Pros Of Selling Private vs Trading In Your Vehicle
Trying to decide what to do with your vehicle once you’ve found your next new or used car to buy can be difficult. There are advantages to selling your current vehicle both privately and trading it in but there are also downsides. Knowing what the pros are of both can help you decide what works best for your needs and allow you to proceed with confidence.
Pros Of Trading In Your Vehicle
- Convenience – One of the biggest reasons that people choose to trade in their vehicle when buying something new is the sheer convenience of signing over the title and handing over the keys while they pick up their new ride. And there’s something to be said about how easy it is to do just that when you work with a dealership. No posting ads in the newspaper or online, no answering unknown calls from people inquiring about it. Not to mention meeting strangers so they can take a look at your car, van, truck or SUV. Simply put, trading in your vehicle is a no muss, no fuss way to get rid of the old and bring in the new.
- Time – When you consider the time it takes to get a vehicle prepped for sale, fix any issues necessary, post for sale ads, park it for sale, take calls, meet for test drives and haggle out a sale, it’s not hard to see how some decide the lower trade-in price is worth it.
- Better Option For Financed Vehicles – Whether people still owe money on the loan they took out to finance the vehicle they are currently driving or perhaps even upside down in it (owing more on the loan than it is worth), one benefit of trading in the vehicle is that a dealership will still take it while it’s difficult to sell a vehicle when you technically do not own it and do not have a release of lein to give to supply with the title, while most private buyers are not interested in getting involved in purchasing a vehicle that does not have a title that’s free and clear.
- Immediate Downpayment – Trading in your vehicle in lieu of selling it yourself means you have an immediate downpayment to offer when you purchase your new or used vehicle instead of having to wait to find a seller in however long that takes.
- Trade In Tax Credit – Trading in your vehicle can save you money on the sales tax you’ll pay to the state that selling independently does not allow and this year there’s even more allowed! Since January 1, 2018 in Grand Rapids, car buyers have been afforded a sales tax trade-in credit amount for vehicles delivered on or after January 1 for the price agreed to by the dealer and purchaser for the trade-in vehicle, not to exceed $4,000. That means no sales tax on up to $4000 depending on your trade-in value and the purchase price of your vehicle! So let’s say for example you are buying a used 2017 Ford Escape for $18,997 and the dealership has agreed to give you $4500 for your trade-in, you’ll only have to pay taxes on $14,997 which is a difference of $240! Not too shabby.
Pros Of Selling Your Vehicle Privately
- More Money – Just like convenience is the biggest motivator for people to trade in their current vehicle, getting more money is one of the largest reasons car owners decide to sell their vehicle privately. While it may take more time to get it ready and it may take longer to sell it, chances are that you’ll net a bigger profit when you sell it to an individual versus a new or used dealership.
- More Time To Decide – Unlike taking as much time as you’d like to sell it privately to an individual, a dealership will need a final answer to their top trade in dollar before your new purchase has been finalized. If you have the time and don’t mind the hassle of selling it yourself, this might persuade you to take your chances on selling it privately to an individual.
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Check out our reviews online and buy with confidence!! Family Owned & Operated and with Financing Available, we stand behind our Vehicles and our Warranty so you can be assured your used Car, Truck, Van or SUV will be reliable! Broadmoor Motors is your local choice for Car Sales in the greater Hastings, Middleville, Caledonia, Grand Rapids, Wayland, Byron Center, Dorr, Hopkins, Kalamazoo, Battle Creek, Lansing, Lake Odesa, Kentwood, Holland, Zeeland, Moline, Cutlerville, Wyoming, Hudsonville, Grandville, Jenison, Hamilton, Ionia and Allegan. Ask about our BMG Protection Plan, this is not an aftermarket product! area. Let Broadmoor Motors save you time and money when buying your next quality, Pre-Owned Car, Family Minivan, All Wheel Drive SUV, Commercial Van or Work Truck. Whether you need to replace your current car, minivan, truck or SUV with a great used vehicle, we can help you out. Broadmoor Motors is here for all your Car Sales, and Auto Service needs in the Byron Center, Kentwood, Caledonia, Middleville, Hastings, greater Grand Rapids, Wayland and Barry County area. With three locations to serve you in Wayland, Hastings and Caledonia, we’re here for all your Sales & Service needs. Give us a call at 616.698.9595 in Caledonia, 269.397.2400 in Wayland or 269.320.6304 in Hastings to see how we can get you back on the road!