7 Reasons Why Selling Off an Old Car Beats Any Exchange Offer

Posted on: Jan 17, 2022 | | Written by:

7 Reasons Why Selling Off an Old Car Beats Any Exchange Offer

Published on January 17, 2022. EST READ TIME: 3 minutes

Festive seasons in India are almost synonymous with car exchange offers. And it seems like a good deal too, right? However, the reality is that these exchange schemes leave a lot to be desired. Selling off your old car and then getting a new one might not just be more profitable, but also more hassle-free. You will have more control over the transfer of car insurance policy as well as ownership. Here are 8 reasons why you are better off selling your car and using its proceeds than taking the exchange offer route.

1. Selling off gets you higher price: This is the most basic and most obvious reason for you to take the selling route instead of the exchange route when it is time for you to upgrade your car. If you are selling of your car on your own, you will always get better value than what an exchange offer will deliver. When you are selling your car to the company showroom, they will start with a valuation as per the company rules. Plus, they are running a business, so they will factor in all its related cost to calculate the car value. Selling off your car to some end user will fetch a better price for you.

2. Selling off can be done at any time: One big catch with the exchange offers is that they are bound by time. Festive season exchange offers are valid only while the festive season lasts. This means that you are stuck with their timetable. On the other hand, you can choose to sell off your car as per your own preferred timing. No need to wait for any offer to roll in.

3. Selling off is faster: Not many people realise this but selling off your car is way faster in terms of closing the deal. The exchange offer is run by companies which need to follow a lot of processes and inspections. Sometimes, the vehicle inspection officer may not be available, or sometimes, the valuator may be busy. Plus, exchange offer tends to involve multiple stages of inspections like mechanical inspection and documentation inspection where they check car registration and car insurance policy. This slows downs the process considerably. On the other hand, selling off can be done after just one meeting if things work out well.

4. There are multiple ways to sell your car: While an exchange binds you to a single process that is followed by a company showroom, you have a lot of different ways to sell off your car. Place an ad on social media websites or on online classifieds websites. Find a buyer through online car forums, go to a used car sales company or agent. Find a buyer through friends or family or sell off your car in your neighbourhood. The choices are many for selling over exchange.

5. Selling off does not bind you to a specific brand: Car exchange usually binds you to a specific brand. Many times, companies running exchange offers don’t accept cars from other brands. Even if they do so, their valuation might be unacceptable. On the other hand, you are free to choose the brand of your new car when you sell the old one off.

6. Selling off does not bind you to restrictive terms and conditions: Car exchange offers come with a lot of terms and conditions. According to some offers, you should not have made a car insurance policy claim in a set number of years gone by. Some offers may require that a certain amount of exchange value be withheld as a refurbishment fee, documentation transfer fee or something similar. On the other hand, when you sell off your car, you are only bound by the rules and regulations between the two parties.

7. Selling off allows you more control over vehicle ownership transfer process: When you sell off your vehicle, you want to ensure that it is transferred to the new owner as soon as possible. This way, you cannot be held responsible for any problem or unwelcome activity in which your vehicle is involved. Selling off your vehicle allows you to get ownership transferred faster because there is no waiting required for the new car sale to take place. Thus, you can sell off your vehicle and let the insurance company know that you want to surrender your car insurance policy since you have sold off your car.

To sum up, always keep in mind that selling off makes more sense than exchange because it will get you better value for your old car and the process is simpler and faster and much more flexible.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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