When it’s time for a new car or truck, you’ll most likely need to get rid of your old one. There are plenty of ways to say goodbye to your former car, from trading it in to donating it to a worthy cause. Here are four options for getting rid of a car at the end of its usable life.
Sell to a Used Car Dealer
When selling to a used car dealer, you can usually walk out with a check the same day. If you’re in a hurry to sell or don’t have time to go through the process of selling yourself, contacting a used car dealer may be a good option. The trade-off is that you’ll make less from the sale of your car than with other methods.
Trade-in at a Dealership
Often, when a car reaches the end of its usable life, the driver is in the market for a new car at the same time. Almost all dealerships offer a trade-in option. While negotiating the price of a new or new-to-you car, the trade-in value can be figured into the purchasing package.
If you switch cars regularly, this can be a good option. However, if your vehicle is more than 10 years old, it will probably end up being sold at auction. When this happens, you can expect that the value you’ll receive in trade will be fairly low. Trade-in is a highly convenient option since you don’t have to go through the steps of selling the car yourself.
Donate to Charity
A number of nonprofit organizations accept vehicle donations. Once the charity sells the car, you can use part of that value as a charitable contribution. This can save you some money at tax time. The big advantage of donating is that the organization will handle car pick up. Before selecting a charity, make sure they’re registered and tax-exempt. Be prepared for some paperwork and time making sure everything is in order. Sites like Car Donation Wizard can help you navigate vehicle donations, including selecting an appropriate charity.
Sell It Yourself
From a simple “for sale” sign in the window to nationwide sites, there’s an almost infinite number of ways to privately sell your vehicle. When you sell the car yourself, you’re likely to get the most for your vehicle, but you’ll also do the most work.
You’ll want to make sure that the car is clean and that any minor repairs have been completed. After that, you’ll have to list the vehicle. For a simple start, try the classifieds in your local paper and the area craigslist. Finally, and most importantly, be careful with private sales. Always stay on high alert for potential scams.
That old vehicle has treated you well. When it’s time to let it go, you’ll need to make a choice between convenience and getting the best possible value. Choose based on your budget and how much time you have to commit to selling your car.
Image via Flickr by Robert Couse-Baker, used under CC BY 2.0
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