A new study by Motorway has shown a whopping 6.3m Brits have accepted a bad deal when selling their car.
The biggest drivers for accepting bad deals are convenience and the need to sell quickly, meaning millions head to instant online buyers or their local dealer for a quick sale.
3.5m of the UK’s motorists regretted selling their car the way they did as they don’t believe they got their best price while a huge 7.8m said they only go to one dealer when it’s time to sell, and therefore accepting the first valuation.
For those that head straight to a single dealer, 37% said they’re intimidated by the haggling process altogether and 27% said they lacked the negotiating skills to get the best price.
Surprisingly, 41% of car owners don’t know how much their car is worth - meaning negotiating the best price is nearly impossible.
Why we recommend trying a different approach
You may have seen adverts and publicity for Motorway. We partner with them as it has an extensive network of over 5,000 verified dealers who each compete to offer you the best price on your car.
We choose to partner with Motorway as you don’t need to negotiate or haggle. You agree a reserve price based on Motorway’s valuation and then that huge pool of dealers are invited to bid for your car if it’s of interest.
All of this happens over the space of a day or two meaning for many it’s just as quick as selling via a dealer or instant buying site but we believe you will get a substantially better deal. The dealer then arranges collection of your vehicle so you don’t need to take it anywhere and the money will be in your account before they take it away.
Alex Buttle, Co-Founder of Motorway, which commissioned the research, said: "Selling your vehicle can be daunting for many, particularly if you don’t feel confident or knowledgeable about cars, but there is an easy and simple way to sell your car online. At Motorway, our dealer network matches each seller with the dealer willing to pay the most, in as little as 24 hours, for free. And with free home collection and fast payment, we take all the hassle out of selling for a great price.”
If you’re considering a sale or want to check your valuation you can check yours here.