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Selling my car and insurance
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bamboozledwithcars
Posts: 8 Forumite

in Motoring
Hi all, sorry this is a long thread but I am bamboozled!
So I took the impulsive, but happy step of buying a new car. Was smart, travelled a bit to find the cheapest one in the country ( 20%) cheaper , haggled and I have it. Managed to transfer my insurance to it too so I keep my no claims.
Here’s the rub, in my effort to not be ripped off my the system I took a bank loan to buy the new car ( new to be 8 years old). Did this so I didn’t get the £2000 trade in value , or the £3600 we buy anycar are offering . I tried to get temp insurance for say 30 days so I can sell privately it cost £150 and my existing insurer only does a 1 day cover for both so I have taken a new insurance policy on the old car I am selling , cost £215 for the year .
My hope is a sell my car in the next 14 days , within all the cooling off periods so I can cancel my loan and policy with no penalty
What do you think? Correct strategy.
I just wasn’t willing to be fleeced by the system. Aiming to get £4000 for the car 2nd hand so its a massive deal to me ( single mum).
Appreciate comments on better/difference approaches.
Thanks x
So I took the impulsive, but happy step of buying a new car. Was smart, travelled a bit to find the cheapest one in the country ( 20%) cheaper , haggled and I have it. Managed to transfer my insurance to it too so I keep my no claims.
Here’s the rub, in my effort to not be ripped off my the system I took a bank loan to buy the new car ( new to be 8 years old). Did this so I didn’t get the £2000 trade in value , or the £3600 we buy anycar are offering . I tried to get temp insurance for say 30 days so I can sell privately it cost £150 and my existing insurer only does a 1 day cover for both so I have taken a new insurance policy on the old car I am selling , cost £215 for the year .
My hope is a sell my car in the next 14 days , within all the cooling off periods so I can cancel my loan and policy with no penalty
What do you think? Correct strategy.
I just wasn’t willing to be fleeced by the system. Aiming to get £4000 for the car 2nd hand so its a massive deal to me ( single mum).
Appreciate comments on better/difference approaches.
Thanks x
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Comments
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Not willing to be fleeced, but willing to fleece the insurers? And we complain about the cost of motor insurance?0
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I'm not sure what else you need to know, both cars require insuring by law if you're keeping them on the road, you're current insurer wont extend the insurance to cover both cars for a temporary period so the only choice is to take a full years cover on the old one and cancel within 14 days. Just rinse and repeat if you fail to sell the car.
TBH, I think your expectations of what you're going to get for your car are a little high. If you've only been offered £2K as a trade-in then no way are WBAC are eventually going to give your £3,600 (I assume they haven't actually seen and fully valued the car as yet) and I'd doubt your car is worth £4K as a private sale.0 -
Aww sorry you disapprove , my objection is to the way we are cornered into accepting low trade in values or wbac nonsense. Maybe I’m just trying to play them at their own game. If I could be fair about it I would. I just can’t afford to give away £2000.0
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I guess I was just searching for a more ethical way of doing this and benefitting from their experience. I can’t believe we are cajoled by motor industry and insurance to accept this state of affairs.
Done my research on auto trader, Parker’s and gumtree and think I’ll get my price ( will be higher than the knock down wbac will give anyway). Thank you for your reply x0 -
I wouldn't be too concerned about the ethics either way, just the practicality. Your insurance won't cover test drives so you'll need to ensure that buyers have their own, take payment and not be scammed, dealing with chancers and time wasters, and haggling as most will expect a discount and walk away if they don't get one. If anything goes wrong with the car the buyer will be back asking for compo, on top of which there always seems a small set of private sellers on autotrader who think their cars are worth a premium to a retail seller.
Apart from that I think all is looking good.0 -
Are you using your no claims discount on both cars, and are the insurers happy with this?“Quis custodiet ipsos custodes?”
Juvenal, The Sixteen Satires0 -
Your biggest problem may be to sell the car within 14 days. Price it too low and people will think it's a scam. Price it too high, and nobody will be interested.
Once the 14 days has passed, you will find that cancelling the insurance costs more, and you will have to pay off the financing, rather than cancelling it.If it sticks, force it.
If it breaks, well it wasn't working right anyway.0 -
davemorton wrote: »Are you using your no claims discount on both cars, and are the insurers happy with this?0
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Your biggest problem may be to sell the car within 14 days. Price it too low and people will think it's a scam. Price it too high, and nobody will be interested.
Once the 14 days has passed, you will find that cancelling the insurance costs more, and you will have to pay off the financing, rather than cancelling it.0 -
it does sound like the OP's trying to used their NCD entitlement on both policies to bring the price down, which of course is a no no.
Maybe not. When I bought a second car my insurers were happy to extend the no claim bonus on my main car to the second car as well. I suppose they realised that I could not be driving them both at the same time!I used to think that good grammar is important, but now I know that good wine is importanter.0
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