by Gauk
Mon, Aug 29, 2016 2:31 AM

How Much Money Could Your Car Sell For At Auction?

Selling at Car Auctions

When we’re looking to sell a car, we tend to do so in one of two ways.

The first is we’ll part exchange it for a new car.  We know we won’t get as much money as if we sold it ourselves, but it takes a lot of the hassle out of the whole process – you simply agree a price with the garage, they’ll deduct it off the price of your new car and when you pick the new car up, you drop the old one you’re selling off.

The second option is to sell the car yourself privately.  You’ll generally get the most money for your car this way, but you’ll also need to dedicate a lot more time to selling your vehicle and it could mean you might have to pay for certain things (advertising, for example), too.

But there’s one more option that although isn’t considered by many people at first, could be the best choice – and that’s to sell your car via auction.

Just like it’s important to choose the most suitable jewellery auctions when you’re selling pieces of jewellery, it’s vital you put your car in the right auction.  This could take some time, as there’s a whole host of factors to consider, but if you get it right, there’s every possibility your car will sell for more than it would have done via any other method.

However, it’s not all about the auction, as some cars will almost aways sell whichever car auction they’re included in and conversely, no matter how much time you spend looking for the right auction, if your car isn’t sellable, it’s not going to go under the hammer.

For example, a 1957 Ferrari Testa Rossa Prototype went to auction and sold for a staggering £9.9 million.  Although this price tag was achieved with the help of the car being in a specialist auction, the fact it’s one of the most coveted Ferraris ever to be produced did most of the hard work.

If we were to look at a relatively standard car that has nothing special about it – let’s say a 2002 Renault Clio – whilst it’ll probably sell at auction, the price you’re going to receive from it is likely to be considerably lower than what it’s actually worth.

This is because the auction it will be included within will usually be for people looking to grab a bargain.  These cars don’t have huge values anyway and so at an auction, where it could essentially sell for a couple of pounds, there’s every possibility this is what will happen, particularly if those in the room aren’t looking for that car on the day.

A lot of people think of auctions as simply being places where you can sell antiques or collectables, but the reality is most items can be sold at auction, including cars.

And as long as you take the time to ensure you’re putting your car in front of the right audience – and it’s actually worth selling – there’s every possibility you’ll receive a higher sale figure than if you were to sell it in any other way.

published by Gauk