Sell Your Vehicle Privately or Trade it in? The Pros & Cons

Used Vehicle Lot | Lubbock, TX

If you’re looking to upgrade your vehicle, you’re likely wondering if you should try to sell it yourself or trade it in at the dealership. In order to make the best choice for your circumstances, it’s key to understand the pros and cons of each option.

Pros & Cons of Selling Your Vehicle Privately

Sometimes, if you sell your vehicle privately, you’ll fetch a higher selling price than what you’d get at the dealership. However, you also have to put in the time and effort of finding a buyer, meeting with them and having them take your vehicle for a test drive. Then, you’ll have to go through the prickly business of paperwork and getting them to pay you. This process will definitely delay your ability to buy a new vehicle.

Pros & Cons of Trading In Your Vehicle

Ultimately, trading in your vehicle is significantly easier and more convenient than trying to sell it yourself. Trading in your vehicle is quick and easy, and you can negotiate the value of your vehicle at the dealership — it helps to research the value of your car through guides like Kelley Blue Book. In addition, there may be tax benefits to trading in your vehicle. For instance, if you are trading in your vehicle and purchasing a new one, you may only have to pay sales tax on the difference between the trade-in value and the new car’s price.

Want to learn more about trading in your vehicle? Come visit us at Pollard Used Cars.

How the Trade-In Value of Your Car Is Determined

Let’s say you’ve had a vehicle for a few years, and now you’re ready to move on to something new. You probably want to go to a dealership and turn in your old ride to put the cost towards your next vehicle, but you might be unsure how the trade-in value of your old car will be determined. According to the experts at CarsDirect.com, different factors go into determining how much the dealer will pay for your vehicle such as:

Age

The year of your car will play a big role in its trade-in value. Typically, older cars have less value than newer ones.

Make and model

Some brands and nameplates hold their value better than others. For example, sports cars will usually sell for more than a sedan from the same brand.

Condition

If your vehicle has been well-maintained and/or has low miles on the odometer, it will likely sell better than a more damaged car that has been driven a lot.

Popularity

Some cars are just more popular than others. Dealers know that more popular vehicles will sell faster, so they’re willing to pay more from the get-go.

If you have a used vehicle and you’re wondering what kind of trade-in value you can get for it, don’t hesitate to contact us at Pollard Used Cars in Lubbock; we would be happy to assess your vehicle’s trade-in value.

Trade-in value for the Toyota 4Runner