It doesn’t matter if you’re looking to upgrade your current vehicle or just need some quick cash, your nearby used car dealership can provide various options to help you get to where you want to be when you either sell or trade your car. But before you run down to your nearest used car dealership, let’s examine the differences between trading and selling your car. Each has its pros and cons, so you’ll want to know which is best for your personal situation.
Keep in mind, the best way to trade or sell your car is when it’s paid off and you have the title in your possession. If you’re still working on paying off your car and you don’t have the title, things change and the process becomes more complicated.
Why Sell Your Car
When you sell your car to a used car dealership, you’ll leave that day with a check in hand. You can present your used car for an appraisal by the dealership and they’ll let you know its market value. After the used car valuation is complete, a representative from the dealer will present you with an offer. You can either take the offer and leave with a check or shop around to see if you can get a better offer. Either way, you can leave with a check that day.
Eliminate Car Selling Hassle
Selling your car can be a hassle. There can be a lot that goes into vetting your buyer to make sure they’re not just trying to lowball you. When you sell your car to a used car dealership, it’s as simple as pulling into the parking lot, getting an appraisal, signing the papers, and you’re out the door with a check.
Dealership’s Money is Good
When you sell your car to a private buyer, another thing you have to worry about is whether or not they’re good for the money. There are nightmare stories online from selling cars to a private party. You can rest easily knowing that not only is the used car dealership good for the money, you can easily sell your car to a trusted party.
Why Trade Your Car
Sales Tax Break
Something that gets overlooked when it comes to trading your car is the bit of tax relief that comes with it. When you buy or finance your car, you’re subject to sales tax. That can add up quickly when you’re paying as much as you can for a new or used car. However, when you trade in your car, 100 percent of your vehicle’s trade-in value goes toward the car and you pay sales tax on only the difference between the value of your car and the cost of your next vehicle.
No Need For Cash
It’s always a good idea to put money down on a new-to-you car, truck, or SUV. It helps with the cost of the vehicle and lets the dealership know that you’re serious about the purchase. When you bring your current vehicle for a trade, you can use the trade-in amount as your down payment. There’s no need to have cash in person if you want to trade your vehicle.
You Have Options
It’s not usually a good idea to trade in a car if you’re upside (owe more than it’s worth) on the loan. However, there are times that your personal circumstance might require such a drastic move. If this is the case, you can work with the finance department at your local used car dealership and work out a solution. Possible solutions may include consolidating the remainder of your loan onto the new loan. Keep in mind, this WILL NOT make your current loan disappear.
It’s best to weigh your options so you can decide whether you should trade or sell you car. If you have other questions, don’t hesitate to contact the team at your nearby used car dealership.