How to Set a Price When Selling Your car

Selling your car might seem like a simple prospect, but it also entails challenges. Whether you’re upgrading to a new model, downsizing, or simply looking for a change, one of the most important things when selling your current car is to get the right price right.

If you end up mispricing your car, you might not be able to afford your next purchase. That’s why you need to be realistic and find the right balance. With that in mind, these are the things you should consider when setting a sale price for your car.

Due Diligence

Before you come to setting a sale price, do your due diligence. Browse online platforms, such as car selling websites, to gauge the prices of similar makes and models. Consider factors like the build year, mileage, condition, and any additional features your car might have. This preliminary research will provide a solid foundation for determining a competitive price.

Assess the Condition of Your Car

Take a good look at your car’s condition. Assess both the exterior and interior for any signs of wear and tear. Mechanical issues, dents, scratches, and the overall cleanliness of the vehicle can significantly impact its resale value. You may need to perform minor repairs to get the vehicle in an appropriate condition to maximise its appeal.

Depreciation

Unless you’re holding a vintage classic, all cars depreciate over time. Consider the depreciation rate of your vehicle and adjust your price accordingly. Generally speaking, new cars depreciate faster across the first years of ownership, whereas older models hold their value relatively better.

Key Features

You may be able to drive a higher price for your car if it has some sort of special features or distinctive selling points that warrant a higher price. These features don’t necessarily need to be tangible either. For example, low mileage on the odometer is a favourite for many prospective buyers, and it will set your car apart from others on the market. Registration is another distinctive point.

Selling Costs

When setting your price, you will also need to take into consideration the costs associated with the sale. Whether it be listing costs, inspection fees, vehicle history reports, or change of ownership, the sale price should reflect these additional expenses.

Most importantly, expect there to be some negotiation. With this in mind, it’s not uncommon to set your asking price slightly higher than your firm sale price. Not only does this provide you with some flexibility during negotiations, but in a booming market buyers may be willing to pay ‘overs’ for a popular second-hand vehicle.

Understand, however, that it can take time to sell a car via the private market, especially if you are unprepared to negotiate. You can always take a look at trading in your car towards a new one, but the question here centres on your priorities and whether you are getting the most value out of your current car.

What’s The Most Reliable Second-Hand Car Out There?

Some of us may have a family with teenagers; some of us may have kids in their early twenties and at university; some of us will be single and not on a rich person’s wage.  There will be many of us who just can’t justify paying loads of money on a brand-new car, at least not yet.  Fair enough, too, as some cars are expensive when bought new (although here at Private Fleet, we will do everything we can to help you find the best deal). 

For most of us, a good second-hand car is the right way to go to ensure we can do life, get to and from work, hang out with friends, and go on that roadie around Australia that we’ve always wanted to.  For 2023, by the end of the year, almost 2.1 million used cars were sold in Australia.  These stats were from the Automotive Insights Report (AIR) published by the Australian Automotive Dealer Association (AADA) and AutoGrab. 

Thanks to two UK businesses, Carwow and Warrantywise, here are some really good second-hand cars that should be on our radar if we are looking to buy one that has proven reliability.  Carwow and Warrantywise teamed up to reveal the most reliable cars in the UK based on warranty and repair data.  All of the vehicles in the analysis were outside their manufacturer warranty.  In order to be included in this analysis, Warrantywise had to have at least 100 examples of a specific car on its books. 

The analysis revealed that the Honda Jazz is the most reliable second-hand car you can buy, boasting an overall reliability rating of 93.7%.  The next most reliable model is the Mazda 2, while the Toyota Auris (Corolla) comes in third in the rankings. Though this survey is UK-based, most of the cars that dominate the top 15 can be bought over here.  And they’re probably just as good here as they are there.

Note that in analyses done in previous years, the Lexus RX was the most reliable car, but for 2022 (the year of this particular analysis), there were not enough (couldn’t find 100 of them) Lexus RXs to make the Warrantywise’s books, so let’s just chuck this Lexus into the top four most reliable second-hand cars you can buy and be done with it!

