Do We Buy Any Car Rip You Off?
You’ve probably already heard of We Buy Any Car. Their adverts have been all over the radio and television for quite a few years now. They promise to buy your car and take the hassle out of trying to sell it. Sounds great, doesn’t it? But, do We Buy Any Car rip you off? Do they give you a good price? And is it all really as good as it seems?
Let’s take a look at what they offer, whether they rip you off and how they make their money. And take a look at CarVeto’s guide to Motorway car valuation reviews that nicely compares We Buy Any Car other UK car buying services.
Who is We Buy Any Car?
We Buy Any Car is a car buying service that operates in both the UK and USA. The company was created in 2006 by Noel and Darren McKee with the aim of making selling secondhand cars far easier. Beforehand, the only way to sell a secondhand car was to sell it privately, sell it to a dealer, or part exchange.
In 2019, the company was bought by private equity firm TDR Capital.
In September 2020, We Buy Any Car hit a huge milestone when they bought their 2,000,000th vehicle! That’s a lot of cars!
How does We Buy Any Car work?
If you’re wondering do We Buy Any Car rip you off, then it’s a good idea to learn a little bit more about the company and how they operate.
We Buy Any Car say that they aim to make the whole car selling process as simple as possible. They say they can give you a valuation within 30 seconds just from a few details.
When you first visit the website, you will be asked to enter your car registration number and your mileage.
Then, they will find the details of your car and just ask you to double check that they’re correct. They do then ask you to put in your contact details in order for them to send a quote over. This does frustrate me a little as I hate getting spam emails, but it’s pretty normal practice for these types of companies.
Once you’ve entered your details, you will be able to see your valuation which is valid for four days. You will also be able to select a date and a location to take your car for a full valuation.
We Buy Any Car Online valuation
The valuation you see on screen does make a few assumptions and the initial valuation price you see will assume that your vehicle is in pristine condition. You can click on “Update assumptions & add damage” to add in any issues that you know about that might affect the value of your car.
We have been through this process in the past when we were trying to sell my husband’s car and we were pleasantly surprised by the valuation price we were given online. However, the actual price we were offered when we took the car to one of the branches was much, much lower. So, don’t assume that you will receive the price you see on the original quote online.
How accurate are We Buy Any Car valuations?
Based on personal experience, the initial quote online is not very accurate.
Make sure that you put in as much detail as possible about any damage both inside and outside the car in order to get a more accurate valuation. Here are a few of the things that will be checked when you take your car to the branch for inspection:
- Minor scratches
- Paint chips
- Stone chips
- Interior damage
- Mechanical faults
In truth, no matter how honest you are when you fill in the details about your car online, they are highly likely to find more issues when they do the physical vehicle inspection at your local branch.
Inspection process
Once you’ve completed the online valuation, it’s time to get a proper quote by taking your vehicle to one of We Buy Any Car’s branches where a member of staff will do an inspection of the vehicle in order to give you a price.
You will need to take a number of documents with you:
- V5C Document/Vehicle Logbook
- Photo ID Original (not a photocopy) – passport or driving licence
- Proof of address dated within the last 9 months
- Service history
- Bank details so they can pay you
- All keys
- Locking wheel nut
- Finance settlement document if applicable
What do We Buy Any Car do with the cars they buy?
If you just want to be rid of your car, then you might not really care what happens to it! But I was interested in finding out what We Buy Any Car actually do with the cars they buy. As they buy so many of them, where do they all end up?
In the vast majority of cases, the secondhand cars are sold to customers in the motor trade or at a car auction. The cars usually end up being sold to a nearby secondhand car dealer and some end up being sold by car supermarkets.
So that means that these cars will potentially be sold on twice after you’ve sold to We Buy Any Car. Once by them to another dealer and then again by the dealer to the end consumer. There’s got to be profit in it for both We Buy Any Car and the dealer, so you can see why you won’t get the market value price for the car if you do decide to sell to We Buy Any Car.
How do We Buy Any Car make money? Do We Buy Any Car Rip You Off?
The simple answer to this question is that they make money by buying cars at less than the market value price in order to be able to sell them on for a profit. But they do have a few other ways of bringing in extra cash too.
They offer less than market value to make a profit
If you sell to companies like We Buy Any Car, then you won’t ever receive the same amount of money as you would if you sold through a private sale. As mentioned above, this is because they will usually sell the vehicle on to a dealership or car supermarket and they all need to make a profit.
You are also unlikely to receive the price quoted on the original website valuation. Whilst they say that this is because you haven’t accurately declared any marks or damage, I do think they give you a higher price initially as a way to entice you to use them.
