If you’re short on time and need help selling your car fast, trading in your car can be the perfect solution.There’s a huge market for second-hand cars and dealers are always eager to get their hands on stock to sell. But there is a downside to convenience too. Here we take you through the pros and cons of doing a trade-in.
Pros of trading in your car
When deciding on selling your car, there are several factors to consider. Before attempting to put it on the market yourself, understand how a trade-in can help.
- You deal with one person: You could ask a few dealerships to price your car, but in the end, your whole transaction will be taken care of by one dealer. You simply have to negotiate the price, sign some paperwork and you’re done. It’s the ideal option if you don’t have the time or energy to market the car on your own.
- It’s quick and easy: Private sales take a lot of time and effort. You have to create ads online, answer loads of emails and phone calls, take people for test drivesand deal with the admin of transferring ownership. With a trade-in, it’s all done for you in just a few days.
- Get a better price on a new car: Because a dealership will be keen to get the business of a new car, you will have some bargaining power to wield. If your trade-in car is paid off, the cash can be put towards a new car.
- Don’t stress about nicks and repairs: Most car dealerships would happily trade in a car even if it has a few scratches or needs a service- and they can help you fix it up so that you get more for your vehicle in the end.
- No comebacks: If you sell a car privately, there’s always the chance that a new owner will complain about a malfunction or other problems. You won’t hear any complaints from a dealership as they will manage any issues for you.
Cons of trading in a car
- for your car: A dealer still has to make a profit on your car, which means they won’t give you the retail value for it but rather a reduced price.
- Not all cars trade in well: If you have a very old or less popular model of car, you might not get as much cash as you’d hoped for.
- Limited choice: If you choose to trade in your car for a new car at the same dealership, you will be limited to their stock and availability.
Visit our car advice page for more useful tips.