What To Do With Your Old Car
If you are buying your new car from a dealer, it is easiest for you to trade your car in. However, this is not always the best from a financial point of view, you are likely to lose money if you trade your car in. First, find out from the dealer what the price of your new car will be with and without trading your old car in. Work out what your old car is worth if sold privately and from there calculate how much money you could be lose if you trade your car in. The majority of dealers are happy to re-negotiate the price rather than lose a sale.
Bear in mind that selling a car privately can be a lot of hassle and take quite a long time. Also if you let the dealer take your car it becomes their responsibility. This means that if there are any problems with your old car the dealer has to sort them out with the new owner. Avoiding all that potential hassle is actually worth quite a bit of money.
In most cases if you trade your car in, you will lose some money. If you really do not want to do this speak to your dealer about selling your old car on your behalf. Most will do so, but will take a commission for handling the sale for you.
If your car is so old that it is of little value consider giving it away to a charity, a family member or a friend. There are also a few re-cycling websites out there that take old cars for free. To protect yourself from being liable for any fines relating to your old car make sure that you get documentary proof of the change of ownership even if no money changes hands. Notify the DVLA of the change of ownership. If you are a reasonable mechanic you can break your old car into parts and sell the parts via the local paper or eBay. Depending on its age and the quality of the parts you can sometimes get more for the car than if you sold it whole.
Lastly, consider scrapping your car, many firms will do it for free. However, remember that they must be on the Environment Agencies list of Authorised Treatment Facilities. Make sure you get the proper paperwork to avoid costs and liability for fines relating to the car not being scrapped properly.
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