Some Car Buying Companys Are Taking Advantage Of The Corona Virus
Its no surprise that the Corona Virus pandemic is having a significant effect on all our lives and businesses.
As a result, we’re finding it more difficult to find buyers for your cars, and values have indeed fallen.
But one of our competitors We Buy Any Car have reduced their offers by circa 50% in just one week.
In our opinion, this is unjustified and seems to be targeting the vulnerable at a time of need.
We like to think that we’re always fair to our customers.
In fact, in the past, we have occasionally encouraged our customers to take a better offer from We Buy Any Car, if we felt it was right for them to do so.
At this moment in time though, we’re confident that despite the difficulties in the market, we’ll be able to pay more than we buy any car’s derisory offers.
Has My Cars Value Really Halved Overnight?
The short answer is of course not, and we would never dream of telling you your cars suddenly worth so much less.
There might not be an immediate buyer for your car at this moment in time but it doesn’t mean you should panic and accept a ridiculously low offer for it.
Recent examples of We Buy Any Cars offers this week are.
19/19 New Model G Wagon £45,000
16/16 Ford Mustang 5.0GT £15120
17/67 Range Rover HSE Dynamic £22000
Our valuations for these 3 cars totalled £71,000 more than the “We Buy Any Car” online offer. In one case we paid over twice their estimated value.
Are Low Car Values Here To Stay?
We feel that what’s happening in the market is purely a blip with a known cause and once life returns to normal so will the value of your car.
Of course, there’s no way to predict car values and it may be that if there’s a general recession then car values may be depressed for some time.
Unlike we buy any car, we’re not sending thousands of your vehicles to the auction and then analysing those results to help us estimate the next value we give.
We speak daily with those people who are directly responsible for making buying decisions within each car dealer.
We work with both the big PLC owned franchises and smaller independents and these interactions give us instant feedback on the state of the car market.
Therefore were uniquely positioned to give a more accurate valuation or better advice on selling your car.
Are Dealers Buying Cars?
Most dealers, fearing that we’re heading for further restrictions on movement, have closed the cheque book to more car purchases for the time being.
But plenty of smaller and independents and those dealers based away from big cities haven’t been affected quite so much and still want to buy your car, they are just being more cautious.
So Should You Still Sell Your Car At This Time?
There are still buyers out there for your car who are paying a fair price
But to find them, you’ll have to be patient and bear with us a few extra days.
Once we have an offer, then its important to make a quick decision, but obviously only if its right for you to do so.
Which of these describes you the best.
- I Don’t Need to Sell I just fancy a change.
If you simply fancy a change and there’s no pressure that you have to sell then just do what you’d normally do and do a deal that makes sense to you.
Yes, its more challenging to sell your car but you also have to decide whether or not the current bargains in new car market balance out the lower price you may be getting offered for your existing vehicle.
- My New Car Is Waiting For Me To Collect.
If you were relying on an offer you thought you had for your current car which has now evaporated, then just tell the dealer you need a few more days to collect and we will see what we can do to help.
Where you find yourself in a position where you can’t go ahead, its best to be honest with the dealer so that they don’t register the car to you and cause further problems.
Should you find that you’re going to have to cancel and lose your deposit then always ask us before you do this. We may be able to step in and take over your order.
Above all show, some respect to the dealer where you ordered your car, and they are more likely to want to help.
They are going to be finding it tough as well and will be under some pressure at this time.
An honest approach will work much better in 90% of cases than making up some story.
Car dealers can smell bullshit a mile away, trust us on this.
I’ve had a change in circumstance and can’t make the payments.
Do you need to sell for financial reasons? lost your job loss? or something else?
If so then you’re going to need the most help during this time.
If your car is on finance, you’ve probably only got a couple of payment before the worst of the Corona Virus Pandemic is over.
So no need to panic, don’t do anything stupid.
Trust us to guide you, there’s no need to take we buy any cars current offers.
There’s no easy way to say it negative equity sucks, and it’s not always an easy situation to get yourself out of.
Small Amount Of Negative Equity
If you find yourself with a small negative equity position then think carefully about finding the difference and get yourself out of trouble.
Ok, we’re not trying to be flippant here, we appreciate only you know what a small difference is.
Serious Negative Equity
If you’re in serious negative equity then you need to explore all your options.
These may include handling your car back to the finance company, find out here if you’re legally able to.
It’s rarely a good idea to trade your car in against another vehicle and roll the negative equity over into another car.
You’re just postponing the problem, or even making it worse, but sometimes if its the right car this can be an option
Borrowing to pay off the negative equity
We’re not financial advisors but if you’re in a position where you really can’t afford your car then really consider the following.
If your car loan is going down but also your car value is going down then how are you ever going to catch up?
Borrowing to pay off your car loan may give you control of your situation.
Take some advice, speak to us about your current and future car value and we can help.
General Advice When Selling Your Car
The following applies whenever you sell your car not just during the current Corona Virus Emergency.
Don’t offer to multiple agents.
Offering it to several people at once may seem the right thing to do, but we rarely do this ourselves for several reasons.
A lot of the big car placement companies deal all with the same dealers and brokers.
So quite quickly a dealer may have your car offered to them from several different sources.
Rather than inflate the price, it actually can harm the sale as it spooks the dealer into thinking you must be desperate to sell.
Or they may think that there’s perhaps an unspoken problem with the car.
If you’ve already done this then please tell us so we can explain to any dealer we approach.
Motorway will offer your car to multiple other car buying sites, dealers and brokers all at the same time, this is a bad idea for prestige cars as we’ve explained above.
Give us the time, we don’t work like “we buy any car”.
We know which dealers usually pay the best prices for which cars and it takes time to get hold of them.
Sometimes the dealer may want to buy your car but might be waiting to see if a few current retail sales go and create the space for it.
Or they may have a specific customer in mind they need to run it past.
So don’t panic, give us a few days to find out where the market is for your car, before offering it elsewhere.
Prepare your car.
Have it valeted, clear out all you rubbish and take some clear photos against an attractive background. Nothing fancy just take a look at our retail page for ideas.
We’d like to say it doesn’t matter, but dealers want to buy cars that have been looked after and loved and will pay more for them.
If your vehicle appears to be clean and shiny in photos, then it helps paint a picture in the dealer’s mind of how a customer may view your vehicle as well.
If it’s due a service, then we’d say you’ll get a better response if you have it serviced first.
Also if you’ve had it serviced, send us the health check report.
It gives our dealers the confidence that they aren’t buying a car that still needs work.
Depending how the check reads they may be able to trim their prep costs estimate and pay you more.
The above guide is good advice whenever you’re selling a prestige car. But with the Coronavirus having a huge effect across the world we hope it helps you decide a course of action and helps you determine the right time to sell your car.
If you want to try us, then fill in the form below to get the process started and get a no-obligation quote from us.
Or if you don’t like form filling then just send a few photos over to myself, Phil Corker on WhatsApp 07867987887 or email email@example.com or just give me a call for a chat.