It won’t be long before expected tariffs on cars and car parts kick in.
President Donald Trump offered automakers a month-long reprieve from his 25% tariffs on imports from Mexico and Canada. However, that pause ends on April 2, which means vehicles could get more expensive in the coming weeks.
One possible way to find savings is to get the best possible trade-in deal on your current vehicle.
“If I really know I want to buy new from a dealer, I probably want to focus more on the trade-in,” driver Antonio Mazzaro said.
Karl Brauer, executive analyst for the automotive search engine iSeeCars, tells us that trading in your vehicle at the dealership is undoubtedly the most convenient. However, it may not be the best moneymaker.
See some of the best ways to sell your vehicle for top dollar:
“If you were to ask me, ‘What's the least amount of money I could get for my car?’ I would say take it to a dealer and accept their first offer,” Brauer said.
Selling a vehicle yourself could mean more money in your pocket if you are willing to do the additional work.
“Taking all the photos, setting everything up to advertise the vehicle,” Brauer said, “and then dealing with potential buyers.”
Online tools that can bring you more money
Other options for selling your vehicle include online auction sites or online selling platforms like CarMax or Carvana.
It's also good advice to refer to an online appraisal tool from a company like iSeeCars, Edmunds, or Kelley Blue Book for an estimated value before selling or trading in your car.
“My understanding is that because Carvana does have lower overhead, they often can buy the car from you for maybe a slightly higher price than a dealer would, so it's not a bad thing to consider,” Brauer said.
Before you trade or sell, Brauer also suggests:
- Getting multiple quotes before finalizing a deal.
- Cleaning your car to make it more appealing.
- Consider minor repairs if it means a more significant return.
- If the convenience of a dealer is too good to pass up – negotiate.
“You'll always find a dealer happy to take your car. It always comes down to the price they're willing to pay,” Brauer said.
Driver Jerry Howard prefers selling his older cars on his own: "Neighborhood or a friend. Keep it in the circle,” he said.
But if you don’t have a friend willing to buy your car, get a few different quotes so you don’t waste your money.
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