Car owners losing money to avoid hassle when selling

Two thirds of car owners are willing to accept less money when selling their car if it means saving them time and hassle, new research has revealed.

Motorists admit they are daunted by the thought of selling their car on the second-hand market and are willing to take less for their pride and joy than it’s worth, just to get the deal out of the way and get on with their lives.

Nearly 70% of drivers questioned by online used car marketplace (and our commercial partner) Motorway said they would accept less money for their car if it made the process more straightforward. Of those who have already sold their car, more than half (54%) believe they sold it for an average of almost £1,000 (£977) less than it was probably worth.

At a time when used car prices are at an all-time high, thousands of drivers simply can’t face the prospect of going through the car-selling motions and are looking for easy ways out – which usually means letting their car go for a snip.

Getting the best price is now easy

However, getting the best possible price for your car has never been easier. There are a number of online selling options available, all of which can give you an instant valuation, then arrange collection from your home and full payment within days.

The survey by Motorway found that three quarters (76%) of Brits find the process of selling their car daunting, while seven out of ten (70%) are knowingly compromising on cash for a quick sale.

With a third (32%) saying they don’t have the time to find the best price and one in four (28%) accepting the first offer for their car, the research shows that drivers are not getting the best value when it comes to selling their vehicles.

In fact, nearly nine out of ten (85%) admitted that the priority when selling their car was simply to get rid of it as quickly as possible. As time is of the essence for sellers, almost half (49%) are likely to have lost money when parting with their car because they didn’t do simple things such as buying new floor mats, changing the oil or making small repairs.

Other issues among the 2,000 people polled included: not having an up-to-date service history (14%), not having their car valued before sale (12%), and struggling with paperwork (10%).

Seven out of ten drivers admitted putting off selling their car altogether because of the hassle, while it emerged that over two thirds (69%) have felt out of depth when selling their vehicle. Hundreds have ended up feeling they had been ripped off.

When selling their car, only 14% felt very confident they had achieved a good price, with an acceptance by 69% that they would be willing to take an offer less than market value in order to make the process easier.

More than 60% admitted they regret rushing to sell a car in the past because they received less money as a result.

*The Car Expert has a commercial partnership with Motorway. If you click through to the Motorway website and proceed to sell your car, we may receive a commission. This does not affect the amount you receive.