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Pros and cons of trading in or selling privately

When the time comes to replace your old car with a new one, you normally have two options. Trade it in as a part exchange for your new car. Or sell it privately. But which is the best option? We look at the pros and cons of both options.

Trade in – Pros

When you trade in your car as a part exchange for your new one, you only have to deal with the dealership. There’s no back and forth between you and a potential buyer, instead the dealer should be able to provide an accurate valuation. It’s also normally a lot quicker to get an offer than selling privately. Some dealers will also have extra incentives and may pay you more than the cost of the car to agree on a deal with them.

Trade in – Cons

The dealer will want to make money from their deal, so you might be able to get more money if you sell privately. There can often be hidden fees and administrative costs that are charged after you’ve agreed on the deal. You may also have to have an agreement in place before they give you the final cost of the car.

Sell privately - Pros

One of the biggest Pros for selling privately is that you can get more money than from a dealer. When you sell to a dealer, they will need to make some profit from the deal. Whereas privately, you only have to worry about the money you make from the deal. Having the cash also means you have more flexibility in terms of where you go to spend it, whether it's on a new car or something else.

Sell privately – Cons

When you sell privately, you will have to go to the trouble of advertising the car yourself. You may also have to pay to make sure your car gets seen by potential buyers. There is also the issue of having to arrange viewings of your car, and not everyone who asks to see it will turn up.

So which to go for?

If you know the exact car and dealer you want to buy the car from, then a trade in can provide an easier route. But if you want more money and have the patience to wait for the right offer, selling privately is the better option.

Used Cars  23/10/2018 09:55:33

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