Depreciated Value for your Vehicle

You might be excited to purchase a new vehicle, but at the same time, question how to handle the sell of your current vehicle. Different options are available, such as trading in the car and selling the vehicle yourself. There are pros and cons to both options. And if you need to act fast, you need to consider what it takes to sell a car.

Some may argue that it’s quicker to trade in a vehicle. This is when a dealership purchases your old vehicle. It’s a straightforward and simple transaction, but not necessarily the best choice. Talk to anyone who has traded in a car and they’ll tell you that dealerships don’t give top dollars for trade-ins. And if the dealership’s offer is less than what you owe on the car, the negative equity is attached to your new car loan.

Selling the car yourself in one way to avoid this hassle. Sure, it’ll take longer and you’ll have to meet with several people. But in the end, this can equal more cash in your pocket. But don’t sell a car without knowing a few tips and tricks. Educate yourself on how to sell a car to increase your chances of a quick sale.

What Is Your Car Worth?

Knowing the actual value of your vehicle is the first step to selling your car. Whether you decide to sell yourself or trade in the car, you’ll sell yourself short if you don’t understand the car’s value. Granted, this isn’t easy to determine. However, several tools can help you acquire an accurate figure.

You might go online and check websites like www.kbb.com and provide basic information about your vehicle. This includes your make, model, year, mileage and condition. This website also provides information on trade-in value – in case you decide to go this route.

Additionally, you can contact dealerships to learn the value of your car. Several dealership websites, such as www.kengarffused.com, feature online forms where you can request a trade-in appraisal. If the resale or trade-in value of your car is less than expected, understand that cars depreciate differently. Certain cars hold their value longer than others. These include Hondas, Toyotas, Cadillacs and Acuras.

Tips to Maintain the Value of Your Car

Your car’s worth determines how much you’ll receive from a sale. The more you profit, the better. You can put this extra money toward the down payment on your new car, or save the cash.

Here are a few tips to help your car hold it’s value.

  • Limit customizations. Make the car your own, but don’t go overboard. A custom interior and exterior might suit your taste, but not others. This not only turns off future buyers, but lowers the value of your vehicle.
  • Fix repairs. Scratches and dings can hurt your car’s value. Make needed body improvements before selling the car, and only use trusted auto body repair shops. Preferably shops that can provide factory parts.
  • Keep it clean. A nice exterior wash and a detailed inside can add value to your car. Besides, people are more likely to purchase a car that’s been well maintained.

The decision to sell yourself or trade in the car also depends on your availability and desire. If your schedule doesn’t allow constant test drives, or if you don’t want to handle the transaction on your own, a trade-in is your best bet.

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