Are you a car owner who has been trying to sell your vehicle for months? If so, you may come across online listings that say “We Buy Your Car.” You may wonder what these advertisements are all about and you may wonder if they are legitimate.
To determine if you should give any thought and consideration to those “We Buy Your Car” ads, there are some factors that you should first take into consideration.
What type of vehicle are your attempting to sell your car sell?
This question is important as most of the individuals and companies who advertise online or in your local newspaper “We Buy Your Car” are after low-quality vehicles. These vehicles are bought and sold for a number of different reasons, but most are offering car sellers a last ditch attempt to make some cash. In most cases, you’ll find that a used car dealer offers to buy your vehicle for cash, but at a reduced price than what it is worth. You’ll also find junk car buyers who may only use your vehicle for parts; they tend to offer $100 or less.
So if you are selling an old clunker with 100,000 miles that needs a few thousand dollars in repairs and is on its last leg, than yes this might a good deal. However, if you are trying to sell a like-new car that is 4 years old with only 40,000, you’ll want to keep looking at other options for the time being.
Do you already have a new car?
Many car sellers wait until their current vehicle is sold before buying another new or used car because they intend to use some of the profits to assist in their next purchase. As mentioned above, most of the individuals or companies posting those “We Buy Your Car” ads are offering much less than the vehicles estimated value. If you still have a loan out on the car, there might not be enough to cover the remainder of your loan. If your vehicle is owned free and clear, will you get enough money from the sale to purchase a new or used vehicle or at least put down a good down payment?
No harm will coming from responding to a we buy cars ad online or in your local newspaper; however, you should not make any agreements (even verbally) until you take the full financial aspect into consideration.
Have you really tried your best to outright sell your car?
As previously stated, most of these “We Buy Your Car” ads are a great last ditch attempt for car sellers with older, rundown vehicles. But it is also important to ask yourself if you tried hard enough to sell your vehicle. Placing a for sale sign in the window is nice, but not enough to make a sale. Try listing the vehicle on craigslist first (it is free). If that doesn’t work, place an ad in your local newspaper. Have you checked with local car dealers to inquire about a trade in or them outright purchasing it? Generally speaking, you should give it at least three months before you give up all hope attempting to sell your vehicle.
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