Price is what you pay, value is what you get.
Should You Trade in Your Car or Sell it Yourself?
If you’re on the market for a new car, the decision to either trade in your car or sell it to a private buyer could be a tough one. Depending on the type of car you own, the condition it’s in, your financial implications, and the amount of time you have, the process of both selling and trading your vehicle has its pros and cons. Here are some things to consider to help you make the best decision for you and your car.
Trading in your car
Pros: If your timeframe to sell your car is short, then you might want to take it to the dealership to trade in. What makes the trade in process so great is how easy and fast it is. Because you’re dealing with car professionals, they do all the paperwork for you and they overlook the condition, year, and mileage on your car compared to private buyers. When it comes to buying used cars, car dealers won’t mind the rust, rip seats, and small dents. What is also very convenient about trading in your car is it helps reduce the cost of a new one. With whatever price the dealership is willing to pay can go towards a new car. And with that process, you’re in and out of the dealership with a new car.
Cons: Don’t get too excited just yet, there are some catches. Although it’s a quick and easy process that will most likely come out with a new car, keep in mind that car dealers need to make money their too. With that being said, you’ll most likely get less money for its value than if you were to privately sell instead. All in all, if your car is in low demand with high mileage and in poor condition, trading it in might be the best choice to save you time and money.
Selling your car privately
Pros: If your car is in great shape or in high demand, selling it privately will definitely get you the biggest bang for your buck. Especially if your car is a collectable or rare, they usually sell quickly at the asking price or more. If you don’t mind taking your time selling your car and looking to get more of its value, consider selling it on your own.
Cons: On the other hand, if your car has a high mileage accumulation and in poor condition, it might take a lot more time and effort to sell. Because you’re selling it privately, it takes a lot of time to schedule test drives with potential buyers and deal with “low ballers” and negotiations. Another downfall to selling your car on your own is the higher chances of dealing with legality issues and paperwork.
TIP: Investing in a detail service for your car helps immensely in getting it sold higher for its value in both trade in or private sell processes.