Are you ready to take the plunge and purchase a new vehicle? If so, you may be considering the best way to get rid of the one you currently have. There are two main options that people consider when they are selling their vehicle- a private sale or a trade-in.

When you are deciding the best course of action for your current vehicle, it is important to compare the two options first. You will, of course, want to get the most money for your old car, truck, or van. If getting cash for your car is a priority for you, then selling it privately may just be the better choice. However, there are many reasons to trade-in the vehicle, as well. Let’s look at the pros and cons of both.

Private Sales- What are the Pros and Cons?

One of the perks of selling your used car privately is that you will likely get more money for it. You will have the option of setting your own price and sticking with it, especially if you know the car is worth the money. It is often easier dealing with someone on your own time than having to make a deal with a dealership quickly. You’ll have more flexibility and choice.

You can also list your vehicle in a number of different ways, such as through the newspaper, in buying and selling apps, and online through sites such as Jump on Facebook Marketplace and you’ll see tons of advertisements for vehicles!

However, there are cons to selling a vehicle privately. Selling your car yourself can be a downright hassle. You will have to invest the time and energy it takes to list it in multiple areas, respond to messages, answer numerous questions, and set up meetings with interested individuals. Be prepared to deal with buyers who try and make you take low-ball offers. You will also need to be on the lookout for thieves and scammers.

Remember, even though there are some downfalls to selling your vehicle yourself, it is the best way to get the most cash. You should only accept a cash payment or a cashier’s check. If it is a cashier’s check, go to the bank with them to make sure you are not being scammed.

Trade-Ins- What are the Pros and Cons?

There are a number of reasons why you may want to choose to trade in your vehicle over selling it yourself. From a money standpoint, a trade-in can provide you with tax benefits. You may only be required to pay on the difference between the price of your new vehicle and the trade-in value of your old one when it comes to sales tax. It is often easier and less of a hassle to let the dealership purchase your old vehicle for you. It will be a quick transaction, and you don’t have to worry about dealing with multiple strangers coming to your home to check out your car.

The major downfall of selling your old vehicle to a dealership as a trade-in is the price. You’ll generally get less money for your vehicle than if you sold it on your own. It is a good idea to find out exactly what your car is worth before you try and trade it in for a new one. To begin your research, check the Kelley Blue Book for information on what you should expect. You should also give your old vehicle a thorough cleaning before bringing it to the dealer. You will want it to look as good as possible.

There are many pros and cons when it comes to trading in your car and selling it privately. You may be surprised at how much you can actually receive when you sell it yourself.