Not sure how to sell my car

ollyver27

Hi guys

I have a really nice Clio Sport. However, it costs me the earth. Tax, petrol, insurance (especially when I've heard that insurance has increased considerably for everyone), and if/when anything goes wrong with it.

Basically I need a cheaper car. I want to sell my Sport and get a car for around £1000 that is far cheaper to run and insure. So I have taken the decision to sell it, but....

I don't know how to go about selling my car. I got my car from a dealership/garage and I have it on finance via Santander, I pay monthly, it just comes out my bank via direct debit, and all this was set up via the dealer.

Can you help me out please?!

Also, another more minor issue is that I need a car to get to and from work. How does the transition from selling a car on finance to getting another one work?

I really need to start preparing for it's sale, so any help would be greatly appreciated

Jimx26

I'm no expert but I know I wouldn't buy a car with outstanding finance so if you sell privately I would imagine you will need to clear this so buyers are not put off.
You could sell it to a dealer and most will clear outstanding finance but if course you will get a lot less than a private sale but you do have the bonus of less hassle from tyre kickers, keeping it clean and potentially waiting a long time to sell.

ollyver27

So the car finance is actually attached the car itself? I thought I might be able to just continue paying the finance, even if I didn't still have the car. But then again, I don't know anything about it, hence why I though I would ask!

Also, would a possibility be to just part-exchange it for another vehicle? This is the most hassle free option I can think of. But, how does it work if you want to get a cheaper vehicle than what your original car is worth? Or a vehicle of similar value? I can't help think - what's in it for the dealer if I wanted to do this, so could this actually be a possibility?!

wba31

ollyver27 wrote: »

Hi guys

I have a really nice Clio Sport. However, it costs me the earth. Tax, petrol, insurance (especially when I've heard that insurance has increased considerably for everyone), and if/when anything goes wrong with it.

Basically I need a cheaper car. I want to sell my Sport and get a car for around £1000 that is far cheaper to run and insure. So I have taken the decision to sell it, but....

I don't know how to go about selling my car. I got my car from a dealership/garage and I have it on finance via Santander, I pay monthly, it just comes out my bank via direct debit, and all this was set up via the dealer.

Can you help me out please?!

Also, another more minor issue is that I need a car to get to and from work. How does the transition from selling a car on finance to getting another one work?

I really need to start preparing for it's sale, so any help would be greatly appreciated

Key question is the Santander account. Is it a hire purchase or a loan agreed under the consumer credit act? whichever one it it will make a difference. dig the agreement out and see what it says at the top, write back in here and a number of people will then be able to advise further

ollyver27

Hi again,

It says at the top 'regulated by the consumer credit act 1974'

Hope that helps

wba31

ollyver27 wrote: »

Hi again,

It says at the top 'regulated by the consumer credit act 1974'

Hope that helps

could still be a hire purchase agreement, if it is it will name the car, and will say "hire purchase agreement" at the top too.

Most borrowing is regulated by the consumer credit act 1974...

Hintza

OP this going to cost you money which ever way you look at it. You need to do your sums carefully so you know what the cost to change is.

I also suspect you will over value the car so be very careful how you value it. If you take prices on Auto Trader for example I would take an average (private sellers) and then take off some more to get a realistic price.

ollyver27

Thanks Hintza, but my point is, what are the costs to change? How do I go about it, I have no idea

Hammyman

ollyver27 wrote: »

Basically I need a cheaper car. I want to sell my Sport and get a car for around £1000 that is far cheaper to run and insure.

Good luck with that. You'll pretty much be guaranteed to find it needs work for MOT and has other issues. £1000 is banger money nowadays.

ollyver27

Well it's not the price if the car that's the issue, I'd be willing to get a more expensive car, I just want to get my running costs/insurance down

I just want to know the financial issues

wba31

the key thing is knowing what agreement you have, personal loan? you can sell the car through ebay, autotrader, trade it in as part ex etc.

If it's HP it's not yours to sell, so if you've paid 50% you can hand it back and potentially incur no further cost.

It all hangs on the agreement