{"id":742,"date":"2017-06-15T17:23:41","date_gmt":"2017-06-15T17:23:41","guid":{"rendered":"http:\/\/blogs.rosenhyundai.com\/?p=742"},"modified":"2017-06-15T17:23:41","modified_gmt":"2017-06-15T17:23:41","slug":"should-i-sell-it-or-trade-it-in","status":"publish","type":"post","link":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/","title":{"rendered":"Should I Sell It or Trade It In?"},"content":{"rendered":"

\"\"<\/h2>\n

Tips for making the most of selling your used car.<\/em><\/h2>\n

An interview with Dominick Logan, Rosen Hyundai General Sales Manager<\/p>\n

The first big decision you face before you buy a new car is, \u201cWhat do I do with my old car?\u201d For many people with a can-do spirit, selling their used vehicle<\/a> themselves seems like the best option to make more cash.<\/p>\n

But is it?<\/p>\n

In this Q&A, Dominick Logan, Rosen Hyundai\u2019s General Sales Manager, discusses when you should sell a vehicle yourself and when you should trade it in.<\/p>\n

What do people have to keep top of mind when they are considering selling a car themselves?<\/strong><\/p>\n

You may get more money selling a vehicle yourself, but it takes a certain person to sell a car.<\/p>\n

When you sell a car yourself you are essentially taking on the role of a sales person. You have to deal with strangers, talking with someone you have never met before.\u00a0 Not everyone is prepared for the questions and sometimes the low-ball haggling. Potential buyers may also ask for service records and question how you took care of the vehicle, which you might not have on hand.<\/p>\n

You have to remember too that if you are selling a newer model or an expensive vehicle, say for $15,000, you will need the buyer to come up with a $15,000 certified check or cash\u2014or financing. Not many people have $15,000 cash to throw around.<\/p>\n

Finally, you also take on risk. Are you prepared to have someone meet you at your home? Are you prepared to make sure the person interested in the car has insurance if they want to test drive it?<\/p>\n

In the end, you need to ask, \u201cHow much effort and time do I want to put into selling this vehicle?\u201d<\/p>\n

I have had customers sell a car in the past, but then their next car they say, \u201cI don\u2019t want to deal with the aggravation and people calling me all hours of the day. I don\u2019t want the nitpicking and lowballing.\u201d<\/p>\n

Are there instances when the effort is worth it?<\/strong><\/p>\n

If a vehicle is 10+ years old (or $5,000 and under), it\u2019s normally not a good idea to trade it in.\u00a0 A dealership will take it off your hands.\u00a0 But usually these cars have higher mileage, which makes it costly for the dealership to service to bring it up to standards to sell it. Also, the mileage might be too high for a dealer to be able to sell it for a profit.<\/p>\n

The best time to sell a vehicle on your own is if you have a car $5,000 and under, because at that point, the person purchasing the car has lower expectations. They understand the car is going to have higher miles and a few blemishes.\u00a0 They simply are looking for a good commuter car: a good transmission, a good engine, an a\/c that blows cold air, and a heater that blows hot air. Their mentality is if it breaks down in a year, they still got their money out of it.<\/p>\n

Also, with a car selling for $5,000 or less, you don\u2019t generally have to worry about the person coming up with financing.<\/p>\n

What are the benefits of trading in the car at a dealership?<\/strong><\/p>\n

Benefit #1: the tax benefit.\u00a0 The value of your trade-in car<\/a> is deducted from the sale price of the vehicle, and that will make a difference in the sales tax, depending on where you live. If you live in Chicago, taxes are 9.25%; in Cook County, taxes are 8.25%; and everywhere else is around 7%.<\/p>\n

Let\u2019s say a dealership values your vehicle at $15,000 and you live in a 7% sales tax area.\u00a0 That comes out to $1,050.\u00a0 That means you are saving $1,050, which you would be responsible for if you sold it yourself.<\/p>\n

If you were to sell the car yourself, you would have to sell it for $16,000 to break even with what the dealership offers you.<\/p>\n

