DON’T Do This Before Selling Your Car: Nine Mistakes to Avoid Losing Money Trading with Your Wheels

Buying a car is an exciting moment, but selling a car can be a headache.

While most of us just want to get the car sold quickly, we also want to get the best price possible.

And since 85 percent of drivers are willing to accept a low offer just to complete the process, rushing to make that sale unprepared can leave you with 50 percent less cash on hand.

A survey by independent used car retailer Motorpoint of more than 2,000 UK car owners who have sold or swapped their engines in the last five years has found that there are a number of key things to avoid before selling that will influence may be on sale or which may reduce the price you get.

With new ’24’ license plates on sale since March 1, many car owners are looking to trade in their old wheels for new ones.

So here are the top nine things the experts at Motorpoint want to keep in mind to save money and time:

1. Two sets of keys

It may seem like a small problem because you only have one key. After all, isn’t a key only worth a few hundred euros to replace?

But John Hood, Motorpoint’s general manager of trade purchasing, claims that not having both sets, and not having the original key in particular, can make your car much less attractive and in some cases impossible to sell.

‘The average cost to replace a key is around £240, but a new remote or keyless entry key for a modern vehicle can cost you more than £1,000.

“Without both sets of keys, however, you can expect between 5 and 10 percent less for your car,” he says.

According to data from Motorpoint’s Sell Your Car service, drivers without both sets of keys could be missing out on as much as £1,530 when it comes to selling their car.

2. If you have 100,000 miles on the odometer, this could earn you £3,000

Recent data from Carwow shows that the best place to sell your car is before the 100,000 mile mark.

On average, cars lose about 27 percent of their value when the odometer reaches 60,000.

Motorpoint adds that while it is a misconception that more than 100,000 miles makes a car less reliable, it does mean that this belief can devalue your wheels by 20 percent.

Hood recommends that “motorists sell their cars before they reach this limit because, simply put, the lower the mileage, the higher the price you will get for your car.”

3. Removing changes can increase the value by €6,000

It’s worth remembering that customizing your car to your own specific tastes is great while you’re driving it, but it can make it harder to resell it.

Before modifying a vehicle, Hood advises considering the retail impact: ‘Performance improvements such as replacing exhausts, rather than adding value, can lead to lower retail prices, sometimes by as much as 40 percent – meaning that Not only have you spent money customizing your vehicle, but you’re also missing out when it comes to sales.

‘In extreme cases, motorists with modified cars could miss out on around £6,120 in resale value.’

4. Keep your car as clean as possible

A poorly maintained car can knock more than £1,500 off its value, so it really pays to keep it clean and well maintained.

According to Motorpoint, regularly smoking or having pets in the car can influence the price by 10 percent.

First impressions count, so it’s worth getting a professional service done, but if you think you can make your car shine inside and out, you could also save yourself around £150 by doing your own car repair to be carried out.

5. Sort out the warning lights and miss out on up to €4,590

Hazard lights can save up to 30 percent off your car’s value if you want to sell.

Don’t be tempted to pass on repair costs during the sale, as you will likely lose more money than you should spend on repairs.

‘Although it depends on the value of your car, the average motorist can expect as much as £4,500 to be taken off the value of your car.

“In many cases, it really is cheaper to fix the problem before you sell it,” Hood advises.

6. Private license plates do not increase the value of your car

Private plates are popular goods, with some of the most expensive DVLA plates costing hundreds of thousands of pounds.

While private plates may look cool, they are classified as a personal modification to a vehicle.

Any changes can affect the price of the car and a private plate can cost between £200 and £300.

John says: ‘You’ll probably want to keep your private number plate if you sell it, but if for some reason you don’t want it anymore it’s probably best to sell it separately rather than with the car.

‘Not only will you probably get a good price for it, but a personalized license plate will not increase the value of your car. In many cases, costs are charged for the inconvenience and time required to re-register the car.’

7. Tread depth is important and can cost you money

Tire checks are critical for safety and to ensure you are not breaking the law while driving.

Whether you use a tire tread depth or the 20p coin check, your car tires must always meet the legal requirements.

Monthly tire checks should be part of your car’s maintenance.

But if you’re reselling your car, do a final check of the tires to make absolutely sure they meet legal tread depth requirements.

As with repairs, dealers will charge you for the time and inconvenience of replacing your tires. So check your tires before handing over the keys.

8. For each scratch or scuff, €50 will be deducted from your valuation

Even small chips can affect the value of your car. Repair any damage to your car before selling it to ensure you take home the full value of the car.

According to the experts, motorists could lose as much as £50 per scratch on an initial valuation if their car doesn’t meet the condition you set, so it’s worth getting it checked.

Your car insurance will usually cover these minor repair costs anyway, so check around garages for quotes on minor body paint touch-ups and repairs.

However, it’s crucial to ensure colors and parts are authentic and match, otherwise Motorpoint warns you could have knocked thousands off the offer price.

9. Keep track of service checks to avoid £2,000 damage

It may not seem like a big deal at the time, but falling behind on your car’s maintenance schedule could prove to be a costly mistake when selling your car.

An incomplete maintenance history will reduce your car’s value by 10 to 15 percent – ​​and even more if your car is still within the manufacturer’s warranty period. This will expire if you have not carried out the maintenance checks.

Please note that you are fully entitled to go to independent garages for MOT and maintenance work. Contrary to what many motorists hear or think, you are not legally obliged to go to the official dealer.