When selling your car, you want to realize your vehicle's true market value or as close as possible. Many people are selling a car to provide funds to buy a new one, or it simply means putting some cash in their pocket. How you decide to sell your car it's up to you. But there are significant pros and cons to the two most popular methods. You can choose to either send your car directly or to a dealer. Here are the key pros and cons of both.
Selling through dealers
There’s no denying that this is the fastest way to sell. It’s the most hassle-free for sellers, as the dealer will take on most of the responsibility. If you're dealing with a company that has a track record of trustworthiness and a positive reputation, this may be the most cost-effective approach.
The dealer you work with will manage most, if not all the paperwork, including any title transfers and bills of sale.
This is the fastest way to get some cash for your car, as most dealers will pay you on the same day of the transaction.
Depending on the quality of your car, you may drive straight into a dealership and make a deal today.
Selling your car to a dealer is a safe option which offers you a tremendous level of protection from fraud
Some dealers may accept vehicles in “as is, where is” condition.
You may have to incur car dealership fees.
- You may receive a lower cash value from dealers as compared to direct car sales.
Direct car sales
Direct car sales are becoming increasingly popular, especially with the variety of apps and online dealing platforms available. There are some undeniable advantages, but also some disadvantages of selling your car to a direct buyer.
You may get a higher value for your car.
Some older model cars remain popular with certain buyers which may be willing to spend more.
- No fees to be incurred through dealers.
Private sales may take a significantly longer period to close.
You open yourself up to the possibility of being scammed by scammers on online car sales websites.
You will need to take time out of your busy day to meet potential buyers.
You have to be present at LTA during the procedure to facilitate the ownership transfer.
- Prior to the ownership transfer, you need to ensure that your vehicle is free from any outstanding loans or fees from any financial institution.
There are many aspects to consider and take note of when deciding to sell your car. If you have any queries related to car sales, our team at CarVault have you covered. We are here to look after all your car sales needs, feel free to contact us today.