Is trading in your car the right choice?
Buying a car seems like a big choice, but it’s actually the culmination of a lot of little choices. How should you finance? What car should you select? Is trading in your car the right choice? We are here to tell you why trading in your vehicle is almost always the best option.
Does trading in add to your down payment?
One of the nice things about trading in your vehicle is that it adds directly to your down payment. This means your payment is lower and you effectively have more money to yourself each month. It also has the benefit of timing.
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With a trade in, you can use your old vehicle right up until you take delivery of the vehicle you intend to purchase. When you sell privately you could be stuck with the vehicle for several weeks or months. Even worse, you could sell it early and be stuck without a vehicle and forced to make a quick decision.
Do you get more money by selling a car privately?
In some cases, you do get more money for selling privately, but you have to weigh that against your time spent. If it takes you three weeks to sell your car, after numerous postings, wasted meetups, and bothersome texts, how much time did you spend? Your time is valuable, and you should account for that.
In addition, the car selling market, especially in relatively small communities, fluctuates rapidly. One year you may be able to get what your vehicle is worth, the next year you may not be able to give it away. Trading in ensures stability.
Is selling a vehicle privately risky?
Trading in a vehicle is quick, easy, and painless. Often the paperwork can be completed in just a few minutes, and then it’s over and done with. The world is not that simple when it comes to selling a car privately, and even if you know the buyer, there are many risks involved.
If you are meeting a person from the Internet, you never know for sure what their true intentions are, and you could put yourself at risk. You also have a risk of the funds not being delivered properly. Miscounted money, bouncing checks, and empty promises are all risks you have to face when selling privately.