Learn the pros & cons of vehicle trade-in vs. selling
The absolute thrill of buying a new car carries over from year-to-year, until eventually the novelty of owning that beauty begins to wane. The payments (if any) begin to take their toll, and the car starts to look a little different, like an albatross around your neck that is preventing you from making other essential purchases.
Many of us have been there at some point.
So the question is whether it is time to sell the car and use the money for a down payment, or trade it in for something less burdensome or a newer model?
The Case for Vehicle Trade-in
For many, the vehicle trade-in route is the way to go because the process is simple and straightforward. At Bryant Motors, all that is required is to bring your vehicle in for a trade-in appraisal while you look around the showroom or lot and pick out your new car.
Once your vehicle’s value has been calculated, the next step is negotiating the deal. Trading in your car is usually quick and and painless. Many times you will be offered the wholesale price from which the dealership can subtract from final cost of your new car.
In some cases, the dealership price will not be enough to cover the amount you owe on the car. In the case where you owe more than what the dealer is willing to give you, you may end up paying the difference either with a more substantial down payment or by having the difference financed into the new deal depending on your existing car loan balance.
The Case for Selling Your Vehicle
Now you are now faced with a decision: Will you be able to sell your car quickly and for an amount higher than what the dealer offered you?
In some cases, yes. However, the hassle of selling your car is something to consider. Selling your car means listing your car online, meeting with potential buyers, adjusting your schedule accordingly to allow time for test drives, negotiating, etc.
Another factor to consider is if your car ready to be sold? In other words, are there repairs needed that might cost more than you are willing to put into it? Is the car clean and in good shape? These things tend to scare buyers away because they don’t want to inherit perceived problems as soon as they drive the car home.
If you are willing to take the time to sell your car on your own – and know confidently that it does not require extensive repairs and is in good saleable condition – then go for it. Who knows? Maybe you can get enough for it to pay your car loan off and have a few dollars left over for a down payment on a new vehicle.
Conclusion: Which is Best?
The bottom line is deciding which option is best for you. If you are more comfortable with selling your car for the most amount money, consider waiting to purchase your new car until after your old vehicle sells. That way you will have a larger down payment if needed and a better idea of your budget.
If taking the time to sell your car on your own sounds like too much work, perhaps trading in your vehicle to the dealership is a better option. Just be sure you are prepared before heading to the dealership.
Visit or contact Platte City-Airport Chrysler anytime you are ready to trade your car and drive your new car home. We feel confident that you will find the perfect vehicle for yourself and your family that promises to satisfy your transportation need.
Remember too, that we’re here for you anytime your vehicle requires service or maintenance.