Do's and Don'ts of Getting Rid of your Old Car

November 12th, 2014  |  Auto Insurance

Knowing what to do with your old car can be a challenge. While many people assume they can take it to the dealership and get some money for it as part of their deal for a new vehicle, many are surprised just how little they are offered. And, there are many dealerships that simply won’t offer you anything for it.

So, what do you do with it? There are some dos and don’ts to consider when getting rid of your old car. First, let’s take a look at the don’ts.

The Used Car Selling Don’ts

While many have the mentality of wanting to get rid of their car as soon as possible, there are a few things you cannot overlook. They include:

• Overvaluing it: Your old used car is probably not worth as much as you think it is worth, even if you have taken care of it. Take a look at what similar cars are selling for and reference the Kelly Blue Book to get a sense of a reasonable selling price, considering its condition and what the current market commands.
• Assuming it’s worthless: On the other end of the spectrum, there are just as many people that think their old car is not worth anything. Even if your car is not running, you can still get some money out of it.
• Letting it sit around forever: One thing is for sure – you cannot let your old car sit around forever. It addition to you not getting any money out of it, it could damage your driveway,it can be an eyesore, and it’s a daily reminder that you need to do something with it!

The Used Car Selling Do’s

Here is what you should do to get the most out of your used car:

• Be realistic: It’s important to check your emotions and be realistic about your cars value, what people are willing to pay, and how long it will take you to sell.
• Take your time (if possible): While it’s tempting to take the first offer, unless it’s a really good one, take your time and the right option will present itself.
• Compare your options: You have more options than you think. Do your research and compare the options available to you.

4 Options for Selling your Used Car

You have four main options:

1. Junk it:Junking your car is an option. There are many companies and junk yards that will pay you a few hundred dollars for your vehicle. Plus, most will come to your home and pick it up, an ideal option if your car is not running.
2. Hand it down:Remember, you can always hand your car down to someone else in the family. Used cars, if still in good working order and safe, are ideal for new drivers in the family.
3. Sell it online:If you want to maximize how much money you can get for your vehicle, selling it online is your best option. You will likely get more money than offered from a dealership or used car lot. But, you will need to put in the time and effort. Sites like Kijiji and Auto Trader are great places to start. Check out How to protect yourself when selling your car.
4. Donate it:An increasingly popular option is to donate your vehicle to a local charity. There are a number of great charities that will take your used car as a donation and give you a tax receipt. It’s a great way to get rid of your car, support a local charity, and get a tax break at the same time.

Learn More: What to do with your old beater once you are done with it!

What do you do with your used car? Do you sell it, donate it, hand it down, or junk it?