Guide to Selling a used or new car

When you're looking at selling your car, there are pros and cons for both selling it yourself and trading it in a dealership.

Selling your car on your own is usually a good idea. You can often make more money on your vehicle by selling it outright rather than by just trading it in. You can always expect to get more than the wholesale price. But selling your car yourself takes a lot more work than just driving to the dealership for a trade-in. You’ll have to go through the hassle of advertising, taking phone calls, and showing the car.

If you have made major cosmetic or mechanical improvements to the car recently, be sure to boost your price accordingly. A new set of high quality tires, a rebuilt engine, a replaced transmission still under warranty, or a top-of-the-line paint job will add to the value of the car and you should be compensated for those upgrades that make your vehicle more reliable and desirable.

Your investment in a little car maintenance and cleanup can reap big dividends when selling a car. Minor maintenance that will cost you little but will enhance the appeal of your vehicle. Remember, it’s always smart to price your vehicle just a little bit higher than what you are willing to take for it. That way, the buyer can negotiate for a slightly lower price and feel good about it!

Word of mouth is very effective. Tell your friends, relatives, colleagues, and anyone else you know that you have a car for sale. If your network of contacts is big enough, you might be surprised at how much interest you generate in your vehicle.

Online classified ads are quickly becoming the most effective way to advertise cars. There’s always the traditional way; just put a “For Sale” sign in the window of your vehicle with your phone number and a few other details, such as model year and mileage.

If you intend to buy a new vehicle, the simplest thing to do is to trade in your vehicle. "Trade-in" means you swap your old car at the dealer's for the new one and pay the difference in price. The advantage about a trade-in is that it's less hassle and in most cases, you pay taxes only on the amount of the difference. However, the disadvantage is that the dealer will offer you a lot less than what you would be able to get selling it privately.

Even if you don't want to buy another car, but want to get rid of your old vehicle fast, selling it to a dealer may save you a lot of time. You can offer your vehicle to different dealers or used car lots and sell it to the one who will offer you the best price.

It is sometimes helpful to ask a friend or relative to take the car for a test drive. Many times they are able to hear or see something that you might not notice.