Difference Between Selling and Trading Your Vehicle

While you search for new or used cars for sale it’s common to want to know what your current vehicle is worth. In addition, contemplating if you should trade-in or sell your vehicle is very common. While weighing the benefits of trading versus selling your vehicle, Vern Eide is here to help with some questions, tips, and suggestions. We know used cars for sale in Sioux Falls can lead to many options and we are here to help.

Okay, you’ve found a new or even pre-owned vehicle for sale that you really like and you’re thinking about a test drive. If you have a current vehicle, there are a few options you have: trade-in, sell it yourself, or keep it. We will break down the differences between each and provide some areas to consider before you make the final decision to buy that new or used vehicle for sale in Sioux Falls. First up, trading in your vehicle.

Have you researched what your current vehicle is worth?

If you’ve started this process with outside resources you’ll more than likely find different trade-in values. Some sources provide an estimated range of what to expect while others provide an exact dollar amount. It’s important to complete the trade-in evaluation process with realistic feedback on your current vehicle so you have an accurate estimate. For example, if you say your trade-in is clean but it actually has some bumps, bruises, and dents, then you will start over while your vehicle is inspected. At Vern Eide, our team will do a vehicle walk around on your current ride and discuss everything we find, explaining what will be needed to recondition your vehicle once we trade for it. You’ll know exactly what we will offer you and why.

Do you owe money on your current vehicle?

If you own your vehicle and don’t have any payments left, that means you’ll have more money towards the vehicle you’re interested in buying. If you do owe money on your current ride, no problem! Our lease and finance experts always take the time to walk through all of your options, answer your questions, and make sure you know exactly what’s going on. If you owe money, you can still trade in your vehicle, but the outstanding balance of your loan will probably be rolled into the new vehicle payments. This means your monthly payment will include all monies borrowed and potentially increase your new monthly investment.

Up next is whether or not you should sell the vehicle yourself. Most of the time, selling your vehicle comes down to convenience, patience, and your financial situation. There are resources to help sell your vehicle on your own, some of which consumers look at when they aren’t in a hurry or have an “extra” vehicle they don’t drive as often. This may require additional patience, as it could take a while to find the right buyer that is willing to pay you what you’re asking for. You will also need to meet with prospective buyers and coordinate all of the legal responsibilities, ensuring you get everything right so you don’t face any potential consequences.

At any of our Vern Eide locations, we will buy vehicles without requiring a trade-in. We use a variety of third-party resources combined with current market conditions to offer you a fair deal, and we can pay cash! We walk through all of the steps with you so you know exactly what you’re receiving for an offer. Our no-hassle and straightforward approach is a very convenient and time-saving option if you only want to sell your vehicle.