The market of old cars is doing very well for the automotive sector. Many people from all over the world have become accustomed to reselling their cars and buying on the second-hand market. What are the changes in such a market? How does it work right now and which models and brands sell the most today? We are going to discuss all these issues in this article.
First, you do need to know that if you have a junk car you can sell it profitably. Such services like JunkCarsUS are really to buy your vehicle in any condition! It means that it’s easier to find a junk yard in Los Angeles than ever! These services can pick you non-runner from everywhere.
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Some figures for junk car market
This year set a new record for the second-hand automotive market. More than 8 million used cars were sold. These sales represent an increase of 8.2% compared to recent years.
The second-hand market is doing well unlike that of new vehicles, because as we see sales of new vehicles increased by only 0.5%.
Only a few months after its sale, a new car suffers from a huge discount. On average, it is estimated that the discount is between -20% and -25% in the first year. The following year, the discount is about -15%, then -10% after 3 years, -10% in the fourth year and between -5 and -7% in the following years.
Naturally, we see significant differences depending on brands and models. For example, Renault Espace discounts faster than an Audi A3. There are a lot of services on the internet that allow you to obtain an estimate of the value of your vehicle according to the brand, and model, but also other characteristics influencing the price of the second-hand:
- date of entry into service;
- cylinder capacity.
All issues of buying an old car
There is no doubt that as a buyer, you must essentially take the time to carefully study the condition of the vehicle during the visit. Analyze the exterior and interior of the vehicle, but also how it works by trying it out.
For payment, favor the bank check, bank transfer or a specialised application.
Opt for an appointment in the middle of the day and in a safe place. Before buying the car, require you to see the maintenance book, a technical inspection report, recent maintenance invoices, the registration card, and the administrative status certificate.
Once the vehicle is purchased, you will have to register it in your name and insure it.
All you need to know about selling of an old car
There are a lot of services that allow you to set a fair selling price that is likely to quickly find a buyer.
Make sure that the technical inspection is up to date at the time of sale. It is recommended to carry out small repairs. In any case, do not hide any defects, because it is still not very nice and the buyer has a period of 2 years after the sale to declare a hidden defect.
For payment, we recommend that you require an immediate bank check or bank transfer. In the case of a cashier’s check, contact the bank to ensure that the check is valid. You can also opt for online payment applications.
Accompany the buyer at the time of the test and give him the keys only when you are installed in the vehicle. At the end of the test, take back the keys before leaving the car.
As a seller, you must provide the following documents:
- certificate of administrative status,
- certificate of declaration of transfer in two copies,
- maintenance book,
- technical inspection,
- registration card,
- recent maintenance invoices.
Once the sale has been made, you have 15 days to declare the change of ownership to the prefecture.
Old cars market: what is the delay for a sale between individuals?
The time is very variable depending on the case. Some sellers manage to sell their used car in a few days, while others have to wait several months.
This period depends mainly on the following elements:
- the model of the car,
- your selling price,
- the condition of the vehicle,
- the quality of the ad: photos and general information,
- availability of the seller.
Precautions to take when repairing your car yourself
First of all, it is important not to take the risk of your safety by poorly performing a repair. That’s why we recommend entrusting complex repairs to a car professional. In addition, in case of doubt or problem during the intervention, do not hesitate to go to a competent person who can refer you.
You need to pay attention that in the case of homemade repairs, you may lose your manufacturer’s warranty. Indeed, if the manufacturer’s recommendations in terms of procedures are not respected, then the warranty can be canceled. Remember to check this information beforehand.
Moreover, cars are increasingly equipped with electronics, sometimes making the driver’s intervention itself limited without adequate knowledge.
Finally, there are a few precautions to take when you carry out the maintenance or repair of your car:
- Park your vehicle and then wedge the wheels so that the vehicle is perfectly stationary during your intervention.
- Unplug the battery and make sure the engine is cold to avoid any risk of burning.
- Wear protective glasses, gloves, and a suitable outfit to protect your body.
When it comes to used car repairs, how much money are you willing to spend? Although it can be expensive to pay for a new car every month, it will cost you much less than paying huge ordinary repair bills.
To calculate if you can even afford a new car, ask yourself if you have enough money to buy a new vehicle. If not, then maybe repairing the car you already have is the right solution for you.
But here’s a tip: if your car is broken down, don’t let it decide whether to buy your car for you. Be sure to choose to buy a new car before your old one breaks down.