If you’re thinking about buying a new car, you may be wondering what to do with your old one — should you trade it in or sell it on your own?
There are pros and cons to both options. Here are some of the things to consider when trying to make the decision that’s right for you.
TRADE IN YOUR CAR
- Saves time. Everything is taken care of at the dealership and in one transaction.
- Less hassle. The trade-in amount is deducted from the cost of the vehicle you’re purchasing — and this means less paperwork.
- Sales tax savings. You’ll save on sales tax because you only pay tax on the difference.
SELLING ON YOUR OWN
- Value. You may get less monetary value by trading it in. When it comes to how much your vehicle is actually worth, it’s pretty simple: Your vehicle is worth whatever someone is willing to pay for it and sometimes that can be more than a dealer will offer.
- Value. Again, you may get more money by selling it on your own.
- Repairing broken parts. Almost all buyers will want repairs done before purchase — leaving you with the cost to get things fixed.
- Cleaning and detailing. If you were hard on your car, you’ll need to spend some time cleaning it, or paying someone to get your vehicle in perfect condition for selling.
- More time and paperwork. Selling a car on your own means finding the right buyer and you handle all the negotiating and paperwork.
Tell me your last trade-in story. How do you feel about trading in vs selling it on your own?
Fifty interviews and one woman (that’s me), who just wants to know about cars. So I took it to the streets.
For four days, I ventured in and around Kansas City asking women — and men — about cars and dealerships. I started in the Country Club Plaza
area, rounded through Westport
, hitting Pryde’s
and Blanc Burger
. But I didn’t stop there. I headed downtown to the Sprint Center
, through the Power & Light District
, to the Lenexa Chili Challenge
and back down to Leawood
to hit up Yia Yia’s
and Standard Style
. So many places and so many questions.
I wanted to start at the beginning by asking about their thoughts on the car buying experience. How people felt through the whole process, what could have been done better, what they dislike about it, and what they don’t enjoy at all.
People told me they were terrified, that the experience was awful, annoying, time-consuming and dreadful. As a woman who works in a dealership, these are not the answers I like to hear, but needless to say, the honest answers I got. Here is just a bit of what I heard.
Fifty interviews later and I’m still just starting to collect your input on the car buying experience. That’s what this blog is all about. So send me your stories, questions and thoughts
about your car buying experience. Because I want to know!