According to a recent Edmunds used vehicle report, demand for used cars is dropping and so are their values as the new-car market rebounds from pandemic-induced shortages. This is especially true for 1- and 2-year-old vehicles. So there’s never been a more critical time to know whether it’s better to sell your car privately or trade it in.
Both options have their advantages and drawbacks, and the best decision largely depends on your circumstances, priorities and preferences. Edmunds’ experts run down what you need to know to make an informed decision.
Selling your vehicle privately will likely yield a higher sales price than trading in at a dealership. By doing so, you’re essentially cutting out the middleman. But you’ll likely pay for that profit in the time and energy you spend marketing your car, negotiating a sale, and managing the transaction itself. Whether a private sale is worth it comes down to time — how much you have and how you want to spend it.
When selling your vehicle, expect to create and maintain ads; respond to inquiries; schedule time for potential buyers to view and drive your vehicle; and negotiate over the final sale price. It may take weeks or months. And you’ll need to be sure you know what paperwork your state requires to legally carry out the transaction.
But there are benefits to selling privately. Besides the likelihood of getting more money for your vehicle, you also get final say on who you sell your vehicle to. If you have a strong attachment to your vehicle, you can screen the potential buyers to make sure it’s going to someone who’s going to treat it properly.
Trading in your vehicle at a dealership can be a convenient option if simplicity and efficiency are your priorities, especially if you plan to buy a new vehicle from the same dealership. And it might make financial sense as well.
If you’re concerned with fielding calls and meeting strangers from the internet near your home, a trade-in would be the safer bet. The same can apply when taking cash or a check from a stranger.
Trading in also allows you to get different offers for your car, often from the comfort of your home. You can get offers from online sites such as Edmunds that you can either accept or use as leverage to get a higher offer from other dealers. It may not always work, but at least you have an option to fall back on.
There’s also an often overlooked tax benefit when trading in and buying from the same dealership. Many states allow the value of your trade-in vehicle to be deducted from the sales price of the car you’re buying. In other words, in those states, you’ll only pay sales tax on the difference in price between the vehicle you trade in and the vehicle you purchase. For example, imagine your new car costs $35,000 and the dealer gives you $20,000 for your trade-in. This means you’d only be paying sales tax on $15,000.
A dealership trade is also likely to be more convenient than selling on your own. Certainly car dealers aren’t known for being efficient, but when compared to the time and energy you may spend selling privately, this is a better choice. And you might be able to leverage a discount, trade-in bonus or other incentive when trading in your vehicle to a dealer.
Of course, a dealer needs to leave enough room for its own profit when it flips your trade-in. That’s why you’re likely to get a lower trade value than if you sold privately. Also, negotiating the price of your trade-in at the same time as your new-vehicle purchase can lead to a lot of numbers flying around. The potential confusion certainly benefits the dealer.
The decision to sell or trade in your car depends on your priorities, time constraints and comfort level with the selling process. If maximizing profit and flexibility are paramount, selling privately is the better option. But if you value convenience and efficiency, trading in your car at a dealership is the more practical choice.
This story was provided to The Associated Press by the automotive website Edmunds.
Josh Jacquot is a contributor at Edmunds.
FILE - This photo provided by the Associated Press shows a salesperson shows an unsold 2024 Cooper SE electric hardtop to a prospective buyer as the vehicle sits on display on the showroom floor of a Mini dealership, Wednesday, May 1, 2024, in Highlands Ranch, Colo. (AP Photo/David Zalubowski, File)
MIAMI (AP) — Harrison Bader and Tyrone Taylor each drove in two runs in a four-run first inning, star closer Edwin Díaz was not used in a save situation and the New York Mets beat the Miami Marlins 7-3 on Sunday for just their second win in seven games.
Brandon Nimmo homered and Francisco Lindor singled twice following a 1-for-27 skid as the Mets rebounded from blowing a four-run, ninth-inning lead on Saturday and avoided a three-game sweep. New York stopped Miami’s four-game winning streak.
