Should I sell my car to clear debt?

Dvekavo

I have £1000 debt on an interest free credit card.  I'm £200 overdrawn. 

WeBuyAnycar is offering me £9700 for my car, and its only got around £7000 left on its finance.

Should I sell my car to clear my debt, and get a different car?  I'm currently paying £220p/m on its finance.

The thing is, I know cars have went up in price - so I'll never get something like what I already have for the price (Suzuki S-cross, 29k miles, 2018, automatic)... But clearing that 1k and clawing my way back out of overdraft would be amazing, as I'm living paycheck to paycheck right now...

Ayr_Rage

Try alternative buyers if you decide to sell, Arnold Clark gave me £11279 for a 3 year old Toyota Aygo whereas WBAC offered £9700.

stu12345_2

carwow or motorway will offer you £1500 to £2000 more as the car has motor dealers( motorway) searching and bidding on your car

webuyanycar sends it to local auction and will find faults and deduct more money in pick up or delivery 

I used them, ace company, never haggled upon collection , motorway 

Brie

Have you checked with the finance deal what will happen if you sell your car?  Best to look at that first but I agree with others to avoid "webuyanycar" as I don't think I've ever heard a happy story related to them no matter what the tv ads tend to reflect.

Mark_d

I would certainly sell the car, repay the debts and then try to live within your means.  Whilst it's not always easy to be reliant on public transport, it might be the by far the most cost effective option when looking at the total costs of car ownership.

I used webuyanycar when I got rid of my last car. It's possibly the easiest way to get rid of your car and get some money...however this easy process does have its cost.  You would be able too get better prices elsewhere it just depends how much time and effort you want to spend on selling your car

fatbelly

Dvekavo said:

I have £1000 debt on an interest free credit card.  I'm £200 overdrawn. 

WeBuyAnycar is offering me £9700 for my car, and its only got around £7000 left on its finance.

Should I sell my car to clear my debt, and get a different car?  I'm currently paying £220p/m on its finance.

The thing is, I know cars have went up in price - so I'll never get something like what I already have for the price (Suzuki S-cross, 29k miles, 2018, automatic)... But clearing that 1k and clawing my way back out of overdraft would be amazing, as I'm living paycheck to paycheck right now...

It's a yes. Or rather yes but. Get the car sold to whoeverty will offer you the most, knowing it has finance, clear the finance and buy yourself a £2000-£3000 car. Use the boys on the motoring board to help you choose.

Clear the overdraft and stay out of it. Aim to overpay the credit card each month to clear the card by the end of the interest free period.

Just seen a 2012 Suzuki SX4, 69k miles, for £2995. Looks nice

Purplelady65

Is your current car reliable? The only risk with selling your car is you might end up with a cheaper one but one that is older and might require more in maintenance costs. If you’ve had the car a while and it’s reliable I’d be tempted to keep it and look at other ways of paying down your debt. 

in_need_of_direction

You don’t mention if you’ve been able to service existing debt.  If you’ve had problems they could impact you getting finance on another car.  Also, I’m with purple lady considering reliability and future maintenance costs.  You’ve said that you’re living paycheque to paycheque right now.  Maybe if you post a statement of affairs, clever people here may identify potential savings