EDITOR’S NOTE: This article is part of our Money254 Partner Series produced in partnership with Peach Cars.
The start of any new year comes with the excitement of a fresh start. It is time to create new personal development goals - making more money, living a healthier life, working out, trying out a side hustle, breaking a bad habit, and so on.
Studies have also shown that the start of the year is also a great time to sell your car if you were planning on doing so for whatever reason.
Some sell to upgrade to a newer or more fuel-efficient model, others sell to raise capital for new businesses or opportunities, while others do it to get back on their feet during the January blues - popularly referred to as Njaanuary in Kenya.
A car is not only a means of moving from point A to B. It is also an asset that can be liquidated and become a source of quick cash, providing a reprieve from a financial dip or even providing a boost to start or grow your business, buy a piece of land, etc.
However, the process of selling a car in Kenya is sometimes challenging and discouraging - particularly for individual owners.
It is often said that time is money and this is arguably the biggest challenge. It takes a significant amount of time to sell your car which may be frustrating for car owners who need quick cash - say to pay school fees or clear a medical bill.
Beyond the speed, there is always the risk of dealing with dishonest buyers and scammers who target innocent car sellers. In the past five years, there has been a rise in cases of car sellers being tricked by people posing as genuine buyers.
One common trick involves a buyer who passes an expatriate who is unfamiliar with Kenyan roads. They target car sellers who are interested in selling their cars urgently. A meeting to inspect and close the ideal is organised as a matter of urgency. However, hours before the meeting, the buyer calls in a state of panic.
They indicate that they have been involved in an accident after hitting some herdsman's cows or goats who are baying for their blood. Since they do not have cash, they request for a small amount to calm the locals - on the promise that they will pay the money back during the bank transaction.
A number of innocent car sellers sent money believing that the request was above-board, only to realise painfully that the purported car buyer was actually a scammer who is never heard from again.
In response to the challenges that hinder the hassle-free sale and purchase of used cars, one company has set out to increase transparency in the Kenyan used car market.
Since 2020, Peach Cars has been helping Kenyans sell and buy locally used cars in an environment where there is fairness, transparency, and trust.
Peach Cars is a car marketplace that is dedicated to the sale of locally-used cars. It has a ready audience of high-intent clients who are actively looking for verified used cars - a first-of-its-kind platform in Kenya.
By using Peach Cars, you are tapping into a broad pool of potential buyers that increases the likelihood of you finding the right buyer for your vehicle.
This pool of high-intent buyers not only fastens the selling process but also ensures that you get competitive offers, maximising the value of your used car.
When you are looking to sell your car, the priority is not just to find a buyer fast, but to get paid for your asset. This can only happen if you find a buyer who is ready to engage in a transparent sales process that protects both parties.
Peach Cars facilitates transparency in a number of ways:
Peach Cars conducts a 255-point vehicle inspection and the diagnosis report is shared with both the seller and the buyer. As the car seller, you are then confident of your car’s mechanical state and its fair value.
Peach Cars uses an escrow payment system where the sales process starts after the buyer has deposited money into the escrow account.
The money is released to the seller after the seller is satisfied with the transaction, providing greater peace of mind to the two parties, and protects you as the seller in the event of a dispute.
Peach Cars has a team of professionals who can help with the drafting of a sales agreement once a deal is struck.
This agreement provides a clear record of the agreed-upon sale, including details such as the purchase price, payment method, etc. Having a sale agreement provides clarity and reduces the risk of misunderstandings or disputes later on.
Peach Cars has a team of experienced professionals who have worked in Kenya and other markets around the world. This experience comes with valuable insights that may not be readily available if you were to sell your car through a different platform.
The Peach Cars team has access to real-time data, trends, business intelligence, and experience that would help you in getting the right value for your car. This information empowers you to make informed decisions on pricing strategies, ensuring that your vehicle is competitively priced for a timely and successful sale.
A car can be a quick liquid asset when you need to raise money for various reasons such as school fees, medical care, and business opportunities - among other life adjustments.
It can also facilitate other non-urgent needs such as upgrading to a newer or more efficient car. Regardless of the reasons for selling, it helps when you have a partner who works to make the process as smooth as possible.
In Kenya, Peach Cars is democratising the used cars market by making it more transparent and creating an environment of trust between buyers and sellers.
By selling your car through Peach Cars, you are not only likely to sell it fast - given the network of its customers - the chances of getting a competitive offer for your car increase, and closing the deal is a much more stress-free process.
Are you interested in selling your car through Peach Cars? You can start your journey here.