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I'm selling my 2017 Toyota Auris Estate, what's the best way to get a good deal?
I was offered a deal with my local Toyota dealer to p/ex my Toyota Auris 2017 (67) Hybrid Estate for a 2018 Yaris Design £13,800 (ticks all the boxes) but it has not worked out for me.
Two months ago they offered me £14,000 if I p/ex with them. However, it has taken a while and admittedly I missed a couple of Yaris during that period. Now, they actually have the right car at my Toyota dealership the price for mine has seemingly plummeted to £11,350?
Although I consider myself reasonably intelligent (retired Systems Analyst) I’ve never attempted to understand ‘Market forces’ etc. How can the price of used cars for sale stay fairly static, yet the value has dropped considerably (£13,865 in mid June, today £10,725)?
Although I’m kinda tempted to consider a ‘car finance loan’ for £13,500 (approx £285/month @ 8.9%) to secure the Yaris and hopefully sell my Auris privately then pay off/settle the finance agreement early etc. I’m assured by my Toyota dealer that if I hypothetically took two months to sell and let’s say I managed to get £12,500-13,000 I wouldn’t incur any ‘penalty charges’ (early settlement etc) just 2 months @ £285/month. So, essentially I’ve paid approx 2 months interest £120 for a £13,500 loan.
You guys know all the pitfalls/angles/advantages etc, etc. Should I wait as a retiree (70 yrs) on pension until the market picks up (who knows when?) hopefully again and my car presumably increases in value and then search (dread the thought frankly, exhausting so far) or shall I secure this seemingly good deal ( £13,800 2018 37,000miles FSH Manhattan Grey Design 12 months warranty etc, etc) and use Car Finance (assuming I qualify). Then sell my Auris privately asap without giving it away of course.
I really appreciate your sound advice please.
Two months ago they offered me £14,000 if I p/ex with them. However, it has taken a while and admittedly I missed a couple of Yaris during that period. Now, they actually have the right car at my Toyota dealership the price for mine has seemingly plummeted to £11,350?
Although I consider myself reasonably intelligent (retired Systems Analyst) I’ve never attempted to understand ‘Market forces’ etc. How can the price of used cars for sale stay fairly static, yet the value has dropped considerably (£13,865 in mid June, today £10,725)?
Although I’m kinda tempted to consider a ‘car finance loan’ for £13,500 (approx £285/month @ 8.9%) to secure the Yaris and hopefully sell my Auris privately then pay off/settle the finance agreement early etc. I’m assured by my Toyota dealer that if I hypothetically took two months to sell and let’s say I managed to get £12,500-13,000 I wouldn’t incur any ‘penalty charges’ (early settlement etc) just 2 months @ £285/month. So, essentially I’ve paid approx 2 months interest £120 for a £13,500 loan.
You guys know all the pitfalls/angles/advantages etc, etc. Should I wait as a retiree (70 yrs) on pension until the market picks up (who knows when?) hopefully again and my car presumably increases in value and then search (dread the thought frankly, exhausting so far) or shall I secure this seemingly good deal ( £13,800 2018 37,000miles FSH Manhattan Grey Design 12 months warranty etc, etc) and use Car Finance (assuming I qualify). Then sell my Auris privately asap without giving it away of course.
I really appreciate your sound advice please.
Asked on 25 July 2023 by Chris Lynch
Answered by
David Ross
It's worth mentioning that most car dealers will refer to industry 'bibles' for car prices such as Glass's Guide or CAP when offering part exchanges, and these values are updated very frequently to reflect the value on any given day. They may also choose to go under this given value, so although market forces do play a part in it you could take your car to five different dealers on the same day and get a different trade-in value.
Also you should bear in mind that unless there is a significant external factor that sends a huge shock through the used car market, your car will not increase in value from this point onwards, it is only a matter of how much value it loses.
Selling your car privately is more hassle than trading in, but you should get more money for it, so it is a matter of balancing the effort required against the potentially greater income.
If you are happy with the deal in front of you then there is no reason not go ahead with it, and if you are in the position where you can wait and sell privately this will be the best outcome financially.
Also you should bear in mind that unless there is a significant external factor that sends a huge shock through the used car market, your car will not increase in value from this point onwards, it is only a matter of how much value it loses.
Selling your car privately is more hassle than trading in, but you should get more money for it, so it is a matter of balancing the effort required against the potentially greater income.
If you are happy with the deal in front of you then there is no reason not go ahead with it, and if you are in the position where you can wait and sell privately this will be the best outcome financially.
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