Many motorists say that they are daunted by the thought of selling their car on the second-hand market. Consequently, many appear to be willing to sell their car for less than it is worth to get the deal done and get on with other things.
Research commissioned by the online used-car marketplace Motorway has shown that despite prices for used cars reaching record highs, just over three-quarters of British motorists find selling their car intimidating, and seven out of ten knowingly compromise on the price to get a faster sale.
Around one in four of those surveyed admitted accepting the first offer for their car, with many saying that the priority when selling a car is to get rid of it as quickly as possible. According to Motorway, this leads to an average loss of almost a thousand pounds (£977) when selling.
Several things can ensure the sale price is higher. Not undertaking simple tasks, like buying new floor mats, changing the oil and making minor repairs, can mean that the car sells for less than its potential. Other common oversights and issues among those polled include not having an up-to-date service history, not having their car valued before the sale and struggling with paperwork.
More than seven out of ten surveyed said they found the process of selling their car daunting, with many saying they felt out of depth when selling their vehicle leading to the feeling that they had been ripped off. When selling, the main aims were getting the highest price, a speedy sale, and minimising the effort required.
A spokesperson for Motorway said: “Selling your vehicle can be a headache for many, particularly if you don’t feel confident or knowledgeable about cars.”