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Should you trade or sell?
Here are some of the negatives and positive!
Now that you have your know your financing type you can go on to the next step or go back if you need help with your credit report!
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First, determine whether you would like to trade it or sell it on your own.
Trading in:
Now trading in your vehicle will be faster, easier and will entitle less headaches. You will also receive additional savings on sales tax by trading it in. Plus you eliminate the process of having to deal with a bunch of strangers in order to sell it privately.
If you still owe money to the bank, you might need to carry some negative equity towards your new loan and by trying to sell it privately, you will have to convince your buyer to pay you upfront so that you may go to the bank and get the title after you pay the negative equity out of your own pocket.
Selling it privately:
On the other hand if you decide to sell it privately, you will usually get more money than trading it in. This will help you keep your negotiation focused on the vehicle you are buying. You can usually sell it on a website like Cars.com, or Yahoo!Autos, post it on Craigslist.com for free or put a sign on it and park it in a high traffic area.
How much is your vehicle worth?:
There are many sources available that can help you determine what your vehicle is worth.
The most common way is by using Kelly Blue Book to get an estimate of what your vehicle is worth by looking at trade-in value and private party value if you plan on selling it privately.
There are also many used car lots in your area that purchase vehicles all the time. Just stop by and let them know that you are planning on selling it without mentioning that you are buying soon and see what they offer you. (You might be surprised to get more than you bargained for, especially if they have a buyer for it.)
1. How to Budget
Make sure that you don't spend more than you should. |
2. Choose Vehicle
Car, Truck, SUV or Van? 2-door, large, third row? |
3. Trade In?
Should you trade or sell your vehicle outright? |
4. Car Shopping
Find out where you can get the best prices online. |
CHAPTER 2
