Not sure how to sell my car

Hintza

The problem you will/might have:-

Termination fees on the finance (ask the finance company what those are).

The car you have will be worth significantly less than you paid. You can get a trade in valuation via the Vauxhall website. If you sell privately perhaps add 10% to that price (you might get a little more than 10% but dont count on it).

If you buy a banger you will have increased running costs especially if you are not handy yourself. For most folk this is really not a great idea.

If you buy a better car you will also be paying a buyers premium.

The long and the short of it is you might save a few bob on petrol and VED but the cost of change might be such that you would be cheaper keeping your current car or a few more years.

ollyver27

Hintza wrote: »

The problem you will/might have:-

Termination fees on the finance (ask the finance company what those are).

The car you have will be worth significantly less than you paid. You can get a trade in valuation via the Vauxhall website. If you sell privately perhaps add 10% to that price (you might get a little more than 10% but dont count on it).

If you buy a banger you will have increased running costs especially if you are not handy yourself. For most folk this is really not a great idea.

If you buy a better car you will also be paying a buyers premium.

The long and the short of it is you might save a few bob on petrol and VED but the cost of change might be such that you would be cheaper keeping your current car or a few more years.

Thanks, I needed a response like this!

So basically, I'll have to ring up my finance company (Santander Consumer Finance) sometime and discuss the options with them. I don't think I'd neccessarily get a banger if I part-ex'ed it, but you're right. It comes with risk getting a new car. I could buy one and then it needs new brakes, new aux belt etc. which could cost a lot and would thus make the whole idea pointless.

But it just costs me a fortune in insurance and petrol and tax, so thought it would be a sensible idea to sell it

Thanks for your input anyway, I valued my car on vauxhall's website, and you're right, it came up lower than expected. Maybe just gritting and bearing the expenses until I have paid it off (I got a short loan period on purpose - the only sensible move in what I now class as a rather dumb decision!) and then selling it when the car is technically mine may be a more financially sound idea