When buying a new car, most of us have a used car to deal with. The question, of course, is whether it is best to sell the old vehicle to a private party or trade it in to the new car dealer as part of “the deal”. To make an informed decision, here are some thoughts of the pros and cons of both choices.
TradingIn
When you need to harvest value from your used car, trading it to a dealership is the easy approach because the dealer takes care of everything. After settling on an acceptable price, all you have to do is sign the vehicle over and be done with it. Yes, you will likely receive less money for your car than if you sold it yourself but its quick and easy.
If you want to see what the trade-in value of your car is, check out the Blue Book Trade-in value before you go to the dealership. This value is based on the condition of your vehicle and is an accurate representation of what you may expect to be offered by the dealer.
Trading-into a dealer can also help if you owe more on the loan than the car is worth. This is known as being “upside-down.” The dealer can roll the remaining balance of your current vehicle’s loan into the new loan, thus allowing you to trade in your vehicle without having to pay additional cash. While this is not always advisable, it is an option for a buyer who wants to get out of the current vehicle.
Selling It Yourself
Selling your car on your own can often get you more dollars, but requires patience and good judgment. Be aware, you may have to absorb the cost of making the car presentable and passing any required state inspections.
Another downside to selling your car yourself is that you may have to deal with some unsavory characters, or people with whom you just don’t feel comfortable. If you do decide to sell your car yourself, be sure to put everything in writing and request payment in the form of a cashier’s check or cash.
If you decide to sell your car yourself, there are several options available to advertise your vehicle to potential buyers.
- Advertise for free on Craiglist.
- Advertise via a paid listing on eBay Motors.
- Advertise in local newspapers.
Points to Consider When Selling Your Car Yourself
- Make your car presentable. At the very least, give the exterior a good wash and clean the interior.
- Be sure to sell your car “as is”: You are not a dealer, like bossierchryslerjeepram.com so there is no warranty or return policy in effect. This is very important.
- Be honest. Disclose any problems or repairs that might be needed to bring the vehicle to inspectable condition.