What is better to sell a car in the street or trade it to dealer?
I currently have two cars. One is paid for and the other one is a 2013 Ford Fiesta I owe about 11k and has 29k miles on it. A friend will give me $9500 but I have to pay the rest. If I do this I will not have a car as a back up or to travel because the paid off car is old and not reliable for long distance travel. What should I do. Sell the car to my friend or trade it off to a dealer and owe about the same?
Why? I'm just trying to get rid of the Ford cause its too small…
In general you will always fare better selling the car yourself. When you trade in a car to a dealership, they will pay the wholesale value at best. In this case, you are what is known as "Upside down" in the car, meaning you owe more than it is worth. If you trade this car in, and purchase a new car, the dealership will simply roll what you owe into the financing of the new car putting you instantly upside down in your car before you put mile one on it.
So, it's best just to swallow the pill all at once. Sell it to your friend and pay off the balance and then you are out clean. If you need to travel long distance, rent a car. Get a Costco membership and look for cheap car rental deals. There are always specials.
Sell thyself.
Does your friend have the 9000 on him? Or does he have to get it or borrow it or wait for it? And after you settle up with the lender for the extra 1500 and the title I spose you are back at square one. Would it not be better to use your 1500 as a down payment at the dealership trading on a new car? If the offer on the 2013 Fiesta is too low you can say no. You could even use both trade-ins if necessary… And be sure to drive and compare both the Fusion and the Taurus… Get er done
If you have the time and a vehicle in good shape, then sell yourself. But if you want to get rid of a best up vehicle quickly, trade in.
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