Should I Trade My Car In Or Sell It Myself?

When the time comes to get a new car, you have to decide what to do with the old one. Unless you have given it over to another member of the family (such as your son who just got his driver’s license), then you will most likely get rid of it. Without a doubt, you will get more for your car if you sell it privately to another individual. To figure out what it is worth, simply check Kelly’s Blue Book and go from there. But what if you need a good trade-in on a new car? What if you still owe money on the old car? So the question is should I trade my car in or sell my car it myself?

Will The Dealership Give Me More Than The Blue Book Value?

If you are going to trade in your car at a dealership on a brand new car, then do not expect them to give you more than the bare bones blue book minimum. The dealership can take your old car and resell it at a higher price than what they gave you for it. They are trying to make a profit, after all. So they will take into consideration every aspect of the car when giving you a trade in value for it.

What If I Still Owe Money On My Old Car?

If you still owe money on your old car, then trying to sell it privately is going to be something of a problem. Basically, you can’t sell the car while there is a lien on it. The finance company that has possession of the lien has the title to the car and they are not going to release it until the loan is paid.

If you still owe on the car, you have two options for getting rid of it. You can go ahead and trade it in on a new car and the difference from the old car will be added to the new car. You’ll get that new car but the end price will be more which means a higher monthly payment. The other option is to contact your loan company that holds the title and discuss with them what you can do to get payments transferred. But don’t hold your breath. Some companies have been known to do it but most companies will not.

Are There Any Advantages to Trading In My Car?

car-trade

If you are pondering whether I should trade my old car in or sell it myself, there is an advantage to trading it in. The main advantage to trading in your old car is that it is quick, you can do it in a day, and you get to drive home a brand new car that has that new car smell. There is also a tax advantage you can get from trading in your old car on a new one. If you get $5,000 trade in value on your old car that is deducted from the price of a $20,000 new car, then you will only be paying taxes on $15,000.

Is It Easier To Sell Or Trade My Car?

One of the main things to consider when thinking about whether I should trade my old car in or sell it myself is which is easier. Well, trading your car in is without a doubt much easier. Most people don’t want to be hassled with trying to sell their car. Even though they can make more money by selling it, to many people it is just not worth the trouble. It can take weeks or months to sell a car and you still might only get the same amount the dealership is offering.

What Do I Have to Do To Sell My Car?

If you are determined to try to get as much as possible for your old car, selling it privately is your best option. First, you will need possession of the car’s title. Next, make sure the car is in good condition. If it needs some work or some cleaning, fix it up. Spend a little money if you need to and make sure you ask enough to cover those expenses. When the car is ready, try advertising online and in newspapers. You don’t have to take any offers that you are not happy with. Once you finally sell the car, you will need to sign your name on the line for Seller on the title in order to transfer it to the new owner. Some states require the title to be notarized so check with your state’s DMV to be sure.