You have an older car and you are wondering, “Should I sell my car to the trade in specialists or sell it on my own?” We weigh the pros and cons, while giving you the information you need!
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What are the Pros and Cons of Trading In A Car?
Now that you’re looking to get rid of that old clunker, you have a few options before you. Sure, you can sell it online on such sites as Craigslist or even Facebook. In fact, with the right hashtags, pictures and description, you can even sell it on Instagram. But what is the best option for you? Are you looking for fast cash or are you looking to upgrade to a newer vehicle? Trading in a car is quite common. For many car owners, the process is a relatively fast and easy one. But some car owners like to avoid trading in their vehicle- and take to other means of selling or getting rid of their old vehicles. Let’s look at some of the pros and cons of trading in a vehicle.
Benefits of Trading in an Old Vehicle
So, what are the benefits of trading a car in? Keep reading and see if you agree!
It’s Fast and Convenient
Oftentimes, selling a car privately, can take days, months and in even rare cases, years. UGH. Who has all of that time to wait for the best buyer for a car? From posting an ad online, to meeting with potential buyers, the whole notion of private sales can be a real turn-off for vehicle sellers. So, those sellers who are looking to get rid of a car fast, will opt to trade it in. Those car sellers will find that trading in a car is fast and convenient. In most cases, a trade-in can happen in a day or two. Other car sellers find that they can trade in their car the same day they bring it in.
Trade-Ins can Help Reduce the Price of Your New Car
Do you own your vehicle outright? Then the dealership will work very hard to apply that trade-in value to your brand new or certified pre-owned car. With that trade-in offer, you won’t have to pay full price for that new vehicle. Let’s say that you have your eye on a brand-new SUV that costs $20,000. You trade in your old sedan. The dealership gives you a value of $7,000 for it. You agree to the trade-in. Now, you only have to pay $13,000 for that new SUV. The dealer may even throw in bonuses such as free oil changes, and reduced sales tax.
You Will Only Deal with the Sales Agent
If opt to trade in your car, you are only dealing with car sales agent and no one else. Your vehicle sales person will be with you from beginning to end- handling any and all aspects of your trade-in. Just show up, take the time to negotiate the best deal, and drive off the lot with your brand-new vehicle.
OK- What Are The Cons Of Trading In a Vehicle?
On the one hand, there are definite pluses to trading in a car. But if course, we have to weigh the disadvantages. So, as you ask yourself: “Should I sell my car to the trade in specialists or sell it on my own?”, we offer you some of the cons of a trade-in deal.
There’s a chance That You May Get Less Money For Your Car
One of the biggest setbacks to trading in your car, is the fact that you may not get the most money for that car. In many instances, the amount that is offered by dealerships, is a lot less than if you were to sell it privately.
Buying Options May Be Limited
Once a dealership places a value upon your trade-in and then later agrees to buy the vehicle, you will have a limited selection of vehicles that you can buy. So that “new dream car” may not be in the realms of your available choices. Thanks to that trade-in offer and acceptance, you have now just limited what you are able to buy. When you sell your car to a private buyer, you can take the money you received and go to a dealership and buy the car you want- at the verry least make a down payment on that “dream car.” Don’t forget the “golden rule” when it comes to trading in your vehicle: you want to negotiate the price of your car, ensuring that you get the most money for it. During your trade-in, you want to take the time to negotiate the price of your trade-in vehicle, then take the time to negotiate the price of your new car. With the two separate negotiations, you’ll have a much better chance of getting more value for the vehicle that you trade in.
What Are The Steps I Need To Take To Trade in My Car?
Are you still looking to trade in your car? Check out these steps, ensuring that you receive the most money for your vehicle.
Be Sure That You Know Your Car’s Value
Before heading to the dealership to trade in your car, know your car’s worth. You can visit sites such as Kelley Blue Book or even Edmunds so that you see what your vehicle is worth. Dealerships are looking to make the most money they can from you. So, you want to be armed with as much knowledge about your car. Both Kelley Book and Edmunds are great websites you can visit to obtain a true value on your car.
Don’t Forget to Clean Your Car
Never underestimate cleaning your car, when it comes to trading it in. A clean vehicle can garner you more money, during your trade in negotiations. So, give your car a good and thorough vacuum and wash before heading to the dealership.
Do A Little Shopping
When you take the time to shop around, you will obtain the best interest rate on an auto loan that you apply for. This will also help you obtain the lowest price on your new vehicle. Take the time to visit several dealerships and as for an estimate on the trade-in value of your vehicle. Then, keep copies of all estimates and later compare your offers.
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