If you’re thinking of selling your car, acting quickly could secure you a great deal. New research suggests high demand at the start of the year is leading dealers to offer top prices to secure stock.
According to data from online car selling platform Carwow, many owners are receiving offers higher than their vehicle’s initial valuations. Figures reveal that February is the prime time to sell cars, with offers averaging 95% of valuation.
This trend is due to dealers gearing up for the March release of new registration plates and the upcoming summer season. Currently, SUVs are fetching an average of 102% of their valuation, followed by red cabriolets at 122%.
Black coupes are third with 102%, followed by silver estates at 101%. For electric vehicles (EVs), January has proven to be a strong market, with average offers reaching 98% of valuation.
With the rising demand and popularity of EVs, this month and the next could be ideal for getting your money’s worth. However, if you’re a van owner, it might be worth waiting until spring as offers for vans peak in March and April, reaching 112% to 115% of valuation, reports Lancs Live.
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.”
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.”