Not Sure What To Do With Your Used Car? Let These Experts Help You
Written by
Brooke Barley
Edited by
Elizabeth Constantineau
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Maybe you want to upgrade your car, or maybe you’re just not happy with the car you have. You have a lot of options when it comes to getting rid of your used car.
GOBankingRates reached out to automotive experts to get multiple ideas on what to do with your used car. Some of these might be new to you, and might be just what you’re looking for. Here are some ideas for your used car beyond just selling it.
Sell It Privately
Of course, probably the most obvious answer is to privately sell your car. To estimate what your car is worth, you can use plenty of online tools, like Bumper’s value estimate tool. Erin Kemp, Bumper’s consumer advocate, said this a very easy process: “Search by year, make and model to see the market average, or search by VIN to get an estimate for your vehicle.”
Kemp said if you choose to sell your car privately rather than through a dealership, you could be surprised at how much money you get.
“Selling privately may get you more money for the car and spares you from the high-pressure setting of dealer showrooms.” If you do sell privately, Kemp said to make sure you have all of the required paperwork, such as your driver’s license, title, auto history report and maintenance records.
One thing to be aware of is your safety and whether or not the buyer’s offer is genuine.
“It is important to exercise caution in both vetting and meeting potential buyers,” Nigel Tunnacliffe, the co-founder and CEO of Coastline Academy, said. “When you receive an offer that seems sincere, make sure to do a thorough check of the individual’s social media to ensure that they are not a bot or malicious actor. Once you’ve set a date and time for the handoff, make sure to meet the person in a public place to ensure your personal safety. If the buyer is going to pay by transfer rather than cash, make sure to collect the money before handing the car off to ensure that you are not getting scammed.”
Sell It to a Junkyard
“For cars that are beyond repair or restoration, junkyards are a wonderful alternative,” Kemp said. You can do this by having the car’s paperwork, then reaching out to junkyards for quotes. If your car is in really bad shape, Kemp suggested that the junkyard is still your best option.
“Another possibility is to sell individual pieces from a garbage vehicle; no paperwork is required.”
Trade It In
This is a great option if you’re looking to upgrade your car. When you go to a dealership, tell them you’re interested in trading in your used car and purchasing a new one. “Even if the dealer is unable to resell it, they may be able to salvage some of its pieces, which might still be worth something,” Kemp said. “The money they give you for your used car may then be used towards the purchase of a new car from the same dealership.”
Joe Giranda, director of sales and marketing at CFR Classic, said that, although this is a convenient option, it probably won’t get you as much as if you sold it privately. “If you want the bother of selling privately avoided, this alternative is especially enticing. Remember, though, dealerships typically provide less than the value of the private market. Generally speaking, you could get between 10 and 15% less than in a private sale.”
Donate It
If you’d like to feel like you’re making a difference, consider donating your used car.
“Donating your car to a nearby charity is a great way to get rid of it, maximize your tax advantages, and accomplish good deeds,” Kemp said. “Your car’s fair market value may qualify you for a tax deduction even if you won’t get any money in return for your contribution.”
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