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Should I sell or trade-in my vehicle?

A question you may find yourself asking is whether you should sell your vehicle to the dealership or if you should sell privately on sites like Autotrader or KSL, or even newer listing sites like Facebook Market place.

It's a tough question, because you will often get more money if you sell it privately. So why trade it in? Here are a few reasons to trade over selling.

Tax Savings

If you purchase a vehicle for $50,000, the state will charge you a state tax fee. Here in Utah its 6.89%, which on $50,000 is roughly $3,445. Now say your trade-in vehicle is worth $38,000, this value is taken off the $50,000 so you will only pay taxes on the remaining balance of $12,000, which would be about $826. That means you will save $2,619 in taxes, so really you're getting $40,619 for your vehicle (so don't sell it online for less than the trade value plus tax savings).

On Your Schedule

If you sell privately, you will soon find out that you're at the mercy of the buyer when it comes to scheduling a demonstration on your vehicle. Often days can go by before a visit with an interested party and in some cases you may schedule a showing, only to have the interested buyer not show. This can be very frustrating and annoying. When selling to a dealer it's on your time, no someone else's. So ask yourself, what is your time worth?

Be Safe

When selling privately you never know who will show up to look at the vehicle. While 90% of people are good, there are those few individuals that aren't. Make sure to never sell/show your vehicle at your home. Find a public place where people will, be like a gas station or a grocery store parking lot. Also, make sure its in the day time or at least well lit area and bring someone along with you. Of course all of those things to be wary of are different at a dealership, so this is something you may want to consider.

The money is good

Dealerships are able to pay immediately with cash, while private buyers may have to arrange finances. In the car industry, getting someone to say 'yes' is just half the battle. It's the financing that's tricky. So again, time will come into play. You may have a buyer for your vehicle that does not have the ability to pay. This will leave you starting the whole process over again from the beginning, wasting valuable time.

There are many things to consider when deciding to sell you vehicle to a private party or trade it in at a dealership. Every situation is different and there is no one right answer. Here at Larry H. Miller Super Ford, we are dedicated to providing an easy, no hassle trade-in process. If you are on the fence about selling or trading in your vehicle, call one of our Super Ford TV members at (833) 888-7388 and let them walk you though our trade-in process. Allow us to provide you with all the facts before making your decision.

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  • Wednesday 8:30am-8pm
  • Thursday 8:30am-8pm
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