Which is why the more expensive the vehicle the better idea it is to trade it in?<\/strong><\/p>\n

Exactly, the more expensive vehicle, the more you save on sales tax.\u00a0 That is why with a vehicle $5,000 or under the tax savings isn\u2019t significant.<\/p>\n

What are other benefits of trading in a vehicle?<\/strong><\/p>\n

If you purchased the car from the dealership you\u2019re trading it in at (maybe it was your 2nd, 3rd, or 4th car from that dealership), they will reward loyalty. To retain you as a customer, they will be more likely to put a little more money in your trade in.\u00a0 They also have the benefit of the car\u2019s service record–if you came in every 7,500 miles to get your oil changed, or did your 15,000 and 30,000-mile check-up\u2014so they know the car\u2019s history. This makes it easier for them to assess what they are taking on.<\/p>\n

On top of it, a dealership takes on the risk of the vehicle. If you sell to a third-party person, and within days they call and complain about the car, you have to deal with the aggravation of finding a solution. \u00a0<\/strong><\/p>\n

Are there certain questions a customer should ask prior to trading in a car at a dealership?<\/strong><\/p>\n

You should gain understanding of how they formulate a car\u2019s value<\/a>.<\/p>\n

I don\u2019t think customers understand the technology that allows us to immediately identify a vehicle\u2019s worth. We can look up the model, and view every transaction by date of what a car of that year, make, miles went for.\u00a0 We can see how many are currently on the market, which lots, and how much they are selling for.<\/p>\n

How does this impact pricing?<\/strong><\/p>\n

Say you bring in a 2014 Elantra with 30,000 miles, and I find it\u2019s worth $10,000, but you think it is worth $13,000.\u00a0 A seller has to understand that we are looking at the retail price of $13,000.\u00a0 You can\u2019t give a customer the retail price for their vehicle because the dealership still has to resell it.<\/p>\n

They have to understand that a dealership has to put money into the vehicle so it meets standards. Certain things decrease the value of their car, most notably mileage to year.\u00a0 Average mileage per year is 12,000- 15,000. To recondition a car with high mileage usually entails replacing tires and brakes.\u00a0 If the car is going to be certified, reconditioning can be even more costly.<\/p>\n

