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Are you really getting ripped off by instant car buyers?

Posted by | April 08, 2015 | Car Advice | No Comments
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In recent years there has been an influx of companies offering to, literally, buy any car. Due to the way they work, and the iffy practices of some that shall remain nameless, they have also received some pretty rotten press.

So are they the rip off some people think they are or are they a godsend to those sick of their cars sitting unsold? We took a look at both sides of the argument so you can come to your own conclusions.

Are you really getting ripped off by instant car buyers?

Market Value

This is the biggest complaint; that these companies don’t offer market value for the vehicles. This is a pretty grey area in all fairness. If you are selling a car privately to somebody who is going to use it you are always going to get more than if you sell it to somebody in the trade who is going to sell it on. This really shouldn’t need explaining yet every day new complaints arrive online saying I was only offered this much , or that much etc. It’s really very simple; if you are offered a price for your car you think is too low don’t accept it, not exactly rocket science is it. There are many online resources for finding out the value of cars, but not only do they differ greatly they also don’t take certain things into consideration. These include the likes of the car having been in a serious accident, or if you have made expensive modifications. Being realistic about the actual value of their car is something few motorists are, the same as those selling houses or any other large item, they always want to squeeze out of the buyer as much as they can.

 

Are you really getting ripped off by instant car buyers?

Online Quotes

The online quotation service is a biggie when it comes to selling your car to an instant buying company. You will be asked to input basic contact details and info about your car such as make and model, mileage, service history, number of owner etc. Once you hit send you will get a quote pretty quickly. Now this where a large volume of complaints come from; the value of that quotation. You have to remember that this is a quote for a car that has never been seen or driven, so it is going to be lower than market value.

 

Are you really getting ripped off by instant car buyers?

Look at it another way. if you saw a car advertised for sale with just the basic details, no picture and the price, would you ring them up and say “Yes I’ll take it for full asking price. I’ll do a bank transfer and drop it off when you’re passing”. You wouldn’t, so how can you expect to get a quote that is top dollar? Quotes are not cast in stone so don’t think that’s the maximum, or minimum, price you will be given. If you know that your car is going to fail its MOT miserably and will cost thousands to repair, so will the dealer as soon as they see it and the quote may drop. On the other hand, if you feel that you will get more when they actually see the car then it’s time to move onto the next step of the journey; the appointment.

The sales appointment

There are numerous reasons why you take the next step and book your sales appointment. You could be convinced that once eyes are cast over your motor the quote will increase. You could be aware, as we mentioned above, that your car is in such a bad state its sell it or scrap it. Then again you may have been trying, and failing, for months to try and find a buyer and have decided to cut your losses rather than take it off the road and just watch it depreciate in value even more. Even at this point many think they are going to get full market value for their car, but your car is being bought to be sold on, they are not going to not make a profit.

 

Are you really getting ripped off by instant car buyers?

 

Right up until you sign on the dotted line you can walk, or drive, away at any time. Reputable companies such as Car Buyer Tom will never try and bully you into selling your car, or try any underhand tactics or technical jargon to trick you into doing so. Your car will undergo a full inspection by a qualified mechanic and the exterior will be examined as well. When the check is completed you are free to look at the car yourself should you be wish to query anything they have found. This is also the point where you find out the final price the dealer is prepared to pay for your car. Nobody is going to bend your arm up you back, if you are happy with it you sell your car if you aren’t you leave, simple as that.

 

Are you really getting ripped off by instant car buyers?

 

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