Selling or Part-exchange: Which should you choose?
Buying a brand-new car can be an expensive purchase – second only to buying a home for most people - but there are other options available.
If you already have a car then it is important to get as much capital from your current car before purchasing a new one.You can choose to sell your car yourself, or even use the vehicle as a part-exchange deal at your local car dealership.
Part-exchange and private selling both have their pros and cons, but by understanding them, you can decide which option will be the most beneficial to you:
If you decide to sell your car off your own back then you may be able to get more money than you would for part-exchange - but be prepared to put in a lot of time. The process of selling a car can take quite some time and you may be waiting on a buyer before you can purchase your new one.
Buyers can pull out of deals when you are with them privately, which could provide a further setback. These setbacks can end up becoming frustrating if you are trying to sell the car on quickly.
If you are choosing to sell your car privately you have a number of options; websites, newspapers and online auctions are all readily available. You can even simply place an add in your local café window. All these have varying levels of success with online being the most popular choice for modern markets.
By agreeing to a part-exchange you can cut down on a lot of time you would spend trying to sell your car privately. The dealer will take the used car off your hands for a set price on the spot, so you can take that off the bill for your new car.
You may get less for your car than selling it privately, but you can complete both deals in much less time than going it alone. Once the car is sold part-exchange, there is no worry of a buyer bringing the car back to you if something goes wrong.
You are also in the driving seat when it comes to negotiations, as the dealer will want to give you a good deal on your car so that you will want to make the purchase of any new or used cars with them.
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