Choosing how to sell your car is a decision we all face at some point in our lives. But which road should you go down – do you part exchange or do you sell elsewhere? It’s important to weigh the pros and cons of both options and see which one best suits you, and to help you make that decision we’ve looked at the advantages and disadvantages of both.
Do you part-exchange?
Probably the simpler and less time-consuming option of the two, with part exchange the dealer you decide to buy your next car from will take your car off you for a set price, and that amount will be deducted from the value of the car you intend to purchase. All you need to do is bring your car to the dealership, sign a few pieces of paper, hand over the keys and drive away in your new car. It couldn’t be simpler.
With part exchange you remove the hassles associated with selling your car, however there are some downsides. The chances are you’re likely to receive less than you would from selling your car, you have to buy a car from that dealer and there’s usually not much movement in their part exchange offer.
The part exchange route is one to consider if you’re after a quick turn round time, minimal hassle, and have decided on a car with a particular dealership.
Should you sell?
If you decide to sell your car there are two options available. You can either sell your car privately or sell your car to trade.
If you choose to sell your car privately, do not expect an overnight sale. Selling privately can take time and effort, so you’ll need to put in the work to make your car sell. There’s quite a few ways to sell your car privately online that incur a minimal cost, so you have quite a few channels to choose from. Be mindful that when it comes to selling privately, you will come across a few window shoppers doing no more than enquiring. You’ll also need to be flexible with your car viewing times and expect a few price hagglers, especially at time of viewing. Also, you’ll have to consider whether you’re comfortable taking large amounts of cash from a complete stranger.
However the benefit from all this could be that you receive more money for your car, especially if your car has clocked up quite a few miles.
The other option available for when it comes to selling your car is to sell it to trade. Over the years companies that offer this type of service have boomed, all offering to buy your car off you same day with cash paid. There has previously been a bit of bad press around the more mainstream avenues we see advertised regularly, but there are other options. You can look to sell your car to a franchised dealer group, who offer to buy your car from you and may offer a collection service. Plus you get the security of knowing you’re dealing with a reputable company and not just an online car buying service.
Each method comes with its pros and cons, and very much depends on your situation. If you want to sell your car quickly, then selling your car to trade or part exchange is your best option. If you want the maximum possible return then consider selling your car privately.