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Find out which option suits you best
Last updated: May 2014
Deciding whether to trade in or sell your current car can be a difficult decision. Many buyers prefer the simplicity of trading in their current car at the dealer, even though they may not get as much money. Others choose to do the legwork and find a suitable buyer and get a better price. Here are some tips to help you make the decision.
Trade in
It's an easy way to get rid of your current car. Just give it to the dealer.
You get less money than if you sell it yourself. At best, you can expect to get the wholesale value of the vehicle.
You can use the trade-in amount as a down payment on the new car.
To get the best price, you'll likely need to negotiate trade-in value with an experienced salesperson.
There is a tax benefit. Most states only charge sales tax on the difference between the trade-in value and the price of the new car.
I'll sell it myself
This requires significant effort, including placing ads, taking calls, dealing with strangers, and taking test drives.
Typically, you'll get the most money for your car, somewhere between the retail and wholesale value of the vehicle.
You may not be able to sell your current car until you buy your new car. So you cannot use the money as a means of payment. If the old car isn't paid off, there may be an overlap in car payments until you sell it.
You will have to negotiate with a buyer, but most people usually do not have as much experience haggling as a professional car salesman.
You may have to pay more VAT on the new car, but if you get more money for the old car by selling it yourself, you can still come out ahead.
Used Car Buying Guide
Learn more about choosing a used car, avoiding a lemon, buying and selling a used car, pricing and financing and more in ourguide to buying used cars.