car in the week before and they would have offered £30 more than she got for a trade in (£3,700) so they are very accurate. Just go to their web site, put your reg. no. and vehicle condition in and they give you a value right away.

They ask for your phone number, but only use it if you proceed with the sale.

You then take the car to the nearest depot within 7 days and they pay the money into your Bank account by transfer in 2 days, or next day by CHAPS, for an extra £25, if you are desperate.

Be honest with your car description, as they check it thoroughly, even for minor scratches and dents and try to reduce the price, so be prepared to haggle a bit.

Even if it's not for you, it's worth using the site to get an idea of what it's worth.

plane_boy2000

JayCee - they have outlets in the south as well.