There are a lot of
options when it’s time to sell your car. Whether it’s because you need the
extra income or the cost of epairing the car just isn’t worth its value, there
are many things to consider when trying getting the best bang for your buck.
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How do I know that it’s
time to sell my car?
Sometimes it’s very
clear that your car, or the car you just happened to end up with, is done
driving or being reliable, and you have to invest in a new one. But now and
then, it’s a gray area. Consider the following questions as you are making your
decision:
- Do
you have another means of reliable transportation to get you to and from
work and other important activities?
- Will
it cost more to fix and repair the car than the car is valued at? (Look up
your car’s value on Kelley Blue Book: kbb.com. Always refer to the “trade
in value”.)
- Have
you taken the time to inventory your car’s assets and usable parts?
- Is
all of the car’s paperwork up to date and in your possession?
If you can answer YES to
all of the questions above, you can safely say, I am ready to sell my car. Now,
let’s talk options.
What are my selling
options?
The three most common
avenues for “selling” an older car is private selling, selling to a junk or
parts yard, or trading in your car in to decrease the cost of a newer vehicle.
There are pros and cons to all three depending on what you’re looking for, but
at the end of the day, they’re all great options.
Selling Privately:
This option may land you
a little more money since you’re working directly with the buyer and it can
seem easy, especially if someone has already made you an offer in passing. Here
are a couple things to consider:
- You
will be legally responsible for the transaction, so be sure to research
your state’s car selling laws.
- Depending
how much money you receive, you may have to pay taxes on the sale.
- If
you sell to someone you know, it can either boost or strain the
relationship.
Trading In:
This selling option will
probably offer the lowest payoff, but can be a convenient way to contribute to
a new car purchase. Here are a couple things to consider:
- Be
ready to negotiate - car lots are known for offering you as little as
possible the first couple times around.
- If
your car is not running, they may charge you to have it towed.
- Once
you trade in your car, you are restricted to buying from that dealer.
- Consider
the time of year that you are approaching the car dealers - end of the
year is always best.
Selling to a “Junk” Yard:
This selling option is
an interesting combination of the two listed above. It offers a unique
opportunity to get a little bit more money than your trade in amount, without
the legal risks associated with selling privately. Here are a couple things to
consider:
- You
may need the car’s title, depending on what junk or parts yard you go
with.
- You
will need to call around and do some researching to find out the
differences between various yards and what they offer sellers.
- Junk
yards will often pick up or tow the vehicle for you at no cost - sometimes
even off the side of the road!
- Do
some research to find out the value of the parts of your vehicle, as well
as the scrap metal.
If you’re thinking, you have plenty of options and all of them are
made easier through a little planning and some solid research.
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