Selling vs. Trading In

We’re going to be purchasing a new vehicle in the next 1-2 months and I’m struggling to decide how to get rid of the old one. On one hand, I know that we will get more for the car if we sell it outright. On the other hand, trading it in would be easier (I’d imagine).

Here are some things I wonder about:

When to put the old one up for sale?

What if you find a seller before you find your new vehicle?

What if you can’t find a buyer in a reasonable time frame? Then you’re stuck with an extra vehicle.

What methods of advertising have worked best for you (IDO, craigslist, Car Soup, newspaper)?

Anything else?

The car we want to get rid of is a 1999 Olds Cutlass (twin to a Chevy Malibu), so it’s not a real high-demand car. Just trying to decide if the benefits of selling it outright outwiegh the hassles.

I used carsoup for my last sale and sold the car in about 20 minutes, it was AMAZING.

Star and Trib was worthless the last time I tried a few years ago.

FYI, if you trade in, you save on the sales tax. If the new car is $20k and you get $2k for the trade, you only pay tax on the $18k difference.

Obviously, if you have the time and flexibility, you are better off selling on your own. But for 9 year old car and the extra hassels of timing it right, you might just want to trade in.

Think of it this way, if you can be patient and find a great deal on the new car and save a few hunderd on sales tax, you might be able to make up the difference vs the trade in value right there.

I prefer to buy the new car and have an extra for a little while. But I kind of enjoy the hassles of private party sales.

save yourself the hassle of trying to sell it outright and trade it in. The little bit of money you might save just isn’t worth the headaches of trying to find a buyer IMO.

Ryan,

If you decide to sell it, try to factor in what your time is worth. Too many people try to make $200 selling it, but waste days of time waiting for people to come look at it, transfering titles, getting paid, etc when the $200 does not go far.

Let the $200 go, and go fishing

I have a truck on Car soup and Craigslist.
Car soup ($25) 1 call
Craigslist (free) 10 -15 calls.

In my opinion it wouldn’t hurt to put it on craigslist a week or two before you plan on buying and see what response you get.
good luck

Do you pay sales tax on a used car from a dealer? I haven’t bought a used car in quite a while.

You will be lucky to get $500 trade-in from a dealer. First make your best deal without a trade-in, then just before signing, say you decided to trade-in your old car. Depending on the condition, your car may be worth a few thousand if sold privately.

craigslist works great for me.. and its free.

I would check with a dealer to see what your trade in value would be.. prices are negotiable, and they may make it worth it not to deal with the hassle if it will sell a truck for them.

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Do you pay sales tax on a used car from a dealer? I haven’t bought a used car in quite a while.

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Yes, you do pay sales tax on a used car from a dealer or private party. If you buy at a dealer you pay the taxes there. When buy from a private party the state gets you when you go to the DMV to do the paper work.

FDR

Most dealers will do what they call a Dealer sell through if the buyer of your used car agrees to it or you make it a condition of the sale. This is what I have done with my last 3 trucks. I put it up for sale and then when I have a buyer for it the dealer that I plan to buy a truck at does all the paper work and title work for the transaction. The buyer writes the check to the dealer and then that credit is applied to your purchase. You get the best price you can and the tax credit as well. What is in it for the dealer? He gets to show an additional sale on the books for his lot and not have to pay out any commisions to his staff. I know most dealers will do this free of charge but some may charge you $75 for the processing.

As far as what to do if it sells before you find another car. Well the dealer I use gives me one off his lot till he finds the one I want otherwise you can rent a car for about 10-15 a day until you find one.

It keeps all the paperwork and hassel out of my hands and makes sure it gets done properly and the person you sell it to has to transfer the title which alot of times never gets done. Good luck with your search and ask your dealer about the “dealer sell through”

Did you guy’s decide to go NEW NEW?

Good news is it’s a buyers market with either a private party or dealership everybody is Wheeling and dealing right now especially on the SUV’s like you guy’s are looking for.

I’ve always been a private party guy but the dealers are making some good deals also these days. I do think you will be a little disappointed in what a dealer will initially offer you for your vehicle.

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Did you guy’s decide to go NEW NEW?

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Nope, “new to us”

You will typically end up with more money if you sell your car yourself unless it is worth a lot and then you can have an offset in tax on the new one which can help even things out.In your case I think you would be better off selling it yourself but you may or may not want to deal with it.

I just bought a used Suburban and will be selling my 1999 Blazer myself.In fact I was just looking on line at some sites to get an idea on what it is worth.

Biggest thing I have found on selling things quick is pricing it right.It also helps if it is in good shape and well maintained.