4 of the Best Ways to Sell Your Car
Are you ready to upgrade your vehicle? Is your current one too small for your growing family? Are you simply tired of driving an unreliable car? Whatever the case may be, you have options when it comes time to sell. Knowing your options is important if you want the process to go smoothly.
4 Options for Selling Your Car
So it’s time to sell your car. Whether you’re moving to an area of the country where you’ll no longer need a vehicle, or you’re looking to upgrade or downsize, there are plenty of different ways to sell your car. The key is to understand the pros and cons of each option so you’re able to protect your best interests.
In order to help you figure out how to proceed, here are four of the most popular options:
- Sell Privately
The first option is to sell privately. If you’re looking for the easiest way to sell your car, this probably isn’t it. (You’ll want to skip ahead to some of the other options.) However, if you’re looking to get the most money for your vehicle, this is your best bet.
There are a variety of ways to sell your car on your own. You can place a sign in your windshield and park it somewhere. You can also use a site like Craigslist, which connects you with people in your area. However, one of the best options is to sell through a dedicated online platform like Swap Motors. This platform streamlines the process and allows you to get the most possible money for your vehicles by using comprehensive valuations and multiple selling options (marketplace and auction).
- Sell to a Dealership
Another popular option is to sell your car to a dealer. The benefit of selling to a dealer is that the transaction is secure and the process is quick and easy. In most cases, you can walk in, have the car inspected, and have an offer within 20 or 30 minutes.
The downside of selling to a dealership is that you aren’t going to get full price. If your car is worth $15,000 in a private sale, you might be lucky to get $12,000 from the dealer. They have to make a profit, and that money comes out of your pocket.
- Trade the Vehicle In
While selling to a dealer isn’t always the best option – value wise – you may be able to trade your vehicle in and buy another one from the same dealer.
Most dealers provide incentives with trade-ins. For example, some dealers will offer a $5,000 minimum trade-in on all cars. If you have a car that’s only worth $3,500, this essentially puts an extra $1,500 in your pocket.
- Sell to CarMax
If you’re looking for the easiest possible way to sell a car, CarMax is probably it. However, what they offer in convenience, they steal from you in cash.
CarMax is notorious for making terrible offers to customers. They pride themselves on offering no-haggle pricing, but this is really just an excuse for not having to justify their prices. The company doesn’t necessarily do anything dishonest or immoral, but just know that you’ll get far less money if you choose to go in this direction.
Get the Most for Your Car
As you can clearly see, you have options for selling your vehicle. But in order to get the most bang for your buck, you need to make sure you understand how much your car is worth in the first place. Trusting your gut won’t do you much good – you need to do some informed research.
“Year, make, model, mileage, and condition are the primary factors that determine your car’s value,” mechanic Alex Leanse writes. “Variables like number of owners and crash history could also drive it lower or higher. Options like leather seats, built-in navigation, or a sunroof should up your asking price. New wheels, stereo equipment, and other aftermarket extras also add value. Do the research, and look at cars comparable to yours to get an informed asking price.”
With an understanding of how much your car is worth, you can strategically set your price so that you have some room to wiggle down. Whether you’re selling privately or to a dealer, an accurate understanding of your minimum selling price is critically important to coming out on top.