Selling your old car can be a daunting affair. There are many variables and knowing the fair market value is the first step. Then there’s the concern of whether the new owner has transferred the car to his/her name, or whether it still is being used with your name on the papers. And let's not forget the the murky process of negotiation.
To help make the selling process a bit more transparent and hassle-free, Cars24 and OLX Cash My Car help you sell your car through a structured process. These two firms have a similar business model – they are platforms for car owners to put their cars on sale. This happens via an online auction in which dealers and other partners participate from across the state. What you get is a relatively hassle-free fair market approach. For this story we visited their centres to find out about their process in more detail and experience this new way of selling a car.
Booking an appointment
The first step is to book an appointment at one of their centres/branches online. These centres are spread across cities, and are functional all seven days of the week. For further convenience, they also provide an option of sending their car evaluator to your residence or office. The process is simple and all you have to do is feed in your contact and car details, choose a date and time slot and then a centre of convenience. What’s interesting is that even before visiting their centres, you can get a rough price evaluation – for a 2014 Hyundai Grand i10, OLX quoted Rs 2.59 lakh for an example in very good condition, while Cars24 offered Rs 3.28 lakh. We visited a few used car dealers too, to get a rough idea about the market price of this particular car. Most quoted an amount between Rs 2.50-2.70 lakh, which makes OLX’s quote more realistic.
Car inspection
Upon visiting the centres, Cars24 provided a more inviting feel with its more pleasant office layout and brighter color scheme. The staff at both places were courteous and friendly, however those at Cars24 appeared more professional – they wore uniforms (which OLX staff didn’t), and seemed to have a more systematic approach. The evaluators are strictly instructed to verify all the original documents of the car (registration and insurance) before a 30-45min inspection. The evaluator carefully examines and photographs all the smaller details of the car, test drives it, and then submits a detailed report (internally).
Auction process
Based on the report submitted by the evaluator, an online auction is conducted which lasts for 30-45min. Cars24 didn’t allow us to witness the live auction, but OLX were more open to the process and we got 62 bidders for the Hyundai, 94 bidders for a 2010 BMW 5 Series and 39 bidders for a 2013 Renault Duster, all of which were taking place simultaneously.
The highest bidder on OLX offered Rs 2,90,000 for the Grand i10, while the one at Cars24 offered Rs 2,58,000. OLX gave the better offer, and the actual offer was even higher than the initial quote on its website. OLX and Cars24 both claim that the offer price after the auction of the vehicle is only valid for a 24hr period; but it must be noted that these are tactics to close the sale soon. We strongly advise sellers to negotiate harder to get the price that satisfies you, and under most scenarios, their initial quotes are revised and they eventually come closer to (or even match) the seller’s expectations.
Additional charges
Cars24 charges the seller a service fee between Rs 1,000-5,000 if the seller accepts the sale of the car through their platform. Also, if the seller wishes to sign the deal immediately and receive the money on the spot, an additional Rs 1,000 is charged, else, the amount is credited to the seller’s account in 3-4 working days. OLX on the other hand, has no such charges or service fees.
Paperwork: The last step
Once the seller accepts the offer price, these firms provide all the necessary paperwork for the transfer of ownership as their final step. In addition, both OLX and Cars24 give the seller an undertaking stating that the possession of the car has been transferred to their dealer partner, and it has become their responsibility until the ownership is transferred to a new buyer. This step is a reason enough to opt for these services – for sheer peace of mind while selling your car.
Also see:
Buying used: (2016-2019) Honda BR-V
Buying used: (2016-2019) Ford Endeavour
Buying used: (2016-2019) Toyota Innova Crysta
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