It’s so easy to trade in your old car when you’re buying a new one these days.
Car dealers make it easy, but that’s because it’s in their interest.
You might feel you’re getting a good deal on your old car, and it saves the hassle and time of having to advertise and sell it privately.
But you could be missing out on potentially thousands of pounds as the trade-in value is often much lower than the price you could get from a private sale.
So, what are the pros and cons of each option?
- Trading-in – advantages
Trading in your old car makes the new one more affordable.
It’s quick, easy and hassle-free.
- Trading- in – disadvantages
You will never get as much money for the car as you would with a private sale. The car dealer has to make a profit when they sell it on so they will look at the guide price for your car and offer the minimum value for it.
There may be some negotiation involved, which not everyone is comfortable with.
- Tips
If you go for this option, always make sure you’re fully clued up about your old car’s condition. Do some research, see what other cars of similar age and condition are selling for. And if you don’t want to haggle, take someone with you who will.
- Selling privately – advantages
You will get a much higher price as there’s no profit margin requirement.
If your car has special features or modifications, that could boost the price. A trader will look at the guide price and not take these features into account, but they may be just what a private buyer is looking for – and is prepared to pay for.
- Selling privately – disadvantages
It takes time and effort to get your car to a sellable condition advertise it, meet potential buyers and so on. It can often take weeks or months to sell and time-wasters will become the bane of your life.
- Tips
Again, it’s important to fully understand the value of your car and price it accordingly, so do your research.
At Find & Finance we can offer a third way which combines all the advantages of selling privately and trading in, but none of the cons.
Once we have sourced your new car, we can help you dispose of your old one and we always aim to achieve the optimum value for it.
We will fully prep your old car to make sure it is in prime condition ready for resale, we can advertise it on the most appropriate websites and manage sales enquiries.
If you would like to find out more about how we can help you, email us at support@find-and-finance.com or call 0333 006 3825.