A customer might think this car is beautiful and perfectly maintained, but unfortunately dealers have a standard to uphold to get the car on the lot. And if there are multiple cars like yours on the lot, it will be more difficult to sell.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Tips for making the most of selling your used car. An interview with Dominick Logan, Rosen Hyundai General Sales Manager The first big decision you face before you buy a new car is, \u201cWhat...<\/p>\n","protected":false},"author":1,"featured_media":743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[200],"tags":[26,150,105,201],"yoast_head":"\nShould I Sell It or Trade It In? - Rosen Hyundai<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should I Sell It or Trade It In? - Rosen Hyundai\" \/>\n<meta property=\"og:description\" content=\"Tips for making the most of selling your used car. An interview with Dominick Logan, Rosen Hyundai General Sales Manager The first big decision you face before you buy a new car is, \u201cWhat...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/\" \/>\n<meta property=\"og:site_name\" content=\"Rosen Hyundai\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-15T17:23:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blogs.rosenhyundai.com\/wp-content\/uploads\/2017\/06\/Buy-or-Trade-In-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"830\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/blogs.rosenhyundai.com\/#website\",\"url\":\"https:\/\/blogs.rosenhyundai.com\/\",\"name\":\"Rosen Hyundai\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/blogs.rosenhyundai.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/blogs.rosenhyundai.com\/wp-content\/uploads\/2017\/06\/Buy-or-Trade-In-.jpg\",\"contentUrl\":\"https:\/\/blogs.rosenhyundai.com\/wp-content\/uploads\/2017\/06\/Buy-or-Trade-In-.jpg\",\"width\":830,\"height\":430},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#webpage\",\"url\":\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/\",\"name\":\"Should I Sell It or Trade It In? - Rosen Hyundai\",\"isPartOf\":{\"@id\":\"https:\/\/blogs.rosenhyundai.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#primaryimage\"},\"datePublished\":\"2017-06-15T17:23:41+00:00\",\"dateModified\":\"2017-06-15T17:23:41+00:00\",\"author\":{\"@id\":\"https:\/\/blogs.rosenhyundai.com\/#\/schema\/person\/9e0cae5408de965463f6350706585654\"},\"breadcrumb\":{\"@id\":\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/blogs.rosenhyundai.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Should I Sell It or Trade It In?\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/blogs.rosenhyundai.com\/#\/schema\/person\/9e0cae5408de965463f6350706585654\",\"name\":\"Aim\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/blogs.rosenhyundai.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d5e898942cc03cf758f5bf6911fa5135?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d5e898942cc03cf758f5bf6911fa5135?s=96&d=mm&r=g\",\"caption\":\"Aim\"},\"url\":\"https:\/\/blogs.rosenhyundai.com\/index.php\/author\/aim\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Should I Sell It or Trade It In? - Rosen Hyundai","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/","og_locale":"en_US","og_type":"article","og_title":"Should I Sell It or Trade It In? - Rosen Hyundai","og_description":"Tips for making the most of selling your used car. An interview with Dominick Logan, Rosen Hyundai General Sales Manager The first big decision you face before you buy a new car is, \u201cWhat...","og_url":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/","og_site_name":"Rosen Hyundai","article_published_time":"2017-06-15T17:23:41+00:00","og_image":[{"width":830,"height":430,"url":"https:\/\/blogs.rosenhyundai.com\/wp-content\/uploads\/2017\/06\/Buy-or-Trade-In-.jpg","type":"image\/jpeg"}],"twitter_card":"summary","twitter_misc":{"Written by":"Aim","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/blogs.rosenhyundai.com\/#website","url":"https:\/\/blogs.rosenhyundai.com\/","name":"Rosen Hyundai","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/blogs.rosenhyundai.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#primaryimage","inLanguage":"en-US","url":"https:\/\/blogs.rosenhyundai.com\/wp-content\/uploads\/2017\/06\/Buy-or-Trade-In-.jpg","contentUrl":"https:\/\/blogs.rosenhyundai.com\/wp-content\/uploads\/2017\/06\/Buy-or-Trade-In-.jpg","width":830,"height":430},{"@type":"WebPage","@id":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#webpage","url":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/","name":"Should I Sell It or Trade It In? - Rosen Hyundai","isPartOf":{"@id":"https:\/\/blogs.rosenhyundai.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#primaryimage"},"datePublished":"2017-06-15T17:23:41+00:00","dateModified":"2017-06-15T17:23:41+00:00","author":{"@id":"https:\/\/blogs.rosenhyundai.com\/#\/schema\/person\/9e0cae5408de965463f6350706585654"},"breadcrumb":{"@id":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/blogs.rosenhyundai.com\/index.php\/2017\/06\/15\/should-i-sell-it-or-trade-it-in\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/blogs.rosenhyundai.com\/"},{"@type":"ListItem","position":2,"name":"Should I Sell It or Trade It In?"}]},{"@type":"Person","@id":"https:\/\/blogs.rosenhyundai.com\/#\/schema\/person\/9e0cae5408de965463f6350706585654","name":"Aim","image":{"@type":"ImageObject","@id":"https:\/\/blogs.rosenhyundai.com\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/d5e898942cc03cf758f5bf6911fa5135?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d5e898942cc03cf758f5bf6911fa5135?s=96&d=mm&r=g","caption":"Aim"},"url":"https:\/\/blogs.rosenhyundai.com\/index.php\/author\/aim\/"}]}},"_links":{"self":[{"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/posts\/742"}],"collection":[{"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/comments?post=742"}],"version-history":[{"count":2,"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/posts\/742\/revisions"}],"predecessor-version":[{"id":745,"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/posts\/742\/revisions\/745"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/media\/743"}],"wp:attachment":[{"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/media?parent=742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/categories?post=742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.rosenhyundai.com\/index.php\/wp-json\/wp\/v2\/tags?post=742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}