Is It Better to Trade in My Used Car or Sell it on My Own?
It’s time to buy a new car again, and you’re thinking about how to get rid of your current vehicle while still getting a fair deal for it. That means you must decide whether to sell it on your own or simply trade it into the dealership. Before you choosing one course of action over the other, it’s a good idea to do your research. Here are some of the costs and benefits both of trading in your vehicle and selling it on your own.
Trading in Your Vehicle
- Benefits – Many people decide to trade in their vehicle, and that’s with good reason. Trading in your vehicle at a dealership means you won’t have to worry about the inconvenience of listing a car on your own and can simply get it off your hands without any complications. All of this allows you to drive home in a new car sooner.
- Costs – One of the possible disadvantages of trading in your car is that dealerships purchase trade-in vehicles with the goal of making money on the deal. Generally, this means buying your vehicle at a price under wholesale, so the vehicle can be flipped for a profit via auction or retail. You can find out how to get a fair price for your vehicle by researching the wholesale value on KBB.com.
Selling Your Vehicle on Your Own
- Benefits – If you sell your vehicle on your own, you’ll generally be able to make quite a bit more on the sale than you would if you traded it into a dealership. In general, independent buyers are more willing to pay closer to the actual retail value of the vehicle. However, it is important to price the vehicle competitively, which means making sure to ask less than local dealerships are asking for the same car.
- Costs – Selling your vehicle on your own can take a lot of effort. You have to list your vehicle online and deal with individuals coming to check out the car who aren’t really in a position to buy. Also, each month your vehicle sits in your driveway or garage, you’re spending money on insurance and dealing with depreciating value, which means you’ll be trying to sell it as quickly as possible.
Learn More About Trading In Your Car at Earl Stewart Toyota
If you’re interested in seeing what you can get on your trade-in vehicle in Lake Park, investigate your car’s trade-in value at Earl Stewart Toyota. Ultimately, whether you sell to us or independently, we just want you to be able to get behind the wheel of the new vehicle you have your eye on, as we have a wide selection of new Toyotas on sale at our lot. You can find us at 1215 US 1 in Lake Park, FL, just a short drive for Jupiter residents. Contact us for more information on your trade-in, as well the many vehicles in the new Toyota lineup!