If you’re planning to buy a new car and want to get rid of the old to make space, you generally have 5 options. We’ll explore those 5 options here and recommend what we think is the best way to sell an old car overall.
We asked our Mount Hope auto loans team to outline the 5 main options to dispose of your old car to make space for the new.
Selling your old car
As we have mentioned, it’s tough to name a singular best way to sell an old car, as it depends on many factors. But to help you make your decision easier, here are the 5 main ways to dispose of your old car.
- Sell it privately
- Sell it to an online car buyer
- Trade it in
- Scrap it
- Sell your car to a dealership
Let’s take a quick look at each.
Sell it privately
Selling a car privately is a very popular way to make a little money for your next car. You can sell using online marketplaces, noticeboards, local ads, Facebook and anywhere that allows classified advertising.
You’ll get the most money selling privately but it comes with a lot of hassle and some risk.
Sell it to an online car buyer
Have you seen those ads for companies offering to buy your car? Enter your license or car’s details, get a valuation and the company will pay cash?
It’s quick and convenient but what many of those companies don’t tell you is that there can be administration fees and if they can find a fault to reduce the offer, they will.
Trade it in
Trading in your old car against the new one is a tried and tested method of disposing of a car. It’s fast, easy and requires very little effort on your part.
All you need to do is prepare the car for trade in, have it appraised while you’re test driving your new car and work out a value. It won’t get you the most money but it’s a low-effort way to sell a car.
If your car isn’t worth much, it’s probably still worth something in scrap or parts. You won’t get much when scrapping a car but you will get rid of it.
The amount a salvage yard will pay depends entirely on the make, model and demand for that car. If parts are in demand, you’ll get a little more. If it’s a less popular model, you won’t get much at all.
Sell your car to a dealership
Selling your car to a dealership is similar to trading in but without you having to buy from us. Visit the dealership, have the car appraised, agree a value and get paid into your bank.
We now pay more than ever before and have streamlined the process to make it as fast and as easy as possible, making it currently the best way to sell an old car in our opinion.
Whether you’re raising money for a new car or just need to make space, we think selling to a dealership offers the best balance between price and convenience.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!