So, your car has become pretty old, and you plan to buy a new one. But what should you do with the old car? Trade it or sell it? It is natural you get confused which option to choose. On the financial side, selling may look a better option. But if you like things hassle free, then trading might be the right choice. You could trade your car in with the help of a reputed dealer who would do all the work for you. You could get reviews and other information related to cars at www.autoindustriya.com.
Do You Owe Money?
The money you owe on your car is also crucial in taking the decision. You would need to discuss with your finance company and round up a payoff amount. It should be preferably less than your asking price. Then only you could consider selling the car. Make a point to note that you do not end up upside down on loan. In case the money you owe is more than what the car is worth, then the only option is to trade your car.
Trading- Pros And Cons
The term trading and convenience go hand in hand. If you are someone who prefers hassle free transactions and can’t keep going behind paperwork and all, then trading would be the ideal option for you. Just find the perfect dealer and the work is done. The dealer will do all the troublesome paper works, and all you need to do is just sign the papers. In case your car has some minor troubles, no need to get it repaired before trading in. The dealer will do all such works. In case the car is in excellent condition, you can use that as an upper hand in getting the price of the new car reduced. These are some of the benefits of trading in.
The main disadvantage of trading in is that dealers will only consider the wholesale value of the car, and never its retail value. Hence, you could only expect to get half the amount of money you would get if you had sold the car privately.
Selling-Pros And Cons
The greatest benefit of selling the car privately would be the financial gain. You could decide the price according to the market rates and sell it to someone who offers almost near to the amount you had planned to sell it for. You could negotiate with the buyers and hold the selling until you get a satisfactory offer. You would get ready cash by selling the car, and you could use that money for buying a new car or for some other need of yours. This is the greatest benefits of selling the car.
Now, coming to the disadvantages part, the tedious paperwork is the biggest setback of selling cars. You would be at the mercy of the buyers and have to wait as long as you get a good customer. You could opt for various options to promote your car sale and wait patiently till you get a good offer. In addition to all this, all the responsibility of paperwork falls on you. If you do not do it correctly and carefully, you will end up being liable for it. You will have to face legal proceedings if things are not done correctly.
So, now that you know the pros and cons of selling and trading, make the right decision that works in your favor!