When it comes to selling your existing car, you have three options(the other options will fall into either of these three categories)
1) Sell it to the showroom from where you are buying your new car
2) Sell it to Cars24 Or Droom Or OrangeBookValue
3) Sell it On Olx or Quickr
We analyse each option & tell you the pros & cons for each option
1) Sell It to The Showroom
Post going to the showroom for a test drive & getting relevant details, the showroom salesman will ask you if you are interested in disposing off your existing car(he is trained to do that). He will then ask you to wait for a few minutes, post which he will give you his offer on you car. His offer will make you throw up.
- Ease - Selling it to the showroom is very convenient. No need to put up an ad or wait long to get you money.
- Reliable - The odds of the showroom fleecing you is zero.
- Worst Offer: The offer made by the showroom will be the worst offer available. Unless you have an important event coming up within a days time, we strongly suggest you to not accept the showroom's offer.
In the last few years, car sellers have presented with newer avenues to sell their cars. It is car buying companies like Cars24, Droom & OrangeBook Value. They too promise you a host of benefits. All you have to do is to take you car to their outlet nearby & within 30 mins post examining you car they will make you an offer. Cars24, Droom & OrangeBookValue are registered companies with sufficient funding.
- Ease: Like the showroom option, this option too is very convenient. These are reliable companies to deal with. They will make you an offer post inspecting you vehicle & if you choose to accept, a cheque payment will be made.
- Better Offer: The offer made by these car buying companies will be better than the offer made to you by the showroom.
- Reliable: Like the car showrooms, these companies are registered & are reliable.
There are no cons of dealing with these companies, except one. Read on to find out what that is...
3) Olx Or Quickr
Another option for selling your car is to list it on marketplaces like Olx & Quickr. Post listing your car, you will get several offers within a day's time. Post which the interested parties will schedule a visit to your home or a mutually convenient location. After inspecting you car, they will make you an offer.
1) Not Reliable: Off all the three options this option is the least reliable one. While the automobile showroom & the car buying companies like Cars24 or Droom have offices & online reviews, you will have no clue as to whether the person you meet is genuine. You will have to rely on your gut.
2) Ease: Unlike the other two options, you may have to come back home early on a weekday & meet your prospective buyer several miles away from your home. Many buyers will schedule a meeting, only to cancel it later.
3) Time: The best offer will take time. Most of the people who call you early on will be car dealers looking to make a profit on selling your car to a third party. We suggest you to wait for the best offer ,sell your car to a customer directly & pocket a handsome profit if possible.
Wondering why we haven't mentioned any pros under this option & cons under the previous option? The reason is the deal breaker or the deal maker for both the option being the same. While there are cons with dealing with a online car dealer like Cars24 or Droom, their offer will not just be a tad better than the offer the car showroom will make you.
The best offer will come from Olx or Quickr. Typically offer made by a car dealer on Olx will be 20%- 30% higher than that made by Cars24 & 50% higher than the showroom's offer(own experience). The offer made by a customer intending to use the vehicle will be higher than the car dealer's offer, but will require you to hold on to your car longer. But your patience & effort is likely to pay off.
Verdict: Unless you are in a tearing hurry or averse to risks sell your car on Olx or Quickr. Else you can sell it on Cars24 or Droom Or OrangeBookValue. But please do not sell your car to the showroom!