Here are Some Top Ways to Get the Cash You Need
There is a lot of information out there about what to look for when you want to buy a used car to save a little cash and still get a quality vehicle. But there’s not always the same quantity of information about what to do when you are on the other side of that scenario. What do you do when you have a used car that you want to sell?
Fortunately, you have a lot of options. Here are a few things you can do to get the cash you need for your used car, no matter its condition:
If your vehicle is on its last legs, you may think that traditional options for selling it aren’t available. Who’s going to want your car? It needs a new engine, the transmission is on its last legs, and some parts of the body are being held together by duct tape. Though it may be hard to believe, your car still has some value — though, admittedly, not much.
You can sell your car to a junkyard no matter what condition it’s in. Even if you have to tow your car into the junk yard, you can still get some money for it. Junkyards pay cash for cars for the scrap metal. You get paid by the pound, and how much you get depends on the going rate for scrap metal. You won’t get enough to buy a new car, but you will likely get enough for some fun weekend spending money.
Craigslist is a wonderful local tool for buying, selling, trading, and even giving away all kinds of things. You can use it to sell everything from your kids’ old baby clothes to your used car. How much you can get for your car depends on the make and model, age, mileage, overall condition, and recent trends in the market. However, you are likely to get more for it by selling it directly to the consumer than you would by selling it to a dealership.
Know that if you sell a car directly to another person, you are taking on a certain amount of risk. Be sure that you use a secure way of accepting payment, such as a third-party escrow account. You will also be responsible for handling things like transferring the title, which you would not have to worry about with a dealership (other than to sign a bunch of papers).
If you want a bigger market for selling your used car, try eBay. You can sell your car to anyone around the world — assuming that they are willing to come get it or you are willing to deliver it. eBay is a great choice for rare or collectible vehicles since buyers are willing to cast their net wider to buy them. However, you can sell even your plain old sedan on eBay to someone across town.
eBay gives you more options to promote your sale than Craigslist, which can make it a better venue for selling your car. It also has more protections built in, such as a feedback system for buyers, protected payment methods, and buyer and seller protection programs. If you are considering selling your car to individuals directly, you might want to consider eBay for your sale.
Most local dealerships buy cars or give you credit for a trade-in. Some will turn around and sell the car on their own lots, and others will sell them through other means, such as at an auction or at a secondary dealership. When you bring your car in, technicians at the dealership will inspect it to assess its overall condition, including cosmetics and mechanics. Anything can bring down the car’s value, including minor issues like small paint scratches or a missing spare key fob.
Know that you will almost always get less by selling to a dealership than you would an individual. The dealership has to leave room to mark up the vehicle to sell it at a profit, so it will always offer you less than what the market will bear. However, you may be willing to take the lower amount for the benefit of the easier transaction. With a dealership, you just hand over the keys, sign some paperwork, and collect your payment. No risk and no hassle.
No matter what kind of car you drive, you have options for getting cash for it when you no longer plan to drive it. Explore these options to find the one that is right for you.