You never know when or why you may need to sell your car. A financial pinch can come from anywhere. Or, if your fortunes are bright, you are in the market for a new vehicle. Regardless of the reasoning, knowing where to sell your used car is the first step to getting rid of an old vehicle.
Unfortunately, not every avenue for selling your vehicle is as simple as clicking a button (we’ll get to that, though). So knowing the pros and cons of each option is crucial to making your decision. At the end of the day, it is your financial investment, and you should be able to maximize your profits.
Have no fear, we are here to help. Here are is where to sell your used car and the pros and cons of each method.
1. Sell it to a Dealership
Ah, the tried and true method of car dealing. Find your nearest dealership and work with them to sell your used car. There’s a reason that this method is still the most popular, but is it as proficient as it might seem?
Positives
After all, there is still a multitude of positives in selling your used car to a dealership. Ultimately, it is the most efficient option. Dealerships will handle all of the paperwork and dirty work. All you have to do is make the decision to sell to them and agree on a price.
Furthermore, if you are looking to upgrade your vehicle, the dealership can make this process quick and easy. They can transfer the payment of the used car to the price of the new vehicle and handle the finances. It’s a simple process. If you are not a car savant or are in a rush to move a vehicle, this is always a safe option for where to sell your used car.
Negatives
The issue becomes that of worth. Usually, any transaction that relies on efficiency will cut profit amounts. Henceforth, the car dealership is willing to offer you less than other methods due to the expedient process. Just looking up your vehicle’s worth on sites like Kelley Blue Book will show that the trade-in value is significantly less than private sales.
Consequently, the time and effort it takes to sell your car on the private market may be worth the profit achieved. You must decide what’s more crucial for your process. Time or profit?
Also, do not forget that car dealerships are attempting to spin a profit. This is not to balk or criticize the profession, but the employees are salespeople. If you are not versed in the art of car dealing, you may find yourself in an unfortunate situation. Plenty of people have been scammed by unsavory car dealerships.
2. Sell it Yourself
We’ve all been bullish once or twice. You can do it better yourself, right?
We live in an age where you can post your used car on Craigslist or Facebook Marketplace without a hassle. Forget the dealerships. Well, taking the independent approach to where to sell your used car isn’t as bad as you may expect. But it does involve some extra legwork.
Positives
Selling your car privately leads to the most profit. It’s as simple as that. At the end of the day, you are the negotiator in the transaction, not a dealership. You can set a base price and allow potential buyers to reach out to you. As far as deals go, you have the upper hand. You are in control.
As stated, you will notice on value websites that private sale prices are exponentially higher. This is due to two factors. One, you are in control of what you ask for the vehicle. Two, you are not in a rush to sell your car. You can wait for the right buyer to come along.
This leads us to the negatives.
Negatives
Times is money, or whatever they say. Selling your car privately takes time. It also takes an ample amount of effort.
Posting your car on Facebook may not lead to a plethora of offers within minutes. If your car is not a hot commodity, or popular in the used car community, then it may take time to get interest. These postings also require that you include information, appealing images and contact information. Henceforth, it takes a bit more work to get your car sold via private websites.
Even after creating a stellar post, you still have to meet with potential buyers. You have to show off the car and provide answers to any questions. If your car is hard to sell, this process can begin to feel like a full-time job. If efficiency is crucial, other methods may be worth the drop in profit.
Furthermore, if you are not particularly knowledgeable about your car or the market, you may find yourself at a disadvantage. Not being able to answer specific questions or ask for a reasonable price may make your car selling process longer and more arduous.
3. Sell it to a Friend
Have a friend in need of a vehicle? Have a car wasting away in your driveway? Boom. Problem solved.
Selling your vehicle to a friend or family member is a fantastic way to get rid of your used car. At the end of the day, there’s nothing better than selling your vehicle and helping out a friend in need. Avoid all the hassle and keep your car within the family.
Positives
The positives are pretty obvious here. Not only is selling your car to a friend quicker, but it is also easier. Think about it. If you are transparent with your friend, you do not have to spruce up the vehicle or try to fix small issues. You can tell them upfront what the car needs and intimately discuss the sale.
After all, there’s no easier negotiation than with someone you know and trust.
Negatives
Overall, it’s hard to pinpoint the exact negatives of selling a car in the family. But there is an array that may spring up.
Do you feel comfortable making a profit off of a friend? Do you feel obligated to drop the price because you know the buyer personally?
If new issues with the vehicle do arise, will they blame you for lack of honesty?
Sometimes it’s easier to just sell an item to someone you don’t know. This can help personal matters or emotions from creeping up into the selling process. But, if you are sure of your friend and your vehicle, there isn’t much that can go negatively.
4. Sell it to a Car Buying Agency
Time to talk about ourselves (my favorite thing to do).
Looking for an alternative for where to sell your used car? Tired of dealing with private messages and seedy dealerships? Well, you’ve come to the right place.
Car buying websites like Sell My Car Colorado can make the transaction easier. In fact, we make selling your car easier than ever before.
Positives
I can do this all day.
Sell My Car Colorado will buy your used or junk car immediately. One of our qualified dealers will give you an offer. If you accept, we will come to pick the vehicle up from you. Even if it is inoperable, we will tow it free of charge. You don’t have to leave your home or office.
Furthermore, we will offer you valid and fair prices for your vehicles. We also guarantee $100 more than the competition. Plus, we sell cars, too. So if you are looking to upgrade your vehicle, we can make the process simple.
Remember how I noted that selling your car wasn’t as easy as clicking a button? Actually, it can be. That’s what we strive for at Sell My Car Colorado.
Negatives
If we thought our business plan had negatives, we wouldn’t have started it in the first place.
What can a possible negative be? It’s too easy?
All jokes aside, the only negatives are that of small efforts. First, you must contact us for an offer (so hard). Second, to ensure you get the best possible offer, you must ready your car for sale. Take the time to clean and spruce it up and have the correct paperwork on hand. In fact, we wrote an article explaining what exactly needs to be done!
If you are looking for a new and advantageous way to sell your used or junk car, contact us today.