“You’re not defined by what you do the day before. You’re defined by how you get up from adversity,” Lindor said. “We wanted this one for sure. I think it’s important to win after a tough loss like that.”
Sean Manaea (3-1) allowed two runs and five hits in five innings. Sean Reid-Foley and Jake Diekman pitched an inning each, and Reed Garrett got his second save by allowing one hit over two innings with four strikeouts in a 34-pitch outing.
Díaz has a 10.80 ERA over his last eight appearances after serving up four homers in 8 1/3 innings. He has blown three of his last four save chances.
“We all believe in him. We all know he’s going to be back,” Garrett said. “Whenever my name’s called, I’ll pitch, but I know as a collective unit we all believe in Edwin and we know what he can do.”
New York (21-25) had dropped five games under .500 on Saturday for the first time since an 0-5 start.
“Not an easy weekend, not the way we expected, but we just have to continue to move forward,” Mets manager Carlos Mendoza said. “Today was a huge win for us.”
With New York ahead 4-3, Nimmo hit a two-run homer off Anthony Bender in a three-run ninth that included Brett Baty’s RBI single.
“I was just looking for a good pitch in the middle of the plate to drive,” Nimmo said. “I was able to hit that ball — good launch angle — and hit it hard. Found its way out of the ballpark.”
Nimmo returned to the lineup Saturday after missing two games because of a stomach illness.
“I’m coming around,” Nimmo said. “It’s been a little bit of a journey the last three days to get over the sickness. Right now, I’m just trying to get some appetite back. I’m definitely not at 100%. Just trying to battle through it and glad that I was able to help out there at the end and solidify the win.”
Dane Myers hit a two-run homer in the second, and Christian Bethancourt had a solo drive in the seventh against DIekman.
Sixto Sánchez (0-2) allowed four runs and six hits in four innings. He gave up Taylor’s two-out double in the first and Bader’s single.
“He was obviously better second through the fourth inning but he put us in a hole early,” Marlins manager Skip Schumaker said. “At this level it’s hard to come back from four runs every single time. He’s not giving his teammates a chance to win.”
Miami recalled right-handed reliever Emmanuel Ramirez from Jacksonville and optioned right-handed reliever Anthony Maldonado to the Triple-A farm team.
TRAINER’S ROOM
Mets: DH J.D. Martinez (flu symptoms) didn’t play but was available to pinch hit. Mendoza said Martinez played through the illness the prior two days.
Marlins: INF Tim Anderson (lower back tightness) homered and had three singles in five at-bats during a rehab game with Jacksonville on Saturday, then went 0 for 4 with a walk on Sunday.
UP NEXT
Mets: RHP Tylor Megill (0-1, 2.25) will start the opener of a three-game series at Cleveland on Monday. RHP Ben Lively (2-2, 3.06) will start for the Guardians.
Marlins: LHP Ryan Weathers (2-4, 3.81) is scheduled to start the opener of a three-game home series against Milwaukee on Monday. The Brewers will go with RHP Joe Ross (2-4, 4.61).
AP MLB: https://apnews.com/hub/mlb
New York Mets' Sean Manaea delivers a pitch during the first inning of a baseball game against the Miami Marlins, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
New York Mets' Brandon Nimmo (9) and Francisco Lindor (12) congratulate each other after they scored on a double by Tyrone Taylor, during the first inning of a baseball game against the Miami Marlins Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
New York Mets center fielder Harrison Bader is unable to catch a ball hit by Miami Marlins' Josh Bell for a double, during the first inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
Miami Marlins third base Emmanuel Rivera, right, tags out New York Mets' Harrison Bader as he slides into third base during the fourth inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
New York Mets center fielder Harrison Bader (44) catches a ball hit by Miami Marlins' Josh Bell as both he and left fielder Tyrone Taylor (15) vie for the ball during the fifth inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
New York Mets relief pitcher Reed Garrett, right, and catcher Omar Narvaez celebrate after the Mets beat the Miami Marlins 7-3, during a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
