Both options are readily available, but which represents the better option of the two?
Trading in Your Car
Taking a look at trade-ins first, the vast majority of dealerships these days support trade-ins of some sort. The idea is that you hand over your previous vehicle for some kind of incentive on the vehicle you drive away.
Nevertheless, there are pros and cons to trading in a car to consider, which include the following:
Selling Your Car
The alternative option is to sell your car, which remains the preferred approach for many. As outlined above, the biggest downside of trading in is the way in which dealers base vehicle values on book values at the time. You can attempt to haggle if you like, but it rarely works.
Selling a vehicle privately has been simplified enormously by the Internet. These days, it’s possible to publish listings on high-profile online retail sites in seconds, with the potential to reach millions of possible buyers across the UK. But at the same time, there are pros and cons to take into account, which include the following:
The Bottom Line
Truth is, there’s no simple answer to the question. It all depends on the type of vehicle you’re getting rid of, its value at the time, market demand, the vehicle you intend to buy and so on. Not to mention, what kinds of incentives may be on offer at the dealership.
As such, it’s important to consider all available options and to do your homework, before deciding which way to go. Both trading in and selling could save you a fortune on your next vehicle – it’s up to you to decide which of the two is best.