Transaction fee
Another way that they make money is by charging you a transaction fee. So you’re actually paying them to buy your car from them which seems a little backward to me! The fee you pay will depend on the value they put on your car.
- Cars valued below £99.99 – no transaction fee
- Cars valued at £100 -to £3,999 – £49.99 transaction fee
- Cars valued at £4,000 to £4,999 – £59.99 transaction fee
- Cars valued £5,000 or above – £74.99 transaction fee
Bear these fees in mind when you’re deciding whether to go ahead or not.
Pay to receive payment faster
We Buy Any Car state that their payments usually take up to four working days to reach your bank account. But, you can pay them a fee in order for the payment to reach you sooner.
- Next day payment – £24.75
- Same day payment – £29.75
You won’t be charged these additional fees if your car has been valued at £500 or less.
We Buy Any Car – The pros and cons for sellers
As with any service that offers a quick sale, there are definitely pros and cons to selling your car to We Buy Any Car.
Pros of selling to We Buy Any Car
- Quick sale
- Convenient
- Guaranteed sale
- They are a professional car buying service and will make sure all the paperwork and legal requirements are dealt with properly
Cons of selling to We Buy Any Car
- You won’t get the current market value of your car
- You will probably receive less than the online quote
- Transaction fees apply if you need to receive the money quickly
- No collection service – you will need to take your vehicle to the nearest branch
Peugeot Expert Lease
After delving into the considerations surrounding WeBuyAnyCar.com, it’s beneficial to explore alternative options available in the automotive market. One such notable option is the Peugeot Expert Lease. This leasing option offers flexibility and convenience for individuals and businesses seeking a reliable commercial vehicle. With competitive pricing, comprehensive maintenance packages, and tailored lease terms, the Peugeot Expert Lease is designed to meet diverse needs and preferences. It stands as a viable alternative for those looking to efficiently manage vehicle expenses while enjoying the benefits of driving a brand-new Peugeot Expert.
We Buy Any Car Adverts
The adverts for We Buy Any Car are pretty catchy, you have to admit! Over the years, they’ve changed the theme of the adverts, but the catchy jingle has generally remained the same.
FAQs
If you’ve been worried do We Buy Any Car rip you off then before you make a decision about selling your car, there are a few other questions you might want answering too.
What happens to a car sold to We Buy Any Car?
We Buy Any Car sell the vehicles they buy to independent dealers, car supermarkets and at car auctions.
Is We Buy Any Car legitimate?
Yes. They are a legitimate company and you will receive the money they offer at the physical valuation.
Do you have to book an appointment with We Buy Any Car?
You don’t have to book an appointment, but if you just turn up at a branch there is a chance that you will have to wait or come back another day if they are fully booked.
How long do appointments take?
We Buy Any Car states that their selling appointments take around 20 minutes. However, in reality I think you are likely to be there for at least an hour, particularly if you want a bit of time to think over the offer you receive and then go on to agree to sell to them.
Can We Buy Any Car buy your car if there is outstanding finance on it?
Yes. They can pay off any outstanding finance but this will affect how much you receive as they will need to pay the finance off before they can sell the car. If you’re considering taking out a new financial agreement for your next car, make sure you use a licensed moneylender.
Can We Buy Any Car buy your car if there is an outstanding Logbook Loan on it?
Yes. They can pay off an outstanding logbook loan but again this will mean you receive less.
Do We Buy Any Car buy non-runners?
Yes. They do buy non-runners and cars with Statutory Off Road SORN notices.
How Long are Valuations valid?
Online valuations are valid for four days after the date of valuation but the valuation is subject to an inspection, so unless your car is in excellent condition without any bumps or scrapes then you are likely to get a revised offer when you visit the branch.
Can you negotiate with We Buy Any Car?
It is always worth negotiating, and you might be able to get a little more for you car by doing this, but the price they give you after a physical inspection is often the only price they are prepared to pay.
Do We Buy Any Car rip you off?
Whilst I wouldn’t say they rip you off, you can definitely get more money if you’re prepared to put in the time and effort involved in selling your car privately.
We Buy Any Car is a business and their sole purpose is to make money so it goes without saying that they will knock you down on price at the onsite inspection. The best way to achieve as close to the online valuation as possible is to declare all damage when you fill in your details. Don’t be tempted to forget to mention any issues that you’re aware of, as you can guarantee that the salesperson at the branch will note every single issue down on their assessment form.
So, to sum up, no, We Buy Any Car don’t rip you off, but they will pay you less than you would receive if you sold to a private buyer, and you are unlikely to receive the price that you’re first quoted.
If you’re looking for a quick sale, and you can afford to get less than market value, then they might be worth a shot. You can also take a look at the alternative car-buyers to see who is likely to give you the best price.
