How Long Does We Buy Any Car Take to Pay
Looking for a simple way to sell your car? Then take a look at my We Buy Any Car review to see how I got on when I used their service. How much money do they knock-off and
First of all, congratulations to We Buy Any Car. Along with Go Compare, they have managed to create one of the most catchy, yet annoying jingles in the modern era. Something that probably took seconds to write will probably stay with me until my death bed…
Anyhow, back to the issue in hand. I've only sold a couple of cars since We Buy Any Car's inception and had always given them a wide berth. The fact is, I've heard some not-so-great stories about them, with research showing that 60% of us were offered less than the original quote we received from the internet.
Who is We Buy Any Car?
This is a car buying service created back in 2006 and now has over 350 branches across the UK. By 2020, the company had bought over 2 million cars.
How does We Buy Any Car work?
One of the main selling points of the company is how simple it really is. Just visit the website and enter your registration number.
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You'll then be asked about the mileage, previous owners and the service history – all pretty standard. Unfortunately, you will need to provide some contact details before they send you a valuation. Don't worry though, you don't need to provide a full name. And although they ask for an email address and phone number, you can get away without providing the number.
Within a few seconds, you'll have an estimated valuation of your car.
But… the company makes quite a few assumptions about your car when it decides the price. This includes
- It has no damage, including interior or mechanical.
- It isn't a non-runner.
- It has 6+ months MOT left.
- It hasn't ever been subject to an insurance write-off or been accident damaged.
- It has two sets of keys.
If there is damage to the car, there is a section where it can be added. But in all honesty, it's not the easiest of processes.
Once ready, you can select your nearest store and book an appointment for a full and final valuation.
What does We Buy Any Car do with the cars they buy?
So, if you decide to sell with them, what happens to your old car and where does it go? Usually, it will be sold into trade. That means that it will either end up on a dealer's forecourt or be sold at auction.
Why I sold my car
To cut a long story short, our Kia Sedona was costing far more on repairs compared to how much it was actually worth. The latest work we needed doing was estimated to cost over £2,000 so we decided to cut our losses and change the car.
After a couple of days, we found something we liked but we were pushed for time as the mechanic had warned us we only had a limited mileage on our car before the work needed doing.
The first stop was Parkers, who valued our car in good condition at around £1600, which I felt was a little low.
Next, I took a look at classified adverts from the likes of AutoTrader. Private sellers were looking for around £2500, which seemed far more reasonable.
The garage I wanted to buy my new car from offered just £1,350 trade-in, which was just too low.
So finally, I decided to check We Buy Any Car. The valuation came back at £2000 which I was pleased with. But because of what I had heard previously, I didn't expect that I would actually be paid that much.
My experience with We Buy Any Car
Already having my quote, I went online and booked my appointment for 30 minutes later. Easy. Except that 5 minutes later I received a call from Phil who worked at the local branch. Apparently, I had been double booked! He said that he could see me but we would be a bit pushed for time. When I said that I wouldn't be selling that day, he tried to put me off coming in. Quotes received are only valid for four days and he seemed concerned that if we didn't complete the sale in time, the vehicle could drop in value. I insisted though as I really wanted to know how much they would offer.
How much money do they knock off?
Fortunately, I got to the branch before the other customer. And when I say branch, I mean a small garage in an industrial building. Phil was very friendly and explained everything that was going to happen. We had a look through the car's logbook and he printed out the last MOT certificate for us. He also said that he wasn't expecting the car to be in great condition as it was over 10 years old. "We don't expect it to be in showroom condition," he told me, "that's unfair because of its age." He then proceeded to walk around the car, marking on a bit of paper every scratch and mark.
Now, this seemed to contradict the last thing he told me! It seems that We Buy Any Car will deduct money from your payment for every panel that has scratches or dents, even if they seem quite minor. This goes for windscreen chips too.
Anyhow, after a few minutes it was back to the computer. After entering all the marks onto a database, it came back to tell us that they won't give us £2000. No, just £1000. So technically, they do expect it to be in showroom condition if you want to receive your original valuation.
But Phil didn't want to give us just £1000 for our car (probably because he knew where he could stick his £1000). Nope, he got out his calculator and typed some figures in and offered us just under £1500. Both my wife and I have no idea what went on and we must have looked very confused.
I'm guessing it's all part of the game. They knock the price down and then put it back up to let you think that you're getting a good deal. However, it was still a better offer than the garage would have given me for trade-in.
It did seem strange to me that the company was far more interested in the physical appearance of the car, rather than how mechanically sound it was.
We Buy Any Car transaction fee
Even when they hit you with the final value of the car, this isn't what you'll receive. There are also some fees that you have to pay on top.
- There is no transaction fee applicable for cars valued below £99.99 (subject to a minimum valuation of £50.00)
- A transaction fee of £49.99 is applicable for vehicles valued at £100.00 to £3,999.99
- A transaction fee of £59.99 is applicable for vehicles valued at £4,000.00 to £4,999.99
- Where the price is £5,000 or more, the transaction fee is £74.99.
That's right, they buy something from you and you pay them for the privilege. Imagine popping into Tesco and taking £10 back from them as a transaction fee.
How long do they take to pay?
Think we live in a modern world where companies can send you money instantly? Wrong. We Buy Any Car has managed to figure out a way of charging you another fee if you're in a hurry.
- If you're happy to wait 4 working days for your money, then there's no further fee.
- If you want payment the next working day you'll be charged £24.75.
- To receive the money within 30 minutes, you'll have to pay £29.75
It's quite a hefty sum to tell Shelia from accounts to send the money now rather than in 4 days' time it appears.
What other people say
I always like to find out other people's feelings about companies when I write my reviews. On Trustpilot, We Buy Any Car scores an impressive 4.6 out of 5, with most users praising how easy the process is. The majority of negative reviews complain about the fact that the initial valuation was far more than the final payment they actually received.
My We Buy Any Car review conclusion – is it any good?
Would I use them again? Actually, I would. I hated all the messing about with the price of the car and the (unnecessary) fees. But they offered more than the trade-in price and in my eyes, cash is king! Yes, I'm sure that I would have received more if I had sold privately, but I didn't want the hassle of people coming round to my house to kick the tyres.
I would recommend that it's worth getting a valuation from them, just to see if you can get a better price than when you trade-in.
We Buy Any Car alternatives
Of course, there are other car buying companies out there that offer a very similar service. And they could give you a better price. Take a look at my Car Buying Group review to see how it compares.
Please note that this post contains affiliate links.
How Long Does We Buy Any Car Take to Pay
Source: https://www.householdmoneysaving.com/we-buy-any-car/