Here is a list of the 15 most reliable second-hand cars you can buy in the UK.  The top four have a bit more info about them (albeit with the currency in British pounds, given that that’s where the research was done).  Most of the cars in the reliability analysis can be easily looked up in our Private Fleet Car Reviews page if you want to know more about them.  The Toyota Aygo and the Peugeot 107 will require some more searching, as they were are not really sold here in Australia. 

1. Honda Jazz (2007–2020), 93.7% reliability score.

The top spot goes to the trusty Honda Jazz.  This is a surprisingly practical small car that is also very fuel efficient.  It has put in a stunning performance for reliability, with the average cost of repair being low (£424.31).  The most common fault was with the central locking mechanism.  The most expensive repair happened to be with the air conditioning system (£973.66).  The average age of the Jazz cars in this analysis was 8.3 years old.  You won’t go far wrong buying a second-hand Jazz.

2. Mazda 2 (200–-present), 89.9% reliability score.

The average age of the Mazda 2 cars was 8.4 years old, suggesting that the Mazda 2 remains reliable even as it ages.  It also suggests that you will get a very good run for your money if you get a new version as well.  The average repair bills were impressively low (£319.22), and the most common fault was to do with the suspension.  The most expensive repair was with the electrical power steering pump (£2,422.31).  The Mazda 2 is a comfortable small car with plenty of style.  You can buy with confidence here.

3. Toyota Auris/Corolla (2013–2018), reliability score 89.7%. 

Spacious and comfortable, the zippy Toyota Corolla/Auris is a car that is hard to fault.  With an average age of 8.3 years old in this survey, these are great small/medium cars.  The average repair bill was £767.84.  The Gearbox/Transmission seemed to be the most common fault with the car and was also the most expensive repair (£1841.60).  Based on Warrantywise’s experience, you’re unlikely to go far wrong with the Toyota Corolla.  Sometimes, because Toyotas are so reliable, the first few owners may have skimped on maintenance and are happy to pass the bills onto the new owners.  Make sure the car you’re looking has a service record and has a smooth-operating gearbox. 

4. Mazda MX-5 (2005–2015), reliability score 86.5%.

Here is the most fun and reliable second-hand car you can buy!  The Mazda MX-5 averaged 8.4 years old in the reliability analysis, with an average repair bill being a remarkably low £341.78.  The most common fault was with the suspension, and the most expensive repair was with the air conditioning (£586.94), also remarkably low.

5. Toyota Aygo (2005–2022)

• Reliability score 85.5%
• Average age 7.5 years
• Average repair £375.66
• Most common fault was with the alternator.
• Most expensive repair was the clutch (£1,339.36).

6. Kia Ceed (2012–present)

• Reliability score 85.0%
• Average age 7.9 years
• Average repair £485.36
• Most common fault was wheel bearings.
• Most expensive repair was with the gearbox (£1,914.00).

7. Kia Rio (2011–present)

• Reliability score 84.9%
• Average age 8.3 years
• Average repair £528.23
• Most common fault was the gearbox.
• Most expensive repair was the turbocharger (£1,655.39).

8. Suzuki Alto (2008–2013)

• Reliability score 83.9%
• Average age 6.8 years
• Average repair £328.92
• Most common fault was the electrical system.
• Most expensive repair was with the engine cambelt (£733.70).

9.Hyundai i20 (2008–2020)

• Reliability score 82.5%
• Average age 7.6 years
• Average repair £520.25
• Most common fault was with the electrical system.
• Most expensive repair was with the suspension (£2,361.36).

10. Peugeot 107 (2005–2014)

• Reliability score 81.6%
• Average age 7.9 years
• Average repair £434.89
• Most common fault was the heater fan motor.
• Most expensive repair was the clutch (£1,128.44).

