If you want to buy a new car or SUV, you may need to get rid of the one you already have first. Few people can buy a new car and keep making payments on their old car at the same time. Even if you own your car outright, it costs a lot to keep two cars running. Why get insurance for two cars if you don’t have to?
So, once you’ve decided you’re ready to sell your car, you need to decide how you’ll do it. Do you want to sell something on your own? When you buy a new car, you might want to trade in your old car. But have you ever thought about selling your car to Carmax?
Here, we’ll talk about what’s good and bad about the different ways to sell. We’ll also look at what people have said about selling their car to Carmax.
What’s the Difference Between the Various Sale Options?
You can sell your car in a number of different ways. If you’ve already paid off your car, you can sell it privately, trade it in, or sell it to a company like Carmax. If you still owe money on your car loan, you can’t really sell it privately.
No matter how you decide to sell your car, you’ll need a few things:
You should get an evaluation. Whoever wants to buy your car will want to know how much it is worth. And you need to know how much it’s worth so you can ask for the right amount. The buyer will also do their own evaluation to make sure your price is fair.
You will need an honest title. Some people, believe it or not, lose their title and can’t find it when it’s time to sell their car. If this happens, you’ll have to go to the DMV to get a new title. Remember that many private buyers won’t accept a duplicate title. They don’t believe it.
You must have your registration. It has to be true and up-to-date. It must also only be in your name. If anyone else is on the title or registration, they will have to agree to the sale and sign any sale papers.
What are the Benefits and Drawbacks of Selling Your Car Privately?
If you want to sell your car on your own, there are both pros and cons. You can set the price when you sell your car this way. You can hold out and wait for a higher price if you are willing to wait for the right buyer. When you trade in your car, you don’t have to do much haggling. It’s also nice to decide how your car is sold. For example, if you have a sentimental car, you might only want to sell it to someone you know will take care of it.
There are some pros to selling your car on your own, but there are also a lot of cons. Here are some of them:
It could take a long time to sell.
You have to put up ads on local websites and answer a lot of questions.
People who say they want to buy your car but aren’t really interested can waste a lot of your time.
It’s hard to find people who can buy your car with cash.
You have to meet people for test drives and other things. It’s inconvenient and takes a lot of time.
Why Wouldn’t You Just Trade Your Car In?
If you want to buy a new car, it seems like you should just trade in your old one. But that’s not always the best thing to do. Car lots want to get you into a new car as soon as possible. They try to get you to buy a car the same day you go into the shop. This means they may offer you a low trade-in price because they know you want a new car. The trade-in value of your car is also inflated by dealers to get you to buy a more expensive new car. For example, they might offer you $1,000 more than your car is worth to get you to buy a car that costs $5,000 more than you had planned. This makes a lot of sense to them, but not to you.
It May Be Better to Sell Your Car to Carmax
People have been selling their cars to companies like Carmax instead of trading them in or selling them on their own. Carmax probably has ads on TV that you’ve seen. You might have even heard radio ads for them. They advertise because they want to sell their cars to as many people as possible. So, they can raise the price and then sell it to someone else at a higher price. When you sell your car to Carmax, you get some of the following benefits:
You get a written offer, not just an estimate or valuation over the phone.
You leave their store with payment in hand; there is no waiting time.
They will make sure that your current loan is paid off.
They aren’t as concerned with how clean your car is as a private buyer or a dealership.
They will buy your car even if you don’t buy a car from them.
You’ll get a free estimate in just a few minutes.
If you live in certain regions, you can even get your appraisal online
What Have People Said About Using Carmax?
Before you decide if selling your car to Carmax is a good idea, it’s a good idea to find out what other people have said about them. Most of what people have to say is good. They agree that it’s easy and quick. But some people have said that they could have gotten more money if they sold it privately. But you have to deal with both the good and bad.