When you want to trade up for a better ride, finding the financing might not be as easy as you think. If you have a current car to sell, then you might be wondering whether selling it on your own is a good idea, or if you should just trade in your car to get the “new” used car you crave. If you trade in your car, it is equal to putting down a nice down payment, and sometimes it can eat up a good chunk of your financing costs.
Trading in a car
There are many advantages to trading a car in instead of selling it yourself. The biggest one is that it is much easier than going through the rigors of selling it on your own. When you take your used car into Ride Time to trade it in, we will make you an offer onsite. You can then use the money we offer as a down payment to trade up. There is no hassle with the many documents that you have to work with when selling a car yourself. Ride Time takes care of all the legalities, so all you have to do is say “Yes” to our offer and it is all done. You can drive in with the used car you no longer want and drive out with the one you have been dreaming about.
Many people worry that if they trade in their car, they won’t get what it is worth. While it is true that you might get less money when you trade in a car, you have to consider that the dealership will have to fix it up to resell it and that will likely take parts, labor and repair costs. Also, in most states, you have to pay a sales tax on any car that you sell independently. So if you trade in your used car and accept $3000 for it and you buy another used car that is $7000, you only pay sales tax on $4000. If you were to sell the car independently, you would have to pay sales tax on the entire selling price. Many times people go through the hassle of selling their used car themselves, only to find that they would have gotten the same amount from a trade-in after taxes are paid — to say nothing of the time they wasted on selling the car.
Selling a car yourself
While it is true that you will probably get more for your car by selling it yourself, it might not be as easy as you think. Selling your car can take a lot of time and work. First, you will have to get it cleaned up and ready for sale, which can sometimes mean making costly repairs. Secondly, you may have to wait for someone to purchase it. If it isn’t a popular make or model, then it might take awhile to find the right buyer.
Taking the time out of your schedule for people to come see the car is a huge inconvenience and might come at a cost to you if it takes a long time to sell. Although the additional money you may be able to get for your used car might seem alluring, it might not be as advantageous as you think when you add it all up.
If you are wondering whether you should trade in your used car to buy a new used car from Ride Time or suffer through selling it yourself, you should really ask yourself how much time you want to invest and whether investing the money and time is worth it to save you money. Sometimes people spend dollars to save pennies. If you wait to sell your car and you have your eye on another one at Ride Time, you may also miss out on your new ride because someone else beats you to it. It is often better to trade in your car and take a bit less money but be done with it, and not have your used car be your problem anymore. Come into Ride Time today to see what your car is worth to put it towards some pretty awesome new wheels.