Getting the Most Out of Your Trade-in or Sale
If you are new to the car-selling process, it is only common to feel overwhelmed with where to start. Should you trade in your vehicle at a dealership? Sell privately? Or get an appraisal from a professional? Weighing each option’s pros and cons is critical before deciding. Thanks to the COVID-19 pandemic, used car values are currently uncharacteristically high. If you’re looking to sell your car, now is a great time! There are more options than ever when it comes to selling your vehicle. To help you out, we’ve put together a guide for each method and some of our favorite sites to give you cash for your used car.
Prepare in Advance
Before you begin trading alternatives, you should have a starting point for what your automobile is worth. If you want to find out how much your car is worth, the Edmunds used car appraisal tool can give you a good idea. You can search for an offer on your car with just your vehicle’s VIN or license plate number. More about that later.
Doing online research on similar cars to the one you want to trade in is also a good idea. This will help give you an estimate of your car’s market value. Remember that trade-in prices are usually lower than what you would get from selling it privately or through a dealer.
Trade-In with a Dealership
Shoppers enjoy the convenience of trading in their old vehicles since it combines all automobile-related chores into a single visit to the dealership. They avoid the hassle of selling their old car, and, as an added benefit, the dealer takes care of all DMV paperwork. Trading can also save you money on state sales tax in certain jurisdictions.
Getting a vehicle appraised at a dealership can sometimes take a while, so we advise calling ahead of time to make an appointment. Although, these days, more establishments are willing to do remote appraisals. With this option, you would send them a few photos along with the car’s VIN, and in return, they will estimate its value via email or text message. If you want more information on how the whole process works, check out our article “How to Trade in Your Car.”
Appraisals by a Third Party
A third-party appraisal is one completed on a non-dealership website. In some circumstances, you will have to take the car to a participating dealership to finish the sale. These appraisals are generally speedy and often provide you with an immediate price. Nevertheless, they rely heavily on the seller’s integrity in revealing the condition level of the automobile.
If the dealership finds that your car doesn’t match the report, they will adjust the price. Be truthful about your car’s condition and read the descriptions carefully. If you have been in an accident, don’t forget to include that information on the form.
Here’s a list of third-party trade-in options arranged in alphabetical order:
Autotrader: Did you know that Autotrader offers an “instant cash offer” in partnership with Kelley Blue Book? You must input a few details about your car online and then wait a few minutes. Once the process is completed, you’ll receive an estimated value for your vehicle. These offers are free and last for three days at participating dealerships. And if that’s not enough incentive, they will either give you a check for your car or apply the value toward purchasing a new vehicle!
You’ll need to provide your contact information to obtain the offer, so you’ll likely receive a few calls and emails from dealers wanting to acquire your car. As we previously stated, be truthful in your responses to the questions regarding the vehicle’s condition level since the offer is subject to change as a result of the dealership seeing it. Many think they will receive an immediate offer when they trade in their car. While it is true that you will receive an email with a request, it is essential to remember that this offer is only the starting point. The actual trade-in appraisal will take place at the dealership, and this process can take some time. Because dealerships need more time for their examination and then must enter their findings into Autotrader’s tool to validate them, there’s more time spent.
CarMax: CarMax is a good place to check out if you’re looking for a new vehicle. With over 215 locations throughout the country, they’re likely to have what you want. And if they don’t? They’ll pay off your old automobile “even if you don’t purchase theirs.” Edmunds has had great results with this business when selling long-term test vehicles, and they frequently receive services and pricing that exceed our expectations. The used automobile chain’s offer wasn’t always the greatest, but we were given a fallback option. We also had the opportunity of whether or not it was worth our time to try to improve their initial offer.
A CarMax salesman once told us that their checks don’t bounce, and we recommend making an appointment for the free inspection in-store. The inspection process only takes around half an hour, and the trade-in offer lasts for a week. If you’re looking to get rid of your old car, some customers have found that it’s best first to negotiate a deal for a new vehicle elsewhere. They can then sell their old one to CarMax, where the prices are often more favorable than at a standard dealership.
Edmunds: Edmunds’ new online feature allows sellers to generate an instant cash offer for their used cars. You can get a confirmed offer in minutes with no personal information required by simply providing your VIN or license plate number and answering a few questions. The best part? The offers are good for seven days at participating dealerships — four days longer than Autotrader’s!
The Edmunds instant offer provides a no-obligation method to determine your car’s value and receive a firm price. You may then pick whether to accept the offer right away for convenience or use it as a basis to increase upon in a private sale. The Edmunds estimate, along with a car listed for about $1,000 above the offer on a free online classified site like Facebook Marketplace, is another efficient approach. If you don’t sell your automobile in six days, you may still take advantage of the Edmunds offer at a cooperating dealership before the offer runs out.
The dealership will still need to verify the condition of your car, like with most deals, but you can make an appointment for a professional inspection that should only take half an hour.
Kelly Blue Book: If you’re looking for an estimate of your car’s value, Kelley Blue Book (KBB) is a great resource. Like Edmunds, KBB offers new and used car pricing information and a free “instant cash offer.” Remember that the dealership needs to verify the KBB price within three days, and you will need to give them your contact information before finishing the purchase process. They may call you after receiving this information.
Private-Party Sale
What if you received a lower offer for your automobile than you had anticipated? Your best option is to sell it yourself, but that takes time, comfort with talking to strangers, and basic knowledge of safe driving techniques. If you decide to go this way, this article will get more detailed. For the time being, here are a handful of places to sell your automobile privately.
Autotrader: Autotrader is a site that specializes in private-party sales. The website provides purchasers with a nationwide collection of possible buyers and allows you to include a vehicle history report in your advertisement. With Autotrader, we’ve had good results, which gives us some exposure while still attracting genuine buyers. You’ll need to be patient and flexible with your timeliness; try different price points to reap the most benefit.
Craigslist: The low five-dollar listing fee on Craigslist makes entry into the market easy, but be aware that you will likely wade through many time-wasting offers from bargain hunters or fake buyers. It’s not easy to recommend this since you won’t know who the buyer is, and it might be difficult for you to sell your automobile elsewhere. If you’re selling on Craigslist, make sure the buyer meets you in person, pays you in cash, and completes the transaction in a public place.
E-Bay Motors: The second option is to submit your vehicle for sale on eBay Motors, which has been around for some time and offers an auction-style listing or a conventional classified ad. The auction may be worth considering if your automobile is a classic or hard-to-find model. People may contact you before the sale ends to make a bargain on the side, but we recommend waiting and contacting those people as a backup plan if anything goes wrong.
Concluding Thoughts on the Best Place to Sell a Car
The ideal location to sell your automobile strikes a balance between the amount you desire and the time and effort involved in getting it. Private selling may provide the most profit. However, it might take approximately a month. If you’re searching for something quicker and more flexible, we think Edmunds’ immediate offer has the most flexibility and is the greatest choice for you.