It's fairly common for vehicle owners to want to change their cars every few years. As cars age, the lustre fades and with new technology constantly presented, upgrading to a new car is never far from mind. The average South African car owner will only hold onto a vehicle for approximately 3-years before changing to something else. Switching to something new usually requires offloading your current vehicle, so how does one go about selling a used car in South Africa?
Related: How to sell a car with outstanding finance
There are multiple ways of doing this with some requiring less effort than others but yielding fewer returns and less money. Each method has its associated pros and cons. Let's look at how you can sell a second-hand car and what you will need in order to do this with the least amount of frustration.
AutoTrader Instant Offer
AutoTrader’s Instant Offer service takes a lot of the hassle out of trying to sell your car. When you elect for an obligation-free valuation on your vehicle, AutoTrader will present your car to our trusted buying partners and only present you with the very best offer within 60 minutes. Our Instant Offer team will contact you to confirm some details and set up an appointment to perform a quick check of your car. The buying partner and an AutoTrader representative will then meet you at a location convenient to you and if all is found to be accurate, we will make you a final offer immediately. The money will be paid over to you instantly and your car is sold. It’s that easy!
Pros
- Very quick
- Hassle-free
- Safe
- Convenient
- Competitive offer based on live market data
Cons
- Offers can be slightly lower than retail value
Trade-in
Trading a car in is when you offer your current vehicle to a dealership. The dealership offers to pay you a set amount for your vehicle and this is usually done in exchange for buying your new (or new to you) car from the same dealership. The amount that they offer you will usually be subtracted from the amount you are paying on the new car and you will not see the payment, you will only benefit from a discounted price on the new vehicle and lower monthly instalments.
This is one of the more convenient ways of offloading your current second-hand car as the dealership will handle most of the paperwork and deal with the bank to pay your settlement amount and retrieve the ownership papers. The flip side is that dealerships will only offer you a trade value on your vehicle which is less that the typical retail value you may be looking to get.
Pros
- Quick
- Convenient
- Safe
Cons
- Lower amount
Private sale
A private sale is where you do all the work yourself. This includes the advertising, preparation, negotiation and handover of the vehicle. This method is wrought with pitfalls and challenges and isn't always the most convenient. You will have to ensure that you have all the necessary paperwork on hand and that if the vehicle is financed, you have informed the bank of your intention to sell. If the vehicle is still financed, please read this article here: Rules to sell a car while it's still financed
Furthermore, you will need to establish a suitable price for your vehicle. If you're pushed to sell, you will have to settle for a lower price. If you're intent on getting the most for your vehicle, you need to be prepared to wait. You can find out what your vehicle is worth here: Value my car
Private sales can be risky with too many unscrupulous individuals trying to rob you of your vehicle. Always meet in a public setting and take someone with you. Only hand over the keys and paperwork once the money has cleared in your account.
You will need the following documents in order to proceed with the sale:
- Copy of your ID
- Proof of ownership
- Settlement letter
- Notification of Change of Ownership (NCO form)
- Application for Registration and Licensing a Vehicle (RLV form)
- Vehicle Registration Certificate
- Bill of sale
- Service History
Pros
- Maximum sale value
Cons
- High risk
- Lengthy process
- Lots of paperwork and phone calls
- Seller is responsible for listing
- Greater margin for error
