Are you ready to buy or lease a new car? If so, then chances are you are wondering what you should do with the car you currently own. Trade in or sell privately? The truth is there are times when it is best to sell your vehicle privately and times when it is better to trade it in. There are a few aspects to keep in mind with this.
Selling your car privately is ideal when you have a popular model that has many great features people love. Also, if you want your car to sell fast, then you should only sell privately if your vehicle is in excellent condition, with low miles and excellent maintenance. Otherwise you may have to drop the price significantly in order to get it to sell in a reasonable timeframe.
The first thing you should know about trading in your car is that a car dealer can accept any car. No matter the condition or issues with the car, running or not, they can accept the vehicle. While you may not get top dollar for a vehicle that is in poor condition, it is still an excellent way to get into your new car. This is also a much quicker process as they will look the vehicle over in about 5 minutes and will have an offer for you.
Other Considerations to Consider
If you have bad credit and not a lot of money to put down, trading in may be a better option than selling your vehicle privately. This is because they have creative financing options they can use to help get you into the vehicle.
Another aspect many people do not think about is the length of time that selling privately can take. Even if you have an in demand vehicle, you may find that it can take a week or more to sell your vehicle. This is why it is important to think about how urgently you need the new car. There is also a lot more involved in selling privately as you have to take pictures, post ads, answer calls and deal with people coming to you.
If you want to get the most amount for your vehicle, then selling privately is often the way to go, especially if you have plenty of time to wait for the vehicle to sell. If you are in a hurry and just want to get a decent amount back on your vehicle, then trading it in is a better option.