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When it comes to owning cars, a lot of people go beyond their transportation needs. They pay large sums for luxuries like CD players and navigational devices, and often struggle to meet monthly car payments. Even when you can afford your car, sometimes life throws you a curveball, and any slump in your finances can mean that selling your car is the most viable option for you. If or when you decide that your “debt on wheels” is costing you more than its worth, then it’s good to know and go through your options.
Before blindly selling your car however, consider a few things to see if there’s still some value in your car.
With these steps in mind, read through the options available to you.
The most common and usually the best option is to sell your car. You’re likely to get more money selling it yourself than trading it in at a dealership, especially if your car is quite old. If you decide to list your vehicle online, then do research on its value, and look for how much similar cars are selling for. This can be quite a lot of work, and you can risk losing money from listing fees from deals that fall through, so be cautious with these sites.
Instead of selling your car to an individual, consider selling your car to a company that will give you cash for your car. This is going to be the quickest and easiest way to get rid of your car, and there’s no harm in calling or asking for a quote online to see if the company will offer you the price you want.
One option is to go back to your dealer and ask about trading in your model for a cheaper one. Many dealers will incentivise you to stay with the same brand, and will offer you a reasonable return policy. The trade-in value can often be negotiated, so you can include the car’s price, taxes and extra costs in the whole purchase package.
Unfortunately, this option is only really viable if your car is still relatively new. The value of a vehicle depreciates very quickly, so even after owning it for just a few months, you may owe more on your car than it’s worth. Ensure you check the current value of your car and how much you still owe before you decide to go with this option. Trading in your used car doesn’t necessarily mean you no longer owe any money on it.
Some people sell their old cars for scrap metal. This is a good option if you have a very old car that’s almost impossible to repair or cannot be made to be roadworthy. You can call your local salvage yard ahead to see if they’ll actually take your car when you drop it off, or you can call a car removal company who can pick up your car from your residence. Some even offer free online quotes so that you don’t have to go through the hassle of driving your car to a scrap yard. This option can definitely make getting rid of your car a simple, stress-free experience!