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Should I Sell My Car To A Dealership Or Privately?

Should I Sell My Car To A Dealership Or Privately?

Planning on buying a new car and want to sell your old one? Have a second car you no longer need and want to offload it? Do you sell it to a dealership or sell it privately?

 

Our Paris auto loan team explains the pros and cons of both so you can make an informed decision about selling your old car via dealership or privately.

 

Pros of selling your car to a dealership

 

Quick and easy – Selling your old car to a dealership can be done in under an hour and in the comfort of the showroom. You might even get coffee while you wait for the inspection!

 

Convenient – If you’re planning on buying a new car, your old one can be appraised while you’re looking at a new car or are out on the test drive. Everything is handled for you.

 

Guaranteed payment – Sell to a dealership and there’s no risk of bounced cheques, reversed payments or other nefarious tricks people use to rip you off. Dealers usually pay by bank transfer or by taking the value off your new car.

 

Cons of selling your car to a dealership

 

Still slightly less than market value – While prices offered for used cars is higher than ever, dealerships still need to make a profit. The figures will be closer, but there will still be a slight financial cost to selling to a dealer.

 

Pros of selling your car privately

 

Get maximum market value – If you need to squeeze maximum value out of your old car, selling privately will still get you more. Marginally more now but if every cent counts…

 

Sell classic, vintage or modified cars – If you’re selling a niche car like a rebuilt car, vintage, classic or something modified, your only option is usually to sell privately as many dealerships won’t want that kind of car.

 

Wider audience – Advertising the car online should reach the maximum audience in your area. That means potentially more buyers and perhaps closer to asking price offers.

 

Cons of selling your car privately

 

The ad and queries – You have to prepare the ad, check it’s accurate, take dozens of pictures, handle dumb questions, answer dozens of calls, dissuade tire kickers and generally expend a lot of effort.

 

Test pilots – Then there’s the people who just want to drive your car. They have no intention of buying it but just want to waste your time, have a little fun and drive your car for a while.

 

Risk of crime Criminals haunt car sales websites looking for easy prey. Even in nicer areas, selling a car can be a risky business. Especially if you drive a premium or performance car.

 

On balance, we think selling to a dealership offers a lot more in terms of convenience, safety and ease. Now they are paying much closer to market value, what used to be a simple decision is now even easier!

 

When you’re ready for a car lease or loan, get in touch with the Brantford auto loan experts at Northway Ford for great deals on auto finance.

 

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Categories: Car Loan

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