I Think It’s Time to Sell My Car - Now What?

There are a lot of options when it’s time to sell  your car. Whether it’s because you need the extra income or the cost of epairing the car just isn’t worth its value, there are many things to consider when  trying getting the best bang for your buck.

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How do I know that it’s time to sell my car?

Sometimes it’s very clear that your car, or the car you just happened to end up with, is done driving or being reliable, and you have to invest in a new one. But now and then, it’s a gray area. Consider the following questions as you are making your decision:

• Do you have another means of reliable transportation to get you to and from work and other important activities?
• Will it cost more to fix and repair the car than the car is valued at? (Look up your car’s value on Kelley Blue Book: kbb.com. Always refer to the “trade in value”.)
• Have you taken the time to inventory your car’s assets and usable parts?
• Is all of the car’s paperwork up to date and in your possession?

If you can answer YES to all of the questions above, you can safely say, I am ready to sell my car. Now, let’s talk options.

What are my selling options?

The three most common avenues for “selling” an older car is private selling, selling to a junk or parts yard, or trading in your car in to decrease the cost of a newer vehicle. There are pros and cons to all three depending on what you’re looking for, but at the end of the day, they’re all great options.

Selling Privately:

This option may land you a little more money since you’re working directly with the buyer and it can seem easy, especially if someone has already made you an offer in passing. Here are a couple things to consider:

• You will be legally responsible for the transaction, so be sure to research your state’s car selling laws.
• Depending how much money you receive, you may have to pay taxes on the sale.
• If you sell to someone you know, it can either boost or strain the relationship.

Trading In:

This selling option will probably offer the lowest payoff, but can be a convenient way to contribute to a new car purchase. Here are a couple things to consider:

• Be ready to negotiate - car lots are known for offering you as little as possible the first couple times around.
• If your car is not running, they may charge you to have it towed.
• Once you trade in your car, you are restricted to buying from that dealer.
• Consider the time of year that you are approaching the car dealers - end of the year is always best.

Selling to a “Junk” Yard:

This selling option is an interesting combination of the two listed above. It offers a unique opportunity to get a little bit more money than your trade in amount, without the legal risks associated with selling privately. Here are a couple things to consider:

• You may need the car’s title, depending on what junk or parts yard you go with.
• You will need to call around and do some researching to find out the differences between various yards and what they offer sellers.
• Junk yards will often pick up or tow the vehicle for you at no cost - sometimes even off the side of the road!
• Do some research to find out the value of the parts of your vehicle, as well as the scrap metal.

If you’re thinking,  you have plenty of options and all of them are made easier through a little planning and some solid research.