Selling and buying a car is never an easy decision. You have to take into account your car’s value, how much the other party is willing to pay, and the paperwork that needs to be done. So do you trade-in or sell your car? As with all things, which is better is entirely subjective and depends on your situation. Here is a breakdown of the pros and cons of trade-ins and selling your car.
Trading-in is when you give your old car to a car manufacturer, dealer, or digital used car platform in exchange for a new car. Nowadays, this can be done in person or online.
When selling a car, you can choose between selling it via consignment, car dealer, or direct buyer. In either case, you will be getting money in exchange for your car.
Trade-in Pros and Cons
One of the biggest advantages of trading-in is the convenience. You get a new car with the price offset by the value of the old car. You also won’t have to bother with paperwork!
However, your car will almost definitely be sold at a lower price than your car’s actual value. This is because of the low levels of competition between dealers. If you go to an authorised dealership instead, they will not only value your car lower, they will also take a cut as profit.
Selling Pros and Cons
Selling your car on your own has several advantages over trade-ins. The first is that you have full control. You can bide your time and wait for someone willing to fork out more for your car. And when you do decide to sell your car, all the money is yours.
Nevertheless, this requires lots of patience and dealing with people. If you aren’t a people person, it might be harder to extract a good deal. You might not even find a buyer! If you happen to be buying a new car as well, you may not sell your car before the new car arrives! That way you would be paying the installments of two cars instead of one! Aside from that, all the paperwork that would normally be done by the dealers or digital used car platforms has to be done by you.
The Best Course of Action…
is using a digital used car platform. If you are not able to do paperwork or need a car immediately while saving money, a digital used car platform like myTukar will be best for you. Not only does myTukar’s platform allow you to sell your car online, it also allows bidders from all over the country to bid for your car. This creates competition and increases the value of your car. You can also trade-in your car with myTukar, essentially selling your old car and using the value from your sale to offset the price of your new car. In either case, myTukar will take care of the paperwork for you!