Sell my car to Money4yourMotors: review and tips for getting the best price
Everything you need to know about selling to Money4yourMotors, including things to watch out for and how to get the best price.
Of the many places you can sell your car online, it’s fair to say Money4yourMotors is among the less well-known.
We’ll get into the nuts and bolts of how it works, the fees and so on in a minute, but we first wanted to tackle the question you’re probably most keen to ask: is Money4yourMotors the best car-buying site to sell your car to?
The short answer is ‘it depends’.
We know that isn’t the most helpful answer, but after conducting loads of comparisons between car-buying sites, we at Sell My Car Guide can say with confidence that no company is always best.
The specifics of your motor – the make, model, age, mileage, general condition – will determine who pays the highest price for your car.
The only way to be certain of getting something like the best deal from a car-buying site is to spend 15-20 minutes getting an online quote from a handful of places and proceeding from there.
We wanted to make this point up front as getting the best price is obviously a huge concern when selling.
Right, now we’ve cleared that up, let’s take a look under the bonnet of Money4yourMotors and reveal everything you need to know if you do end up selling through them, including fees to watch out for and tips for getting the best possible price.
Sell my car to Money4yourMotors – how it works
To get an instant quote from Money4yourMotors, simply enter your car’s registration number in the yellow box on the homepage (pictured above) then click the green ‘Get Valuation’ button.
This will bring up the make and model of your car, and you’ll be asked for its current mileage along with your contact details for a ‘pre-inspection’ valuation.
Assuming you’re happy with this initial on-screen valuation, click the ‘accept’ button and one of the Money4yourMotors team will call you to arrange a full inspection.
This is free and can be done either at your home or at another address of your choice.
The ‘pre-inspection’ valuation is valid for five days and Money4yourMotors say “a final offer will be calculated based on vehicle condition, mileage, paperwork and current market prices”.
When it comes to arranging the inspection, you can choose a day and four-hour timeslot; from 8am – 1pm or 1pm – 6pm.
On the day you should also get a call one hour before arrival.
You’ll need a valid V5C, which is the car registration document, as well as proof of ID, usually a photo driving licence or passport in order to sell.
If you’re happy with the final price, you’ll need your bank details, as payment is made by bank transfer while the buyer waits with you.
You then hand over the keys and fill in the relevant section of the V5C to say you’ve sold the car.
However, unlike some other car-buying services that come to your door, Money4yourMotor won’t take your car away on the day.
You’ll get paid, but they’ll come back to collect it at a later date, usually within 14 days.
Will Money4yourMotors buy my car? What cars do they want?
One of the big selling points of Money4yourMotors is they’re happy to buy older, damaged cars.
To be clear they don’t only want those cars, but they’re more likely to take an old banger motor than some of the other car-buying sites out there who tend to steer clear of cars with issues or those with high mileage (over 100,000).
On their site, Money4yourMotors say they will buy most cars, regardless of their condition, provided you have been the owner for at least three months.
They’ll also buy cars with outstanding finance (find out who else will here), those without an MOT and also consider buying non-runners or cars with serious damage or those that have been written off.
To sell a non-runner, you’ll need to visit this page on their site and fill out the form pictured below.
How accurate is the Money4yourMotors valuation?
The initial valuation is what Money4yourMotors call a ‘pre-inspection computer generated price which may be subject to change’.
This is based on the make, model, age and mileage of your car, but you won’t find out the final valuation, until after the inspection.
Flagging up the fact the valuation is subject to change can seem like an advance warning that you’re unlikely to get this price.
Money4yourMotors say ‘on screen valuations’ are based on the assumption that cars come with at least three months MOT.
If your car has less than three months, this can affect the final valuation offer.
If you decide to reject the final inspection offer, there’s no fee to pay, Money4yourMotors go away and you keep your car.
How can I get the best price when I sell my car to Money4yourMotors?
If you don’t need to sell your car right away, it might be worth waiting for one of the peak times when demand from buyers is higher.
Typically this is at the start of the year and around October.
It probably won’t make a huge difference to the price, but if it makes no difference to you when you sell then it makes sense.
When it comes time to actually get your car inspected, try and give the inspector as few reasons as possible to downgrade the initial sum you were offered.
That means sorting a few things beforehand.
