If you’re considering selling your car, now could be the best time to cash in. Research reveals high demand at the start of the year is prompting dealers to offer top prices to secure stock for them to sell. So, if selling your car has been on your mind, don’t wait around too long.
According to new data from Carwow, an online car-selling platform, many car owners are getting offers higher than their car’s initial valuations. The motoring experts’ data shows that over a three-year period, February is the time to sell cars, with offers averaging 95% of valuation.
This trend is driven by dealers preparing for the March release of new registration plates and the upcoming high-demand summer season. Currently, SUVs lead the pack, achieving an average of 102% of their valuation, followed by a red cabriolet with 122%. In third is a black coupe with 102% followed by a silver estate for 101%.
When it comes to electric vehicles – shortened to EV – sellers are seeing a strong market in January, with average offers reaching 98% of valuation. With rising demand and the surging popularity for these types of cars, this month and next month is a good period to get your money’s worth.
When should I sell my van?
While January and February are prime for most sellers, van owners are better off waiting until spring. This is because offers for vans peak in March and April, reaching 112% to 115% of valuation, making patience worthwhile.
Is your car’s colour making a difference?
If you have a bold car colour, it’s good news as these are in demand. Red and pink vehicles average 101% of valuation, while gold cars take the lead in January, achieving offers as high as 130%. Even less traditional colours are proving to be a lucrative choice for sellers.
Iain Reid, head of editorial at Carwow, explains: “Our data clearly shows that the early months of the year offer an excellent opportunity for sellers to secure higher-than-expected prices. Dealers are keen to stock up for spring, and specific vehicle types, colours, and models are driving some of the best offers we’ve ever seen.”
Do I need to tell the DVLA if I sell my car?
Motoring experts at The AA warn people selling their cars that they need to inform the DVLA. They explain: “You must tell the DVLA when you sell your car, or send your vehicle log book (V5C) to them by post.
“It’s in your own interest to do so, as you don’t want to be landed with any of the new owner’s future offences and convictions. Once you tell DVLA – preferably online – that you’ve sold or scrapped your car, any vehicle tax refund is generated automatically.”