11. Honda Civic (2011–2022)

• Reliability score 80.7%
• Average age 7.2 years
• Average repair £630.86
• Most common fault was with the air conditioning.
• Most expensive repair was with the fuel system injectors (£3,055.73).

12. Renault Kangoo (2007–2021)

• Reliability score 80.1%
• Average age 7.3 years
• Average repair £576.37
• Most common fault was with the electrical system wiring looms.
• Most expensive repair was the gearbox (£1,173.00).

13. Toyota Yaris (2011–2020)

• Reliability score 79.8%
• Average age 8.2 years
• Average repair £795.89
• Most common fault was with the electrical system.
• Most expensive repair gearbox (£3,106.92).

14. Toyota RAV 4 (2013–2018)

• Reliability score 79.2%
• Average age 8.0 years
• Average payout £846.83
• Most common fault was the fuel system injectors.
• Most expensive repair was engine related (£2,055.74).

15. Fiat 500L (2012–2020)

• Reliability score 78.7%
• Average age 6.0 years
• Average repair £551.58
• Most common fault was the clutch.
• Most expensive repair was the clutch (£1,880.21).

Of course, it’s not compulsory to get a second-hand car, and the safety net of the warranty period is certainly attractive with new cars.  Have a wee chat to one of our team and we might just be able to find you a brand new car for a price that’s not that much more than what you’d pay for a second-hand vehicle.

5 Questions You Need To Ask When Financing a Car

So, you’ve decided it’s time to purchase a new car and you’re thinking about taking out a loan – congratulations! 

Embarking on the journey of car ownership is an exciting prospect, and car loans are a great way to turn that dream into reality as they enable you to secure a vehicle today, while managing your budget effectively over the long term. 

However, to truly unlock the full spectrum of rewards that the right car loan can offer, it’s important to navigate the complexities of car financing wisely.  

The most important rule to remember is that when it comes to car financing your car, there is no such thing as a bad question.

In fact, the key to making informed car loan decisions lies in asking several simple yet important questions.  

To guide you, we’ve put together a list of the 5 crucial questions you must ask when beginning your car financing journey. By following this guide you’ll be able to drive away confident that you secured the best possible deal. 

1. “What are my fees on my loan?” 

Most people understand the initial value of their loan, but did you know that your finance arrangement may come with other hidden fees and charges?  

Considering these fees aren’t included in the principal or the interest of the initial loan, they can significantly impact the affordability of your finance arrangement. As such, it’s crucial to ask your financial provider if any fees exist and try to minimise them where possible. 

Whether it’s origination fees, service charges, or other miscellaneous costs, a comprehensive understanding of these additional costs empowers you to make informed decisions and prevent unexpected financial burdens. 

2. “What does it cost to get out of my loan early?” 

A car loan may be a fantastic idea today, but unfortunately, it’s impossible to know what the future holds. 

To ensure you are not caught off guard in the case of unforeseen circumstances, it’s a good idea to ask your financial provider how much it may cost you to terminate a loan early or even how paying out the loan early may impact the terms of the agreement. 

This question, although simple offers flexibility and opens many doors to potential exit strategies. 

3. “What Are My Monthly Payments?” 

Determining your monthly payment obligations is the most important step toward accurate financial planning and budgeting when purchasing a car through finance. 

With so much financial jargon surrounding your car loan, it is best to get a transparent understanding of what is expected from you each month. To do this, ask in no uncertain terms “What are my monthly payments?” and more importantly “How will they change in the future?” 

Knowing the exact figure you’ll be allocating each month to repay your loan now and in the future is key to a smoother financial journey allowing you to truly enjoy that new car smell with peace of mind and clarity about what’s expected. 

4. “Is My Interest Rate Fixed or Variable?” 

That’s right. It isn’t only important to decide between a loan and other payment alternatives, but it’s also vital to consider the types of car loans you have available to you. Asking whether your rate is fixed or variable in nature will help you secure stability or flexibility, depending on what you would prefer from your car loan.  

