What's a fair mark-up on used car

Sonia_Chambers

I recently suffered a terrible financial blow which forced me into selling my beloved 2002 Hyundai Coupe in order to raise cash immediately. After getting no response from private on-line advertising I contacted several of these "we'll buy your car even if it's a death trap" companies for valuations. As expected they all came in at about two-thirds of the price I'd been asking privately, once admin fees etc were taken into account. Being a single mother of a toddler I went with LetsBuyYourCar.com, as they come and collect the car and can also pay cash if required.

Now I'm not a fool and I knew that my need for a speedy sale would go against me but I was pretty shaken when the written offer of £2125 shrank to £1750 in person. This based on the agent telling me the suspension and/or shock absorbers would need replacing on one side. (I'm no mechanic by the way!). All of this was news to me. I know that no-one forced me to accept their opinion or their money and it was my decision to sell at that price but I was desperate for cash and obviously this is what these guys play on.

However, based on the work this man said needed to be done, I am mystified as to how my car can be advertised today, two days after the sale, in CarWorld for £3990 - which is clearly an enormous mark-up. Is this fair? Is it legal? I sold the car based on the info I was given but if it wasn't true then do I have any come-back? I suspect the answer is that no-one twisted my arm. Even so the ethics of it stink.

pitkin2020

Sonia_Chambers wrote: »

I recently suffered a terrible financial blow which forced me into selling my beloved 2002 Hyundai Coupe in order to raise cash immediately. After getting no response from private on-line advertising I contacted several of these "we'll buy your car even if it's a death trap" companies for valuations. As expected they all came in at about two-thirds of the price I'd been asking privately, once admin fees etc were taken into account. Being a single mother of a toddler I went with LetsBuyYourCar.com, as they come and collect the car and can also pay cash if required.

Now I'm not a fool and I knew that my need for a speedy sale would go against me but I was pretty shaken when the written offer of £2125 shrank to £1750 in person. This based on the agent telling me the suspension and/or shock absorbers would need replacing on one side. (I'm no mechanic by the way!). All of this was news to me. I know that no-one forced me to accept their opinion or their money and it was my decision to sell at that price but I was desperate for cash and obviously this is what these guys play on.

However, based on the work this man said needed to be done, I am mystified as to how my car can be advertised today, two days after the sale, in CarWorld for £3990 - which is clearly an enormous mark-up. Is this fair? Is it legal? I sold the car based on the info I was given but if it wasn't true then do I have any come-back? I suspect the answer is that no-one twisted my arm. Even so the ethics of it stink.

Did you agree to sell the car to them? Yes
Do they now own the car? Yes
Therefore they can sell it for whatever price they want from a £1 to 10k. You decided to use this type of service for a quick sale, they will always knock you down on price tell you things are wrong and then stamp on your head for good measure. They have you over a barrel as they know you want money and you want it now.

Why anyone would sell their car to these people is beyond me, no matter how desperate you are you could advertise in the local rag for a few quid under book price for a quick sale and achieve a better price than these guys offer you. If you price the car right you should have a flood of people coming to look at it.

aqueoushumour01

i know it's harsh but it's got nothing to do with fair. These guys buy low and sell back on to make a profit. You accepted the price. The end price the trader lists it for is not relevant. The only way I imagine you'd have a claim if what they said about the suspension was incorrect but I can't see how you could prove that.

andygb

What is a fair mark up on a used car?
The difference between what you buy that car for, and what you sell it on for.

Nobody forces you to sell or buy a car, it is down to choice. It is no different to buying a tin of baked beans for 50p in one shop, and then going next door and seeing it on sale for 25p.