Private Sell vs Dealership Trade-In

[dntnvme]

we sold three vehicles (yukon and two tahoes) to dealers over the past few years. last one was fall of 22.

got prices from carvana, givemethevin, carmax (they were competitive but closest one is 3hrs away), kbb (which really isn't kbb - they have dealers in your area that are associated with KBB that'll give you an offer) and then several larger dealerships. just a matter of plugging in the info online for all of them and bam - an offer. the dealership route was the same process....just find a few dealers in your area that you'd think would be competitive and they should have a place on their website where you can enter your vehicle's info. 20 mins of your time and you'll have 5+ offers

sold all three to different dealers, one was a large KIA dealer that had a high end used lot - came out of the KBB quote, one was the local ford store (stopped by and talked with them) and the other ended up being a large pre-owned dealer.

on our recent purchases we just traded this past year - did compare with several online quotes and just used them as comps for the trade in values (....said if they'll match this offer we'll do the deal type of thing).

The sales tax credit allowance when trading is probably going to eat up any profit when not trading, unless your state allows for private sales to also offset a purchase. Using a tool like Credit Karma might help you understand your state’s tax rules. it's worth a couple mins searching online to see if your state does.

here's my state's guidelines...

Many people opt for a private sale over a trade-in for the higher payout, especially with a well-maintained 2021 Honda Civic. KBB is a decent guide, but not always fully accurate in real-world sales. CarMax often offers more than dealerships and is worth getting a quote from to compare.

 

[blanchard7684]

If time is not on your side--sell to dealer or to online outfit like carvana.

If time is on your side private sale. Good recommendations here on how to proceed with transaction at the bank or with cashier's check.

 

[RST Dana]

Many dealers match carvana or carmax offers. I sold one recently to a dealer above carmax because it was low mileage and clean.
It you are trading in Ohio, you only reduce sales tax with your trade in, when you are purchasing a NEW vehicle.

 

[Protect1989]

Carvana offered me far more than any dealership could. This was recent and Carvana offered $51,200 while the closest a dealership got was $46,000.

The dealer will always use the “with the tax savings it’s actually a value of $XX,***”. Don’t fall for that. Sell your vehicle for its actual worth, the tax savings are a bonus