How to sell my old car ?
How to sell your old car and get that upgrade you deserve. If in the market for a new car, you probably wonder what to do with your old one. Regardless of the type of vehicle you drive now, you have many choices when deciding how to sell.
Each of the options has a specialized set of benefits and potential drawbacks. Car dealerships consequentially encourage customers to take the time to weigh the choices carefully. Here are some of the options you have when selling your old car.
How to sell it yourself
Selling your car on your own is likely to yield you the best price, but it can sometimes be a hassle. You will need to advertise your vehicle, decide how much to ask for it and deal with buyers that can sometimes be demanding or unreasonable.
You will also need to keep your old car insured to allow for test drives and other use, and those insurance costs can really add up if it takes several months to sell your car. It is important to weigh the potential for greater gain against the cost and hassle of selling the car on your own.
How to trade it In
Trading your old car in on a new one is probably the easiest way to go, but there are some drawbacks to this approach. For one thing the dealer is unlikely to offer you the same price you could get on your own. After all, the dealer needs to make a profit on the resale.
If the car dealer does offer you a great price for your trade-in, they may make up for it by inflating the price of the new car you are buying. You will need to be on guard for this tactic and do your homework when negotiating a price.
If you plan to trade in your old car, be sure to negotiate the price of the new car before discussing your trade-in. Drive your best bargain on the car you are buying and talk about the trade-in afterwards.
Put It on Consignment
Consignment lots offer an interesting compromise between selling the car on your own and trading it in at the dealer. Consignment lots tend to be located in high traffic areas, allowing them to attract more buyers. That can mean a quicker sale, and more money than you could get from a dealer trade.
The owner of the consignment lot will take a cut of the purchase price. And so you probably will not get as much as you would from a private sale. Even so, the ease of selling your car on consignment may be worth the slight reduction in the sale price.
How to donate it to charity
If you have a cause you believe in, turn your old car into cash for your favorite charity. Many charities accept used-car donations, so consider helping-out less-fortunate communities while also cleaning out your own garage.
Donating your car to charity makes sense of you itemize your deductions. This considers that you will be able to take a tax deduction for its value. The value of that deduction will be less than what you could get for the car through a private sale. Although you will be helping a cause you believe in.
Buying a new car builds up excitement, but dealing with your old set of wheels can frustrate everyone involved. Knowing your options makes selling your old car much easier and less stressful. The choices listed above will help you begin!