Buying a new car? What’s the plan for your old one?
For most people, buying a new car can be an exciting prospect – but it can also be stressful. With so many options out there, it can be hard to know where to start, or how to determine what type of car is going to be right for you. Add in the fact that there have been global supply chain shortages, making the availability of new cars on the lot more difficult, and higher used car prices.
Fortunately, with a few tips and tricks, you can navigate both sides of this process like a pro and drive away with a new or new-to-you car that’s perfect for your needs.
Consider your finances
Above all else when buying a car, you need to think about the financial side of things. Don’t only think about the down payment on a car, but also consider the monthly expenses – the actual car payment as well as maintenance costs. How much are you planning to drive the vehicle? Gas prices may also be a consideration – look at miles per gallon, and total costs of a gas vs. electric vehicle.
If you’re a teenager or recent graduate, then you may need a parent or guardian to cosign a loan as you may lack a credit history.
New, or new-to-you?
One way to save costs when purchasing a vehicle is to choose a used car over a new one. There are pros and cons to each of these options.
With used cars, the cost may be lower – both in the purchase price and insurance payments. There’s more variety to peruse when shopping, as you’re not tied to a particular year or model, and you can sometimes get high-end finishes or features at a lower price point.
New cars tend to have lower maintenance costs and better fuel efficiency. Additionally, maintenance may be covered under warranty for at least a year.
Getting rid of a car
You may be replacing an older car in this process. While it’s time to say “goodbye” to your current ride, it may still have life left on the road or as parts. Here are options if you’re looking to get rid of a car.
Option 1: Sell it
If you’re looking to make money on your vehicle but aren’t looking to replace it with a new (or new-to-you) car right away, selling may be your best option. You can:
- Sell
it to a dealership: This is often the fastest and
easiest way to get rid of a car. To sell your car to a dealership, contact a
dealership that sells your make and see if they’re willing to make you an
offer. Used cars are scarce right now, and your vehicle may be worth more than
you originally planned. Do your research beforehand online to better know your
car’s current worth for negotiating power and consider asking multiple
dealerships for quotes.
If you ARE looking to replace your current ride right away, you can also trade in your vehicle with the dealership. Then, apply the funds from your current car towards a new one. However, this option may only exist if the dealer you’re working with sells your make of car or has similar cars on the lot. You can always ask about trade-in offers and refuse them if the offer isn’t what you expected.
- Sell it yourself. This route requires more work, but it can pay off – literally. It’s common now for people to sell their own cars online or through social media. If you decide to sell it yourself, be sure to get the car cleaned and professionally detailed and have the car’s history ready to show any potential buyers.
Option 2: Donate it
A donation is another option if you simply want to get rid of a car quickly. Many nonprofit organizations will accept car donations, and some will even retrieve the car for you. While you won’t get paid for this, you can claim the donation on your taxes.
Depending on the charity, you can even donate a car after an accident – including if it’s totaled. Be sure to research charities you’re interested in to see what they’re willing to accept, then contact them to sort out details.
Option 3: Trash it
Finally, if all else fails and you need to get rid of a car, you can junk it. This may make sense if your car is totaled or needs many repairs to become functional. Contact local junkyards to see how to get the car to them, and if they would be willing to give you any money for your vehicle.
Whether you’re looking to sell an old car or purchase a new vehicle, one of the best things you can do as a car owner is to take good care of it. Schedule both regular maintenance and any repairs by finding your local repair shop on Carwise: carwise.com/auto-body-shops