On one hand, a fixed interest rate provides a steady course of action moving forward, offering predictable monthly commitments. 

By contrast, a variable interest rate opens the door to rate adjustments and allows you to respond to market fluctuations.  

In the end, asking this question is about ensuring that your loan resonates with both your temperament and financial objectives. 

5. “What Happens in Case of Late Payments?”  

Of course, everybody intends to repay their loan according to the terms of the agreement, but sometimes, life gets in the way so it’s important to understand the consequences of failing to make a payment. 

While the chances that you will ever need to make a late payment are unlikely, it is still ideal to take a proactive approach so that you aren’t caught off guard and so you can navigate your financial obligations with foresight and clarity. 

Now you know the questions to ask when financing a car! 

These are some of the most important questions to ask during the car financing process to ensure you avoid common mistakes and get the best possible deal.  

However, this is general information only. The right finance option for you must take into account your unique circumstances and your goals for your car purchase – so always check with your trusted financial professional. 

If you find that you still have some questions of your own about car financing, our team at Private Fleet will be happy to answer your concerns and help you find the best deals for your car purchase. 

Simply reach out to us and we can have a chat about your options. 

Find the right (and affordable) vehicle for you with Private Fleet. 

Private Fleet empowers you to gain all the benefits of a fleet purchase but as a private buyer. 

Backed by decades of vehicle industry experience, fleet buying power and a network of car dealers across Australia, we are here to ensure that buying your next vehicle will be as straightforward as possible for you. 

Shopping for a car is an enjoyable process – let us make it hassle-free, too. 

Reach out to us today for a seamless and simple car-buying experience. 

What To Do With Your Old Car?

Unless you’re in the market for your very first car, it’s more likely than not that you already have a trusty old car sitting in your garage.

When it comes to forking out for another car, we all know your odds of being able to finance a new set of wheels will be greatly enhanced if you have accumulated some savings. More often than not, that might mean parting ways with your old car.

Now if you choose to go towards a dealership, that could be convenient as far as lining up your next purchase. On the other hand, knowing you’re more likely to sell your car for a higher price on the private market, you might consider that route instead.

If you do, here’s a handful of potential sale avenues at your disposal.

Online marketplaces

If exposure is what you’re looking for, online car marketplaces are the place to go. Yes, you’ll generally have to pay a listing fee or some sort of commission on the sale, however, your car will be right up there among all the others on the second-hand market for buyers to consider.

And given these sites have an established name that attracts thousands of car buyers, you know you’re guaranteed an audience, it just comes down to whether your car attracts the right buyer. Make sure to put up plenty of photos, a clear but appealing description and price according to the market.

Classifieds

Today it might not be as popular as it used to be, however, not everyone is tech savvy in this day and age, even though we’d like to think otherwise. An ad in the classifieds might appeal to a different demographic as well, which can suit certain vehicles, perhaps collectables.

For sale sign

A tried and trusted method of selling one’s car, however, this does work and will set you back barely any money. All you need is a marker and to write on a piece of paper or cardboard the price you’re looking for. Make sure the sign is visible to anyone who might drive past, or create more than one sign just to be sure.

Car fairs

You might get a mix of private buyers and dealer buyers at fairs, which provides you with scope to an audience of willing buyers. However, at a car fair, you are likely to face stiff negotiation as everyone is on the lookout for a bargain.

Public bulletin ads

Much like the For Sale signs that have been around for what seems like an eternity, public bulletin ads are effective. Have a look at your local supermarket or shopping centre, where you might find a spot to stick up some flyers and advertise your car. Include pictures and your contact details of course, but don’t rely on this method, because while it can be effective, the reality is most buyers have moved online.

Wreckers yard

If your old wheels have died, it might be time to seek out a wrecker’s yard and gauge whether they might be interested in buying your old car. Keep your hopes low, because the only value in the vehicle is likely to be scrap value.