When buying/selling your car, we want to make sure you are well informed and achieving the best deal available to you now and in the future.
Tony Carter Principal Broker of Brokerage WA, one of our trusted network partners shares his top tips for your next motoring purchase!
1. Select the “right” car
When buying a car, always consider the sale in 3- or 4-years’ time. If you buy “popular brand” cars there will be more buyers for it when you sell. Conversely if you buy a car with, say 2% to 4% of overall new car market share, there are less people wanting what you offer at the other end, making a sale harder.
Select cars that do not come with known high servicing and repair costs. Used car buyers (of 5+ year old cars) generally cannot afford repairs running into thousands of dollars where a similar more popular car will have far lower repair costs.
2. Take care adding accessories
It is possible to over capitalise on a car. E.g. A SUV fitted with say $20,000 of extras will be restricted in future buyers because not everyone wants to go off on the great outback adventure. Only fit what you need and if you NEED that $20,000 outback pack of accessories then do so accepting they will not add $15,000 value at end of your use of the car. Tow Bar & Bull Bar generally are desired by most buyers (on a SUV) so these would be considered reasonable. Along with stone protection items such as headlight and bonnet guard protectors. The only other one I actually recommend is fitted carpet floor mats (or rubber if going off-road).
3. Service your new car with the manufacturer network
Selling a car that is “one owner, with full manufacturer service history” carries more value than one serviced by a local mechanic or aftermarket repairer. Always service by Time or Kilometres as per recommendation. Service schedules are built around the average driver. If you are a high kms per year driver you will need to service more regularly whereas if you travel low kms per year you must service as per the time intervals set by manufacturer. Whichever comes first kilometers or time.
Make sure the car you buy New offers “Capped Price Servicing” (CPS). This not only helps keep your running costs down, some will have CPS for term of warranty so when you sell in 3- or 4-years’ time you are offering it with up to 3 years manufacturer warranty and CPS.
4. Consider kilometres per annum
If you travel between 15,000 and 20,000kms per year, that is average. Dealers always like to advertise “low Kilometres” on Used cars.
If you travel between 30,000 and 40,000kms per year consider selling your car on a time basis AND below 90,000kms. Again, consider the offering to a new owner. “Under 100,000kms”, sells far better than having to leave it out then make excuses for it.
For some reason buyers have a negative view of over 100,000kms. If a car has been well maintained mechanically then 100,000kms for a modern car is absolutely no problem. The issue is generally a mental positioning and therefore better avoided.
5. Panel Condition
This can be unavoidable however if damage is minor but is insurance claim, make the claim, provided it will not hurt your next premium. Explore this, as minor scratches and small dents are better fixed by the purchasing dealer as they will get it done for less money.
6. Trim condition
This will depend on your use of the car. It is expensive to fix so best to invest in seat covers if you know damage will occur.
7. Dealers always look for 3 to 4-year-old cars to sell
They attract more buyers and can be financed over maximum term. A finance contract must end with age of car at 12 years. EG a 7-year-old car can go to 5 years term whereas a 4 year of car can go to 7-year term, keeping payments lower. This means older cars need cash buyers and this leads to lower pricing, simply because buyers at this end of market do not have access to large sums of money and short-term financing means higher monthly payment, pushing it out of their range.
8. DO NOT “Trade-In” your current car
When you offer your car as a Trade-in on a new or used car, how do you know you got best deal on the purchase of the new car and also on sale of your car? Answer - You don’t.
Treat it as two transactions. This is how we work and most likely for you when we last worked for you in car dealing. Brokerage WA goes about securing your new car on best price/supply wins. We then go about locating the dealer who really wants your car and prepared to buy it paying top dollar. This way you KNOW you got best deal on both.
9. Sell my car by Private Sale?
I am not a fan of; waiting for people to enquire, wait home for those who do not show up, having totally random people coming to my home, taking my car for a test drive, having to negotiate with them, create some form of contract then completing all the government paperwork to transfer ownership. Not to speak of ensuring the payment goes through without trouble, to both the finance company (if is under contract) and into your bank account. Some people do it but I am yet to find one who actually enjoyed the process.
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