4 Ways to Sell Your Car in South Africa (with Pros & Cons)
Each of the four ways to sell your car in South Africa has specific pros and cons. The best way to sell your vehicle depends on how much time and effort you want to spend getting the highest price.
In this article, we look at different options, and the pros and cons of each:
- selling your car privately
- trading in your car
- selling your car online
- selling your car via auction
- an alternative to selling your car.
1. Selling a car privately
With a private sale, you’re in complete control of the selling price. There’s no mark-up to consider, so you can ask the same as a dealer.
On the downside, you have to deal with everything yourself, including advertising and test drives. Also, there’s the potential for scams and time-wasters.
Security concerns run both ways. Many buyers would rather deal with a reputable dealership that offers finance, even if it means paying a higher price.
If you want to get a good price, be willing to wait for the right buyer. If you need a quick sale, you’ll have to settle for less.
2. Trading in a car
Trading in a car allows you to sell the old one and get a new one in a single transaction.
Trade-ins mean less waiting for your car to sell. However, some trade-ins work in favour of the dealership.
It can be hard to tell if you’re getting a good deal on your old vehicle.
Some people prefer to set their own price but that means two separate transactions and a bigger time investment.
3. Selling your car online
In South Africa, a growing number of options exist for selling your car online. Among these are several popular online dealerships.
These sites do the marketing and advertising. They also make buyers feel more comfortable than they would be dealing with a private seller on the internet.
However, to cover all these perks, you may have to accept a lower price for your vehicle.
Online dealers remain a convenient option for anyone who is hoping to sell a vehicle quickly (but not necessarily for the best price). See our previous article about the pros and cons for a more in-depth overview of what to consider.
4. Selling a car via auction
Selling a car at auction is usually quick and easy. You avoid time-wasters and negotiating in person with potential buyers.
However, if the auction doesn’t go well, you may get a lot less for your car than you’d wanted. There’s also the risk that the vehicle won’t sell.
You must remember auctioneer fees, which are a percentage of the sale and vary depending on the auction house.
The vehicle has to be taken to the auction house for viewing, which can be inconvenient.
An alternative to selling your car: get a loan, quickly and easily
Selling a car in a hurry tends to be a bad idea, at least in terms of attracting a good price.
If you’re in need of funds, one alternative is to use your car to secure a short-term loan. That’s where we come in.
With Pawn My Car, you can use any vehicle that’s in your name to secure a loan, with no delays or laborious paperwork. We’ll keep your vehicle in a secure facility for the loan duration (but the loan will not impact your ownership of it) – and once the loan is repaid, the vehicle is returned to you.
APR & Loan period
Fixed rates range from 36% to 60% APR and payment options range from minimum 3 to maximum 24 months. Apart from the initiation and monthly fees shown below, the only additional fee is credit life insurance if the borrower does not have this already.
All accounts may be renewed if they are up to date.
All payments are made via EFT or direct deposits into Lamna’s bank account. There are no debit orders.
Non-payments may result in the matters being escalated.
Client borrows R10,000 for 90 days.
Total Cost of Loan
(Interest + Service Charge)
Total Cost of Loan
Monthly Fee (Interest + Service Charge)