Frequently Asked Questions
How does this compare to selling my car online for cash?
When selling a Used Car, you have a number of choices. You can place a classified advertisement (eg: on Dubizzle) and negotiate with buyers yourself. Or you can give this task to a number of sites that Sell your used car for Cash and charge you a fee to negotiate on your behalf. Finally, you can sell your car online for cash directly to used car buyers where you get immediate money in exchange for a much lower price.
At BuyBack Bazaar, we also get our prices from reputed quality Used Car dealers. The difference with us is we negotiate both a Price to Sell your Car NOW for cash AND a Price at which you can Buy it Back within a maximum of 90 days. Our Used Car Dealers compete not just for the highest price to Buy your car but also the lowest Service Charges to sell this back to you.
What is the difference between Financial Value and Utility Value?
Many people fail to differentiate between Financial and Utility Value.
Financial Value is the actual amount of Cash you can get for your asset. With consumer goods like electronics, cars and luxury watches, the financial value of your asset drops every few months as newer models come out and your asset ‘depreciates’ to compensate for use and wear-and-tear
Utility Value is the value that you get from using the asset every day. This does NOT depreciate as rapidly. For example, the value you get from driving your car to work or using your phone to communicate with others stays the same throughout the life of that asset. This value does NOT change every time a new model is released. Utility Value is also the same across similar assets for the same job. For example, we all agree a Rolls Royce has a significantly higher Financial Value than, say, a Toyota Corolla. But, if you look at the Utility Value of transporting 4 people from point A to point B, the Rolls and the Corolla have almost the SAME Utility Value. The same can be said for your Phone, your Watch and even your Home; while the Financial values may fluctuate with market demand, the Utility Value to you stays the same
This is why selling your assets for emergency cash becomes expensive. On the one hand, you lose out on the Financial Value as you sell into the depreciated second-hand market but on the other hand, because you NEED the Utility of that Asset, you have to replace this with a similar asset at a significantly higher re-purchase price (usually 30% or more even if you buy another second hand asset)
At BuyBack Bazaar, we solve this problem by getting second-hand dealers to compete to give you their highest prices and also their lowest profit margins to sell this or a similar asset back to you
How does BuyBack Bazaar get prices?
We send your car details and BuyBack Date to our growing network of Quality Used Car dealers all across the UAE and get their highest prices to buy your car. We also negotiate the lowest services charges to securely store and sell you back the car on your BuyBack date. While we get prices from key dealers in Dubai, Abu Dhabi and Sharjah, regardless of where the best price is, you can take your car to the nearest dealer in your city for assessment and storage so you don’t have to drive all over the country just to get the best price
What happens to my Registration and Insurance while my Car is with you?
Remember, you are NOT taking a Loan against your car. You are selling your car with an option to buy It back later. Since this is a Sale, you will need to transfer the car’s ownership and registration to the Purchasing Dealer. If you choose to BuyBack your car on or before the BuyBack Date, the car’s ownership and registration will be transferred back to you. RTA Registration charges are per RTA rules and are in addition to the BuyBack service fees. You can either pay these charges directly to the RTA or ask the Purchasing Dealer to pay this on your behalf and deduct this from your Selling price
Who owns the Car while it is stored with you?
The car is Sold to the Purchasing Dealer who is the legal owner of this car and agrees to store this at their covered and secured storage facility until the BuyBack Date. The Dealer also agrees that the car will NOT be used while in storage except for transporting it to and from the storage facility
What happens to my Car if I don’t return by the BuyBack date?
The Dealer is free to sell this car at their discretion to any of their clients at their price. This price can be higher or lower than the BuyBack Price agreed with you depending on market conditions and demand
Can I extend the BuyBack Date for my car?
If your first BuyBack date was less than 90 days from when you sold the car, you CAN extend the BuyBack date for the rest of the period by paying an Extension Fee to the Purchasing Dealer. So, for example, if your original BuyBack date was for 40 days, you can extend this date for an additional 50 days making the total BuyBack date 90 days from the date you first sold the vehicle. Please contact us and we can confirm the extension fee for the remaining days
Can I BuyBack my car after the BuyBack date?
Once the BuyBack Date has expired, the dealer has the full right to sell the car to any customer at their complete discretion. If the vehicle is still in their stock, you will need to negotiate a purchase price directly with them. This price will most likely be higher than your confirmed BuyBack price. Please contact us if you need assistance with this
What does the BuyBack Service Fee cover?
BuyBack Service Fees charged by the Purchasing dealer includes
How do you apply VAT to this deal?
VAT only applies to you if you return to BuyBack the car. If your vehicle was purchased before January 1st 2018, then VAT will be applied on the full price (BuyBack price) of your vehicle. But if you purchased the vehicle after January 1st 2018 and can produce an invoice showing that you had paid VAT when making the original purchase, then VAT will only be applicable on the BuyBack Service Fee and NOT on the full car value.
If you are a returning customer bringing back the same car for a repeat deal, then VAT will only be applicable on the BuyBack service fees