Key Points:
- Many of us turn to retailers like CarMax when we want to sell a vehicle
- In today’s car-selling market, many options are available, from online marketplaces to specialty buying platforms.
- This list can help you maximize your profits and find the best option for your specific needs.
Selling a car can feel overwhelming, especially when you’re trying to get the best price with the least amount of hassle. Many sellers automatically lean toward using well-known retailers like CarMax, but that’s far from the only option available. Alternative routes could put more money in your pocket or speed up the process, depending on your timeline, the condition of your vehicle, and how much effort you’re willing make.
From online marketplaces and dealer trade-ins to private sales and specialty buying platforms, today’s car owners have more flexibility than ever before. Each method comes with its own mix of convenience, control, and potential profit. Understanding the pros and cons before making a decision is important. Exploring multiple selling avenues can help you maximize your return and find the option that best fits your needs.
To compile this list, 247 Tempo reviewed some of the most well-rated methods to get top dollar for your vehicle.
1. DIY
The good old-fashioned way! When you sell your car on your own, you obtain the greatest profit. You remove the middleman, which allows you to pocket the entire amount. Granted, selling on your own takes more effort on your part, but if you have the time and willingness to follow through, it’s your best bet.
2. Carvana
You can get a quote online with ease and they’ll swing by and pick your vehicle up for you. If you want a hands-off sale, they take care of it all. The price may not match that of a private sale, but you won’t have any hassle. When time is money, it makes sense to offload this task and let the pros handle it.
3. Dealership Trade-In
Maybe you want to sell your car and get an upgrade. In that case, trading it in at a dealership makes the process fast(er than CarMax). The price likely won’t match what you’d get through a private sale, but you can drive off in a new car and leave the old one behind, which is a pretty great feeling. You walk in to let go of the old and drive off with something new and shiny.
4. Used Car Dealership
A local used car dealership would be great if you trust your negotiating skills. A bigger chain may give you a “take it or leave it” answer but a local dealership may have more wiggle room. Brush up on your negotiating skills and walk in confidently with a number in mind. These transactions tend to be swift, which puts money in your pocket sooner than later.
5. Online Marketplace
You have several options if you want to list your car online. If you use Facebook, try the Marketplace. Complete a dive into any interested parties to ensure their profile pages aren’t questionable. Craigslist is an option, but it could be a little tricky considering you’re dealing with complete strangers. You might also try Autotrader, which offers more organization.
6. Peddle (For Older Cars)
If your car is older than 2018 and you want to sell it, try Peddle. They are great to work with when you have an older vehicle that isn’t running well (or isn’t running at all). Maybe you got into a car accident and there’s damage, and you’re thinking no one would buy it. Peddle is your answer. The process is rather quick, and they can swing by and pick your car up within two days. As soon as they pick it up, you get paid.
7. Auction
If you have a unique vehicle that you’re trying to get top-dollar for, an auction may be the way to go. Depending on the auction, you may be surprised by the offers you receive. The downside to the auction is you can’t pre-approve the price. The highest bidder wins.
8. Donate to a Charity
There may be cases when a vehicle is too far gone. Or you may not want to go through any hassle, even if it means handing it over to a service that handles the transaction for you. If you’re out of options or you just want to quickly get rid of your old car, you may just donate it to a local charity. They, too, will send someone to pick it up and remove it for you. You won’t receive a payment for it, of course, but the donation is tax-deductible, so you can hand the proof of donation over to your CPA and enjoy some tax savings while feeling satisfied about your good deed.
The image featured at the top of this post is ©Gleb Usovich / Shutterstock.com.