Trade or Sell Your Car?

Most experts agree that you will get more money if you sell your car privately vs. trading it at a dealership. Before you decide, there are numerous factors to consider including financial ones in addition to the selling price.

Selling a car to a private party may yield a higher price, but it comes at a cost. It is time-consuming and it costs money. You can determine a fair market value or estimation of your car’s worth on KBB.com. You can also search sites like AutoTrader.com and CraigsList.org to look for the same model and year and similar mileage for comparison. These tools will help whether you sell or trade.

If you choose to sell, it should come as no surprise that your car’s value depends on appearance and condition. You may need to have your car detailed and consider taking care of repairs and maintenance like a fresh oil change and new wiper blades, that a prospective buyer would expect. You will also need to photograph your car, write a compelling description and pay to advertise. All of this can easily cost hundreds of dollars. Further, on average it could take as long as 10 to 15 weeks to sell your car, so you may also have to make a few loan payments during that period. You will also have to maintain insurance.

Finally, you will have to weigh your tolerance for fielding requests from interested parties, scheduling meetings, allowing strangers to drive your car, keeping it spotless, and negotiating a sale.

By contrast, there are several advantages to trading in your car. In fact, Edmunds.com reported that 48% of all car purchases in 2013 included a trade-in. Although, the amount your receive may be less, it is extremely convenient and easy. Because the trade-in value will be applied to the sale of your new car, it also lower the price and your tax liability.

In addition, the dealer is assuming the risk to sell the car. You will not need to make any repairs, because their service department will do what they believe is needed to resell the car saving you the time and effort. Nonetheless, get an estimate of your trade value from KBB.com and a CARMAX quote.

If you owe more than your car is worth, a dealer can provide a real advantage. They can often work on your behalf with the banks to roll the balance into a new loan and you can drive a new or upgraded vehicle for about the same price.
You can also use your trade as a bargaining chip or leverage to lower the price of the car that you are purchasing. This increases your down payment and decreases your monthly car payment. Most dealers are looking for preowned inventory and can work with the numbers on both cars to your benefit.

So before you decide to sell or trade, evaluate both the pros and cons and make a decision that makes both common and financial sense.

Kia Country has a constant demand for pre-owned vehicles and we want to buy your car. We will beat any CARMAX offer by $300! Bring your car in today for a fast, free, no obligation evaluation. Kia Country will make a competitive offer for your car regardless of make, mileage or condition.