Our relationship with our car is different for each of us. Some car owners develop a connection with their car because it is such a key part of their life. It carries them back and forth to work, makes family vacations possible, and takes them about the world. For others, a car is no more than a way to get from Point A to Point B, or worse, a necessary evil.
Whether you love your car or simple consider it a means to an end, deciding if it's time for a change can be a difficult task. Do you sell it to the dealership? Sell it to a private buyer? Or is it a good idea to just drive it 'till it drops? Hopefully, this article will help you in your choice.
Sell Back To The Dealer?
Let’s begin with the question of whether you should sell/trade in your car to the dealership. The first thing to know is that the dealership will most likely give you less cash for your car than you can get from selling it on your own. In some cases, a LOT less. The reason for this is because they will turn around and sell it and they have to make a profit. (Those shiny showrooms don't pay for themselves.)
Another critical thing to think about is how much you owe on your auto. If you owe more than what the dealer will give you, the negative equity will roll onto your new loan. For example, if you owe $5,000 on your automobile but the dealership offers you $4,000, the negative equity of $1,000 will roll onto your new car loan. We guide avoiding negative equity since you’ll end up paying even more because that shortfall is subject to interest. Perhaps your only intent is to break even. If you owe $5,000 on your loan, and get $5,000 for your trade in, then you avoid negative equity. Some drivers will take a lower price from a dealer because they don't want the hassle of selling it on their own. Trading in is quick, simple, and convenient.
Sell To Private Buyer?
However, if you have the time and patience, selling it to a private buyer is generally the way to get the best price. You’ll want to use the power of the internet. There are multiple websites that will allow you to input the details about your car, and then the site will quote you a fair price based on data they’ve gathered on similar cars and the prices they fetched. You can post your auto on numerous sites. Just beware of common scams so you don't get conned. Some used car websites have become magnets for scammers. Make sure you avoid buyers who seem sketchy—there are plenty out there. Be smart about who you let take your car on a test drive, pay attention to their method of payment, and be cautious as to where you will meet to discuss the sale.
With a fair price and the right marketing, selling your car privately is possible. If you don’t advertise sufficiently and your vehicle is priced too unreasonable, selling privately can be a real headache.
Keep It?
You can always make the decision to hang onto your ride. If it has a low value on the used car market, is paid off, and still functions well, it may be worth keeping. If you have kids, family members, or friends that could use your automobile, you can always hand it down until it doesn’t run any more. (Think of the good will you would generate!) Depending on the variety of car and your needs, you can always add another car that compliments your current car. Many auto owners have multiple cars for different purposes, such as an economical commuter buggy and a larger auto for family trips or a truck for towing. At I-86 Truck & Auto Repair, we understand how your vehicle is integral to your lifestyle. You can trust in us to keep it in top condition with professional automotive service and repair in Falconer.