With used car prices dropping, it’s crucial to know the best way to maximize your return when you part ways with your current car.
53 minutes agoFILE - 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. 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.
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.
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. 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.
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