If you want to sell your vehicle to upgrade to a newer model, you have two options: 1) sell your car privately or 2) trade it in at a dealership. But which option is best? The car selling vs. trade-in process can get overwhelming, but don't worry – we’re here to help you sell or trade-in your car as quickly and easily as possible while taking in the various factors that will help you determine which option is best for you!
Trade-In or Sell Car
When deciding whether it is better to sell or trade-in a vehicle, the best option for you will be determined by how much work and time you want to put into the process and how much money you want to make at the end of the deal. You may make more money selling your vehicle yourself, but it will also cost you more time, effort, and energy.
Pros and Cons to Selling Your Car Privately
The biggest (and possibly only) pro to selling your car privately is that you may make more money on the deal. However, many people will argue that the time, effort, and energy spent is not worth the extra cash. You also need to factor in the new car buying process. Many people appreciate the knowledge, warranties, and selection reputable car dealerships offer.
If you do want to try to sell your car privately, you can do so by placing an online or paper ad and preparing yourself to take phone calls and give test drives until the vehicle is sold. You can also increase the value of your car and help it sell faster by getting a CarFax report to validate its history, having the engine inspected and serviced, changing the oil (and the air filter if needed), replacing the tires, fixing or refurbishing any interior/exterior damage, and detailing the interior.
Pros and Cons to Trading Your Car In at a Dealership
The biggest pro to trading in your vehicle is that the dealership will take care of all cleaning, marketing, title transfer — saving you considerable time and hassle. You may make less instant cash with this option, but many people think it's worth it in the long run. Plus, trading your old vehicle in at a dealership will lower the cost of your new car and your monthly payment.
When trading in your vehicle with a dealership, be sure to work with one you trust. You can negotiate a good deal, but in order to do so, you need to know your vehicle's wholesale value to try to get an offer between that and its retail price. A good dealer will at least offer its retail value, but understand that the dealer has to be able to make money on the car to keep their business running.
If you're still not sure whether you want to sell your car privately or trade it in, our knowledgeable car experts are here to help. Let us handle the hassle of selling cars (it's what we do best). Swing by one of our many showrooms today (virtually or in-person) and we’ll be happy to help find the best option for you!
- Your friends at Bob Penkhus