Should You Trade Your Car or Sell it Privately?
You’ve probably considered buying a new car but are not sure what to do with your current vehicle. If you can relate to this, this article may just help you make a clearer decision. Check out this list of options to help you understand what’s right for you.
The kind of vehicle you possess and the city you live in has an indirect effect on a buyer’s decision. Find out if your vehicle is in demand within the city or state you live in and base your decision of whether to trade or sell on these factors. Also, make sure to compare the price offered through a dealer and a buyer.
If you still have a loan or debt against your current car, this process may come across a bit more challenging. The first factor being that even though the car may be listed under your name, you’re still dependent on the lender for the monthly payment. You may want to understand that most private buyers would not consider your vehicle if you don’t hold the title against the vehicle. The second factor being, just like you considered a credit loan, your buyer may be considering one too. In this situation, if your car is already under a credit loan, your buyer may not be given a loan against a vehicle that does not have its title cleared.
However, this may work for you if you consider trading in your vehicle instead. This is simply because the dealership will invest in your vehicle either way, whether you have your credit paid off or not. They would have the liability to pass on the current credit to the next.
The price offered to you for the vehicle would depend on the shape or condition you bring it to the dealer or buyer. If your car seems to be in a bad shape, consider opting for a trade as a potential buyer would never benefit from a car that would need a whole lot of repairs. If you can invest in the repairs before showcasing it to the buyer, then there’s nothing like it. Although, if you consider trading it in, make sure to understand the worth of the car despite the condition. The last thing you want is to be cheated. At the end of the day, a lot would depend on how you maintain or service the vehicle.
If it’s too late to talk about the maintenance, make sure to service and maintain your next vehicle. And not just servicing it, but you might also want to cut down on those extra miles. Small steps such as this will prove to be great choices ten years from now or whenever you choose to sell the car again.