There’s Never Been a Better Time to Sell (or Trade) Your Car

The pandemic has caused a ripple effect in the car industry, namely a chip shortage that has strained inventory and driven up prices. On the surface, it sounds like more bad news, but if you’re preparing to sell or trade your existing vehicle, it’s actually a good thing. Sell your car or trade it in soon and you’re guaranteed to get top dollar, especially if it’s an in-demand model.

With so many avenues to pursue, where should you start? It’s a question many would-be sellers struggle to answer. The first step is to decide that you definitely want to get rid of your vehicle. People decide to sell or trade for many reasons, but it may be as simple as wanting a newer, more technologically-advanced model. Some sellers are just looking to reduce their fleet, while others had a life change that requires selling their car quickly.

Whatever the reason, there are some fundamental rules of thumb to follow as you decide the when, where, and how part of selling or trading a car. Here we review some great tips and tricks from insiders and industry experts who understand the car business. Now’s the time to take advantage of an unprecedented set of conditions and receive top dollar for your vehicle.

Pros and Cons of Selling

When you choose to sell your car outright, you’re probably not planning to replace it. Otherwise, you might want to consider trading it in. Selling your car can be as easy or as complex as you want. A lot depends on where you decide to do the transaction. If you go the route of a private sale, you’ll be adding lots of extra paperwork and time, not to mention the potential for scammers to enter the equation.

Also, googling around to find a buyer via an aggregator like TrueCar, CarFax, or Carvana can lead to plenty of misunderstandings and stress. These systems rely on a sight-unseen filtering tool to come up with a value based on data that has nothing to do with your specific car. Sure, it’s a great way to get an idea of what your car is worth, but oftentimes if you follow their process, it results in plenty of wiggle room on price and a less-than-reliable exchange.

If you’re looking for the fastest distance between deciding to sell and making it happen, you’re always better off contacting an authorized dealer. Our trained staff understands how to adapt to quickly changing market conditions. We also see more buyers every day than most non-traditional retailers, so we can offer top dollar knowing we’ll have no trouble reselling your car to a new buyer.

When you sell your car, the benefits include collecting the cash and walking away free and clear. This includes satisfying any outstanding loan or lease balances. You’ll be free from the other costs of ownership, too, including insurance premiums. When you sell, you remove the vehicle and all associated responsibilities from your daily life, and with today’s red hot used car market, you’ll walk away with lots of cash in your wallet.

Pros and Cons of Trading

Trading your vehicle is the de facto decision of most sellers who are looking to immediately buy a replacement. When you trade your car, the value goes against the price of the new one you’re buying, thus reducing out-of-pocket costs at the time you buy your new car. Also, buyers who trade in their old vehicle might end up having access to unique benefits not offered to everyone.

Brand loyalty is a big goal for any automotive manufacturer. If you’re currently driving a Subaru and you want to trade it in for another one, the automaker wants to reward your loyalty. As a current Subaru owner, it’s very common to receive loyalty discounts or access to special financing or lease rates. Also, your dealer is best equipped to not only accurately value your trade but also give you the highest price because they’ll be very familiar with resell opportunities.

For other buyers who don’t drive a make that matches the one they want, trading is still a great choice. For starters, any dealership can help you unwind from your current lease or loan if your desire to buy comes before you’ve paid off your current vehicle. Also, dealerships are fine with cars, trucks, SUVs, or vans of any age or condition. Dealers have relationships with brokers and third-party auction companies, so they can transition vehicles that don’t meet the standards required to become part of their used vehicle inventory.

When you trade your vehicle for a replacement new or used one, your dealer has a vested interest in putting together the best possible offer. First, they want to earn your business, which means they’ll work hard to give you the best price for your trade. Second, they hope to offer you enough that you’ll feel comfortable selecting a model and trim that will give you years of driving enjoyment. Trading your car allows your dealers to stay involved every step of the way and be in the best position to support you.

Which Avenue Is Right for You

Historically, a case could be made for selling your car privately to get top dollar. That simply isn’t necessary any longer, though, because demand for used cars is at an all-time high. Also, dealerships are very well equipped to provide a competitive purchase price despite market conditions. You’d be surprised at how well you’ll do in an outright sale to an established automobile dealer.

When you go the route of selling your car to a dealer, you completely eliminate excessive paperwork and all the other hassles that go along with selling privately. Don’t underestimate the investment of time required to see a private sale through to the finish line. You’ll have to write an ad (or two), pay to post it, then screen calls, emails, and texts from prospective buyers. You’re also taking a risk because scams are common.

Either way, the decision to sell or trade boils down to what you’re doing next. If you’re walking away from the car and don’t intend to buy another one, you should definitely sell your car. However, if you plan on rolling right into a replacement vehicle, going the trade-in route makes good sense. It’s also important to note that dealers don’t discriminate. They’ll take even the oldest, most mechanically-challenged cars on trade.

Your life gets a whole lot easier the second you decide to trust a dealer with the transaction. Say goodbye to confusing classified ads or sketchy app-based buying outfits. Instead, you can stay in your community and work with a live human who has the tools and expertise to handle your transaction professionally. Factor in all the time you’ll save by single sourcing your sale, and it begins to resemble a complete no-brainer.

Finding the Right Buyer

When you’re ready to sell or trade your old car, be sure to partner with a dealership that understands your specific needs – at Richard Lucas Subaru, we are one such dealership. Sellers are different from those who are trading, and how those transactions are handled matters. In general, selling a car should be quick and easy, and we work hard to make it easy. Simply drive to our dealership, ask for an inspection, and get your offer. Sign a few papers and head home with a check in your pocket.

When you trade your car, you’re transitioning into a new vehicle. That means we will consider the entire transaction, not just the value of the trade. At Richard Lucas Subaru, we have access to loyalty discounts, special finance rates, and other savings that can drive down the price of your car. Also, we’ll be able to talk in detail about what you did and didn’t like in your old car. Having that piece of the puzzle means we’re better equipped to guide you to your dream car, and who doesn’t want that?