You are tempted by a new model, your family is growing, you are moving or have been transferred, and you have to part with your old car. However, you are wondering where to sell it, at what price, to whom, and above all, how to avoid problems. It is important to follow a few rules of caution, especially when meeting the buyer and making the payment, to avoid unpleasant surprises.
Who to sell to?
You have the option of selling your car or motorbike to a professional, such as a dealer or used car trader. This is the easiest option if you don't want to deal with the formalities or if you are in a hurry, but it is not the most advantageous. Professionals usually take a commission on the sale, which reduces your profit.
Another option is to sell your vehicle to a private individual, which will allow you to get a better price, usually between 15 and 20% more. However, this requires a little more time to complete the sale process and you will need to follow some basic rules of caution when meeting potential buyers.
What are the best places to post your used car sale ad?
If you want to try word-of-mouth or use social networks in the hope of finding a buyer among your acquaintances, advertisements are still the most effective and commonly used way to sell used vehicles.
Newspaper classifieds are no longer very popular, as they are generally expensive and limited in terms of word count.
Nowadays, specialised websites have supplanted newspapers as the best place to place your ad. They are often cheaper or even free, and are also visited more frequently by buyers.
How to establish the selling price?
To determine the selling price of your vehicle, you can follow these tips:
Consult specialised sites: Visit sites such as www.moniteurautomobile.be or www.largus.fr, which calculate the value of used cars. This will help you estimate the value of your vehicle. Don't forget to compare with other listings of similar vehicles to get an idea of the market.
Consider the condition and features of the vehicle: Take into account the general condition of your vehicle, its age, mileage, the existence of a full service history, options and equipment, etc. All these elements can influence the selling price. All these elements can influence the selling price.
Allow for a margin of negotiation: When setting the price, bear in mind that the potential buyer will probably try to negotiate the price. It is therefore a good idea to allow for a margin of negotiation. However, be sure to keep it reasonable, as too high a starting price can discourage buyers.
Keep in mind that setting the selling price is a personal decision, and it is important to find a balance between the desired price and the realistic market price.
Meeting a buyer: take precautions
It is true that not all potential buyers are dishonest. However, it is best to take certain precautions to ensure a safe sale of your vehicle:
Make sure you are covered by insurance for road tests.
Ask for or check the buyer's ID and make a note of their contact details.
Only hand over the keys once you are settled in the vehicle with the potential buyer.
Before leaving the vehicle, ask the buyer to turn off the ignition and hand over the keys.
These precautions will help you to avoid undesirable situations and ensure a secure sales process.
How to draw up a sales contract for a used car?
To simplify the process, the ACL (Automobile Club du Luxembourg) offers a model sales contract available on its website. This template can help you formalise the terms and conditions of the sale in a clear and secure manner. It can serve as a guide and reference to ensure that all the essential elements of the transaction are included in the contract.
Payment: be vigilant to avoid scams
When selling a used car, it is important to take precautions to ensure a secure payment:
Never delay payment: Even if you trust the buyer, do not delay payment. It is best to make the transaction directly at the time of handover to avoid complications.
Cash payment: If you choose to pay in cash, arrange a meeting with the buyer during bank opening hours. Go to the bank together to finalise the transaction. This will avoid the unpleasant surprise of receiving counterfeit notes.
Be wary of bank transfers after the vehicle has been handed over: Payments by bank transfer are becoming less common for used car sales. The buyer may be reluctant to make the payment until they have the keys to the vehicle. On your side, do not commit to handing over the vehicle before you have received the payment by bank transfer, as there is a risk that you will never receive the payment.
By taking these precautions, you can minimise the risk of scams or non-payment when selling your vehicle.
What about your insurance at the time of sale?
It is crucial to bear in mind that the sale of your car or motorbike may affect the terms of your insurance contract. To avoid any problems, it is essential to declare the sale of your vehicle as soon as possible. You can do this by e-mail, by post or by going directly to your insurer.
It is important to note that your vehicle insurance is suspended from the day after the sale. Therefore, it is essential that you notify your insurer of the sale of your vehicle in order to bring your cover up to date and avoid being held responsible for any incidents or damage that occur after the sale.
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