Are you in the Idaho Falls area and in the market to buy a used car? If so, chances are that you are also looking to sell your current car. Here you will find information on the best option for you to sell you car, either selling it privately or as a trade-in deal when you buy your new car. There are advantages and disadvantages to both, so I’ll go over those with you here.
Advantage to Trade-In:
- The process is simple, easy and little to no hassle. The car dealership will evaluate your used car, and give you an estimate on how much money you will get if they were to buy the car from you (in exchange for you purchasing a new vehicle from them).
- You can use the equity of your current car towards the down payment of your new car.
- You can trade-in a car that you still owe money on. The dealership will contact the lender and pay off the balance for you, and then will apply any outstanding balance or equity towards the purchase of your new car. This way, you will be able to get a new vehicle without having to sell your current car first.
- Once you trade the car in to the dealership, you can forget about it. The dealership will never call you again about that vehicle, even if there are mechanical problems that occur after the deal. Sometimes if you sell your vehicle privately, the buyer might come back to you and ask for assistance in paying for mechanical issues that they didn’t realize were there when they bought it.
Disadvantage to Trade-In:
- If you trade in your vehicle, you won’t receive as much money for your car as you would if you were to sell it privately. When dealerships buy used cars, they do it with the intent to make a profit off your car. Even though the process is much simpler to trade-in your vehicle, it does come at a cost. You will have to weigh what is more important to you, receiving more for the vehicle through a private sale, or a hassle free process.
- Sometimes the dealership won’t want to take your car in on trade-in. This usually occurs if your car won’t turn a profit for them. Common examples of this is when they already have multiple used cars on the lot that are the same as yours, of if there is an economic reason for buyers not wanting the vehicle (i.e. low gas mileage, recalled vehicles, etc.).
Depending on your current situation and what is more important to you (money vs. a hassle-free process), you can then decide how you want to sell your used car. For me, money is more important than the hassle-free process of trade-ins, so I usually list my car for sale online, such as Craigslist or KSL.com (Utah and Idaho region). If I’m having problems selling my car, then I will pay a little bit and list it in the Idaho Falls Post Register in the classified section to get more visibility.
I hope this article was helpful to you. I wish you the best of luck with your Idaho Falls used car selling and buying process.