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Step 6: Old Car -
Trade-in vs. Private sale |
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There are two basic choices when deciding what to do with your old vehicle:
sell it privately or trade it in.
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Selling it
privately
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You may receive a higher price but like most things, it will require additional
work. First you must establish a value for your vehicle. Watch automotive
internet advertising section for similar vehicles. It will help you set
a fair price based on your local market.
Be honest about the price and condition of your vehicle. You don't want to
scare away potential buyers with an unrealistic price.
Advertise your vehicle online at www.autoindia.com. Be sure to list the make,
model and options, along with other pluses. Low mileage and certain features
will raise the price of your vehicle.
Prepare your vehicle for resale by having the car cleaned and detailed by a
professional automotive shop. Having your car cleaned gives you an edge over
other vehicles in the market. An attractive car can justify a higher selling
price.
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Trading in your
vehicle |
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This may be a way to go; the only drawback is that you may not get the best
price. Trade-ins are easy because the dealers do all the paperwork and title
transfers. The amount of tax may be based on the total sales price. This price
may be reduced by the amount of the trade-in; thus less taxes would be
assessed. The value of your trade can also provide you with a down payment for
the new vehicle, provided you have equity in the vehicle. Remember, when you
trade in you will generally receive less for your car than you would if you
sold it outright. The dealer who accepts your trade must build in a margin for
profit if he is going to resell your old vehicle. You will typically receive
what is known as the wholesale value for the vehicle. Trade-ins are easy but
you will pay for that convenience.
Generally speaking dealers will pay between 10-20 per cent less for your car
than if you were to sell it privately. If the car's condition is a bit rough,
it may be best to trade it in. But if it's a tidy low-mileage car, it would be
better to sell privately and put the cash towards your new car.
Here’s a list of things to do in preparation for a trade-in or a Private sale:
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Wash and wax the exterior
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Thoroughly clean the interior fabrics, vacuum the carpet, and remove any debris
such as food wrappers, coins, aluminum cans, etc.
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Change the oil and oil filter. The dealer will check the
dipstick to make sure the car’s engine has been properly cared for.
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If any repair work needs to be done, get an estimate on
the cost. The value of your car is lessened with every flaw, so know exactly
how much repairs will cost. This will help you arrive at a fair value for your
trade.
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