The Second Hand Car Industry is Booming
There has always been an art to selling a second-hand car, but with the market booming in the way that it is currently, it is harder than ever to achieve. For every car that is put up for sale, there are huge numbers of competitors vying for the same customers. That means you have to work that little bit harder to make your car stand out and land that all-important sale.
Here, we take a look at what is happening in the second-hand car industry and what you need to do to make the car that you are selling the one that people want to buy, and ways to increase its value with a few handy tips and tricks.
The Second-Hand Car Industry
One thing that the COVID-19 pandemic has done is slow down the production of new cars. A shortage of microchips and other materials has meant that there are fewer new cars reaching forecourts, whilst demand remains high. This means that those in the hunt for a new vehicle are now turning to the second-hand car market.
It is believed that a whopping 2.2 million used cars have been exchanged since 2019, and it has driven prices skywards. Research has shown that the most popular used car models have increased by as much as 59% since 2019. The most popular model remains a Ford Fiesta, and those which are five years old or less have increased in value by £2,000.
High demand coupled with high prices means many people are now cashing in and selling their vehicles in order to get the best deal whilst new cars are still scarce. So, how do you get the best value for your car?
There will always be some used cars that are more popular than others, and if you have one of these, you could be in for a substantial payday. Ford Fiestas tend to be near the top of most shopping lists for used cars, and a five-year-old Mini Hatch is also in demand, costing 15% more than a three-year-old one did in 2019.
As people who would have been buying a new car are now looking at the second-hand car market, they will be wanting to buy the newest models possible. That means that cars which are less than five years old are likely to hold the greatest value.
How to make your car stand out from the crowd
Keeping your car looking good
With owners advertising their second-hand cars at high prices, your buyers are going to want to see a good standard in what you offer. It is therefore vital to take good care of your car so that you can present it in the very best condition.
They say that first impressions count so making sure that the outside of the car has been thoroughly washed and detailed should go without saying. A good polish will help to get the paintwork shining and paying some attention to what is under the bonnet can help too.
Once the outside looks great, you will need to turn your attention to the interior. Remove any personal belongings and make sure you vacuum the floors and seats before wiping down any surfaces and cleaning the windows.
The carpets of your car can start to look tired quite quickly when the car is used heavily. Dirt, mud, and moisture are brought into the car regularly and can start to build up, leading to mould, mildew, and rot in some cases, not to mention a few bad smells. Investing in bespoke car mats can help to prevent this and they are much easier for you to clean on a regular basis as they can be removed and vacuumed or washed more thoroughly.
Your boot can be a space that is neglected, so adding boot mats is another way to help your car to look its best at all times, even if you are transporting bikes, golf clubs, or fishing rods.
Check for faults
One of the biggest things that can stand in the way of a sale is discovering a fault with the car. This might be something as simple as a mark or scratch which could lead a buyer to try and knock you down on price. These are fairly easy things to fix and are worth the small investment in doing so in order to fulfil your car’s full value.
If the fault is more serious, then you need to investigate how much it is likely to be fixed. You are therefore in the position of deciding whether it is worth it, or whether to price the vehicle accordingly and accept a small knockdown on the price.
A full-service history can be extremely valuable when it comes to selling a car, so making sure that your service is up to date can be worth the time and money. Not only can you advertise the service and MOT or warranty status of the car, but you can also ensure that she is running perfectly when someone comes to take it for a test drive.
If there are any issues with the car that are covered by the warranty, make good use of this by getting them fixed without any cost to yourself.
We can all be suckers for good advertising at times, so it is important to understand the value of a few good photos. Take some time to capture your car in its best light to make it as appealing as possible.
First, think about your surroundings. If your street or driveway is cluttered and not as attractive as it could be, think about taking a little drive to find somewhere a bit more scenic to take your pictures.
Ensure that you cover all angles of the car to give buyers a good idea of the condition and to show you are not hiding anything. Make sure you include the interior and the dashboard and give your advert a thorough and honest write-up.
Selling a used car now can require some work, but with a few simple touches, you can make yours stand out amongst the competition and achieve the best possible value for your model.