You’ve decided that it’s time to get rid of your current vehicle for a new one. The next decision to make: sell it or trade it in? With either choice there are pros and cons to consider to see what best suits your situation. The best way to make this decision is to be informed of both options so you can weigh the pros and cons and determine what fits your needs.

Selling Your Vehicle

Selling isn’t necessarily the harder way to go, but it is more hands-on work for the person wanting to sell the car. The most obvious benefit of selling your car is that it could lead to more money but there are a few processes to go through. Before selling the vehicle, you need to have a safety check, pick your selling channel, develop and execute the selling ads and manage the calls from interested people which could include test drives and negotiations.

However, if you are able to sell your old vehicle, any additional money made will help you in affording the purchase of your new vehicle. Keep in mind that you could run into overlapping car payments if you are not able to sell your old car before buying a new one, but this can be avoided with proper planning and taking your time with the purchase of a new vehicle.

Trading In Your Vehicle

Trading in your vehicle has one major pro: it’s easy! When trading in your vehicle, the value of your current vehicle is deducted from the purchase of your new vehicle. There are also tax savings available when trading in your vehicle but the main reason many car owners take this route is because it’s so convenient. You simply bring your vehicle into the dealership and they help you figure out all the details. It can also help you build and grow a relationship with the dealership. It is a very efficient option, because you can leave your old car and pick out your new one at the same location.

Whether you choose to sell or trade in your vehicle, there are a couple tips to keep in mind. First ensure that your vehicle is in the best condition possible when showing a potential buyer or bringing it to a dealership. The car must be presentable which means cleaning both the interior and exterior of the vehicle and fixing any obvious damages. This will help you get the best outcome in either situation. To find what avenue works best for you, do as much research as possible so you can make an informed and realistic decision. This will allow you to determine what is best for you and your vehicle and avoid any issues down the road.

Secondly, do your research so you do not miss an important step that could get you into trouble down the road. It’s important to be informed and realistic when you’re trading or selling so find the best avenue for you.

Check out the Newcomer Program booklet.