Trade In or Sell - Which Gives Your Car The Best Value?

You want to get rid of your car so you ask yourself, ďTo trade in or sell?Ē Many people canít easily decide on the best way to get top dollar on their old car and smoothly move to the new one. Let us help you decide by presenting you the pros and cons of each option. Letís start.

Trading It In
A lot of people choose to trade their old car in than sell it privately because itís generally more convenient that way. It is often the smoothest way to move from the old vehicle to the new one. It requires less effort because all you have to do is find the dealership that gives the best value and then let them take over. The dealer does all the paperwork and preparation before putting the car on sale. They will clean the car up, do the necessary repairs and detail it before they display it on their lot.

Another advantage is you immediately get the money from the trade-in which you can apply towards the down payment for your new car. In that case, the amount of the trade-in is deducted from the purchase price of the new car, and then the sales tax is computed. This means that you also save on tax when you trade your vehicle in.

However, you may get less value on your car. Thatís because dealers give the wholesale value of the car and not its retail value. So when you see your vehicle in the dealerís lot being sold at thousand dollars more than what they paid you for it, donít be surprised. Itís not like the dealer ripped you off. The practice is reasonable. Understand that dealers do the cleaning, repairs, detailing and marketing on the car which they need to spend on. Since this is the case, they have to base the trade-in price on the wholesale value, mileage and age of the car. You may need to haggle for a better price.

Selling It Privately
Some car buyers prefer selling their cars themselves because they can be more flexible with the price. They can dictate their own price and decide the lowest they could give a buyer. In most cases, this option gives the owner the best value for his old car.

But it could be much of a hassle for you. You will have to do all the paperwork, repairs, cleaning and detailing especially if you want to get top dollar on your car. They all come as your expenses. Aside from that, you will also have to market it yourself like putting up ads online or around town. Add to that having to meet up with strangers you canít fully trust.

If you are a busy person, you may not have enough time to prepare your car and sell it yourself. Trading it in could be a better option, although you may get less value. But if you choose to do it yourself, you should be prepared for all the hassle and effort you will have to bear. A good price, though, will be your reward.
 
     

 

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2019-11-13
 

 
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