Should I Sell My Used Car Privately or Trade it in? Which is Better?

We’ll look at the pros and cons of selling vs trading. Here are five reasons to trade in your car:

1. There is no hassle … or almost none. You negotiate with the dealership and accept his best price offer.
2. When you have agreed on a price and bring the car to the dealer, the car is purchased right away. You don’t have to wait.
3. The dealership assumes all responsibility for the car and for any repairs that are needed to resell it. Cars sold privately are sold “as is,” but sometimes buyers have had recourse in court for unexpected repairs if the car breaks down a short time after buying it.
4. If you still owe money on the car, the dealership will pay off the loan and add the amount to the new loan balance for your new car.
5. If your used car is paid off and you trade it in, you can apply the trade-in price to the new car loan and reduce the amount owed and the monthly payments. You also reduce the amount of sales tax you pay on the new car, as the purchase price is reduced by the amount of the trade-in.

The advantages for selling your car privately come down to money. You can usually get a better price from a private buyer than from a dealership. However, there are many responsibilities associated with selling a car … not the least of which is to prepare the car for sale to get the best price possible. (See our blog article: How to Sell Your Car for the Price Possible.)

1. If you own a car that has a great following, and it is in good condition, you can get a better price for it by selling it privately.
2. Be sure to calculate a reasonable asking price. Consult the Kelley Blue Book (www.kbb.com) or the NADA Guides (www.nadaguides.com) or Edmonds Car Buying (www.Edmonds.com).
3. Marketing your car successfully can be a challenge. Check out our NightOwl app to sell your car without the usual hassles. Watch a video to see how easy, safe, and effective it is! (https://www.nightowlautoshop.com/#/private)
4. If you still owe money on your car, and you can’t sell it for the amount you owe on it, you may need to trade it in. This way the dealer pays off your old car loan and the amount is added to your new car loan
5. If you decide to trade in your car, wait until you have negotiated the price of your new car. Then you can ask about the trade-in value of your old car and decide if putting it on the market will yield a better price for you.

If you have questions about NightOwl and how this easy-to-use and free app can help you sell your car successfully without hassles, call us at 877-459-3008 or email support@nightowlautoshop.com.