My Car Has Not Been Fully Paid Off. Could That Potentially Affect Its Selling Price?

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Editors%2 Fimages%2 F1671610742773 Closeup Shot Person Thinking Buying New Car Selling Vehicle

(Photo Credit: Freepik)

With an impending economic crisis, car owners may still have outstanding finance on their vehicles. But with the car essentially belonging to your chosen bank, will your sale price be impacted?

As you’ll soon find out, there are many other factors that can affect the resale value of your ride.

1. Consider Paying off Outstanding Debt

The simplest way to transact your vehicle independently is to fully pay off your car. This allows you rightful legal ownership of the vehicle.

But What if I do not Have the Funds on Hand?

If that’s the case, you can consider transferring the existing loan to the new owner, where he’d continue paying off the instalments as per the original contract. 

Car Condition Still Reigns Supreme

Ultimately, these are just paperwork-related issues. What can really affect the value of the vehicle is the car condition itself. If the car is sound mechanically and cosmetically, there’s no reason why you cannot fetch a good price for it.

Adjust your expectations accordingly if your car is not up to scratch. Though there is a way that’ll allow you to maximise your returns, which is to sell your car via Motorist!

We promise that you’d get a free estimate within 24 hours, and if you are not satisfied with the price, you can refuse to sell without obligation!

Claim your free car valuation today!

Read More: Download Motorist app today: Stand a chance to win a brand new iPhone 14 as a gift to start the new year!

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