Should you trade in your used car or opt for a private sale?

If you are in the market for a new or pre-owned Honda

, you may be wondering what your current vehicle can bring to the deal. Trading your car in can reduce the cost of your next car purchase, however it might not always be the most cost effective. It is important to consider your options before you begin the search for your next vehicle as selling a car via a private sale might take some time. Here we look at the some of the pros and cons of trading in your older model versus selling it privately.

Trading in pros.

Time- You don't have to worry about how long it might take to get money for your trade in. Honda dealerships are able to look at your car and give you a quote as to how much they are willing to offer for your used car immediately, eliminating the need to wait for a private sale to go through.

Condition- Honda dealers have the opportunity to sell cars at auction. This means a vehicle that might have difficultly getting a good price through a private sale, still retains some value to the dealer who will be able to recoup the cost at auction. If the interior or exterior of your vehicle makes it less than appealing to a private buyer, using it as a trade in is probably the better option.

Trading in cons.

Price- If you have a vehicle that is in good condition and you have the time and patience to wait for a private sale to go through, this is recommended for a higher price. Again, this is due to the fact that dealerships are going through a lot of vehicles and while they may offer a fair price for your car, a private buyer will likely beat that price.

Warranty- Your current used car is still under warranty which is great if you are transferring the ownership to another private buyer. This will increase your asking price, however a dealer may not consider the warranty when determining a price.

Whether you take your used car to a Honda dealership to be considered as a trade in or sell it privately is largely determined on the condition of the car and how much time you are willing to wait for a sale.

Should you trade in your used car or opt for a private sale?

By: Rob Stockton

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