Should You Trade In Your Vehicle Or Sell It Yourself? Here Are The Pros And Cons
If you're getting ready to make the big leap and buy a new car, there are a lot of things to take into consideration: trim level, options, engine, transmission, etc. The list goes on and on. One of the biggest things to take into consideration, though, is what to do with your old car. In a lot of cases, folks who are buying a new car are also looking to get rid of their old one. Sure, the simplicity of taking a dealership offer for a trade in deal makes everything quick and easy, but is it worth it?
On the flip side, selling your car yourself is generally accepted as a method to get more money out of it. There are some rare cases in which a dealership will offer you the same amount of money you could get selling it yourself. If that does happen, it's probably best to take that offer and drive off in your new car with a smile. For the rest of us, though, does it make more sense to prep and sell a car ourselves to get a bit of extra funding to apply toward that new car? Here are the pros and cons to consider.
Selling your own car for maximum money can be a pain
In the case of selling your car yourself versus trading it in, the ultimate factor is how much you value your time. Depending on the car, getting top dollar on the used market can be a monumental task. Dealing with tire kickers and lowballers can burn up your time. Moreover, preparing your car for sale can be quite time-consuming as well.
Another thing to take into consideration when selling your car yourself is the fact that the prep for sale can incur costs in itself. For one, a great way to help your car sell faster is to get it serviced. Basic things like an oil change, new brake pads, etc., can help draw buyers in, but they are going to cost you money. Getting a professional detail or doing it in your garage and a nice set of photos to go with your ad are also common ways to up your curb appeal. Unless you're doing all of this yourself, though, the cost is going to stack up rather quickly.
There is, of course, the option to sell your car as it sits. A quick vacuum for a couple of bucks and some decent photos can go a long way for cheap. However, without presenting it to be as perfect as possible, getting top dollar can be a bit of a long shot. In some cases, though, selling it "as-is" may still net you more than the dealership is willing to offer you.
Haggling with a dealership isn't exactly fun, either
It's no secret that folks in car sales have certain ways they try to manipulate customers. They'll do their best to give as little as they can while taking as much as possible by prodding for information and pressuring potential buyers into sales. Sure, not all dealerships are out for blood. At the end of the day, though, they want to make that sale happen. Standing your ground and making a deal you're happy with is essential.
That said, you can absolutely haggle with a dealership over the trade in value of your car. So, before going out of your way to try to sell your car yourself, it's worth seeing how much you can squeeze out of the dealership for your car. In addition, you can sometimes use your trade in as a bit of a bargaining token to get enough of a price break on your new car purchase.
If you play your cards right and find a dealer willing to work with you, you might even out that gap between the trade in and private party value without dealing with the consequences of selling it yourself. Ultimately, it comes down to whether or not you have the time and patience to sell your vehicle yourself to get more money or if the convenience of a trade in is more appealing.