Make sure it’s as clean as possible inside and out, take care of any minor issues (paint scratches, window chips, etc.) and have all documents and extras to hand.
This includes the MOT certificate and logbook.
Finally, remember to bring along any accessories that came with your car like the wheel lock key and spare car key/fob.
Wille Money4yourmotors collect my car or will I have to drop it off?
As mentioned earlier, one of the perks of selling to Money4yourmotors is that it offers a free collection service.
However, you might have to wait up to two weeks for someone to pick up the car.
Money4yourMotors fees: how much will I be charged?
There is no fee to get your initial valuation or to have your car inspected.
However, if you decide to sell, you’ll almost certainly need to pay an admin fee – and, unfortunately, Money4yourmotors has recently announced a massive hike.
Before, the fee would be somewhere between £58 and £78 depending on the value of your motor.
However, Money4yourmotors now charge a blanket fee of £125 for all cars worth more than £100. If you happen to get an offer below £100, you won’t have to pay anything.
The administration charge will be taken off the price paid if you agree to sell.
If your car is particularly low value, these fees wipe out a decent chunk of your payment.
For example, on a £1,000 car, you’ll lose 12.5% of your sale price in fees, while on a £500 car it works out to a quarter (25%).
With this in mind, it could be worth selling to one of the fee-free car-buying sites out there even if their offer is slightly lower.
Here’s our roundup of who charges fees and how much they are.
|Car-buying site||Admin fee||Home collection fee|
How will I get paid if I sell my car to Money4yourmotors?
You’ll be paid by bank transfer and Money4yourMotors claim to pay you ‘before we leave’.
Unlike other car-buying companies that will visit you at home, they won’t take the car with them immediately, but arrange for it to be collected at a later date instead.
Can I get a better price selling somewhere else?
If you’re looking to get the absolute best price for your motor, we wouldn’t actually recommend using a car-buying site at all.
You should instead go and sell your car yourself using the likes of AutoTrader.
It’ll take more time and hassle as you need to list the car, field calls, organise viewings and haggle over the final price.
However, because you’re selling direct to the next buyer rather than selling it to a middleman who then sells it on for a profit to someone else, you’ll definitely get a better price.
How much more will you get? It’ll depend on the value of your car, but AutoTrader claims you’ll generally be £1,000 up compared to selling it to a car-buying site.
Of course, not everyone wants to go through all that effort and is happy to accept a slightly lower price to keep things simple, making a car-buying site the more attractive option.
As we mentioned earlier, there’s no way of knowing which one will give you the best price without doing a bit of shopping around.
The list below will help you on your way, whether you decide to sell it yourself or through a car buyer.
I want to sell my car quickly online
Finally, head this way to get your Money4yourmotors quote.
I want to sell my car myself to get the best price
Money4yourMotors Trustpilot rating – Excellent
Trustpilot is an independent customer review site, which is a good place to look if you want to know how happy previous customers have been when dealing with a company.
There, we found that seven in 10 (72%) customers gave them a five out of five rating, while one in 20 (5%) gave it the lowest one-star rating.
Looking at the negative ratings, most of the criticism seems to focus on the fact that the price on inspection was much less than the initial on-screen valuation so that’s something to be wary of.
Most customers seem to have had a good experience, which is backed up by its overall rating of 4.4 stars. However, that has fallen slightly from it.s 4.7-star rating a few months ago.
When compared to other car-buying sites on Trustpilot, it’s definitely one of the better scores.
Should I sell my car to Money4yourmotors? Pros & cons
If you want to get rid of your car without the hassle of taking it anywhere, Money4yourMotors will come to your door, offer a free inspection and take it away.
They don’t seem fussy, as they will buy cars with finance, non-runners and even damaged or written-off vehicles.
Money4yourMotors say they service 95% of the UK, with nationwide mobile units covering everywhere from Perth to Plymouth and Newcastle to Brighton.
On the downside, the initial valuation is a computer-generated price, based on various assumptions, so you may need to be prepared for a lower one on inspection (which is certainly something other customers have experienced).
You’ll pay hefty admin fees selling to Money4yourMotors too, unlike competitors offering a similar service, such as Motorway.
And if you do decide to sell to them, the fact that Money4yourMotors won’t take your car on the day could be inconvenient.
While the website says they will collect your vehicle within seven days of payment, on calling customer services, we were told this can be up to 14 days.