Choosing to sell your car comes with many questions, such as "Should I sell my car to a dealership?" "How do I find out how much my car is worth?›" and "Can I sell my car if I still owe money?" At Hyundai of Union County, we've been asked many of these questions by customers interested in selling their cars. Selling your car should be easy. We've taken the time to answer some of the most frequently asked questions about selling a car to us, especially if you still owe money on your current vehicle. We hope that by the end of this article, you'll better understand the advantages of selling your car to us at Hyundai of Union County. 

What Are the Disadvantages of a Private Sale? 

Many new avenues exist for selling your car in today's digital marketplace. You might feel tempted to sell your car through a third-party website or even undertake the process yourself. However, either a third-party or private sale has disadvantages and potential difficulties. A private sale requires a considerable amount of effort on your end.

Before you put up your car for sale, you must do a lot of legwork. First, you'll need to have your vehicle properly inspected and detailed to ensure it's in working order. If you sell your car to someone and it's found to be faulty in any way, there's a chance you could be held liable. Discovering the current market value of your car and determining a decent asking price can also take a lot of time. There's also the waiting period for selling, which can vary depending on market demand. Just because you've determined a proper asking price and have advertised your car doesn't guarantee an immediate sale. 

Waiting for a potential buyer can sometimes take weeks or months, and difficulties can arise. Some buyers might try to undercut your asking price or swindle you. Meeting with a potential buyer should also involve putting yourself at risk, and it's recommended that you always meet at a public location. Once you've found the right buyer, there's the process of transferring ownership and filling out a considerable amount of paperwork. 

Is It Better to Sell to a Dealership? 

The disadvantages of selling your car privately are virtually non-existent when you choose to sell to us. When you sell to our dealership, the process is expedited, and the waiting and hard work involved in a private sale no longer exist. We will appraise your vehicle, make an offer based on its current market value, and handle the paperwork and transfer of ownership at the time of sale. You can trade in your vehicle towards purchasing a new or used one or merely receive a payout. 

How Do We Determine the Value of the Car You're Selling? 

Determining the value of the car, truck, or SUV you're selling depends on several factors. Our dealership relies on KBB (Kelley Blue Book), which many consider the industry standard. The value of your trade-in is determined by a variety of factors, which include:

Depreciation

The primary factor in determining your car's current value is examining its depreciation. Depreciation is a process that affects every vehicle, regardless of the make or model, and begins from the moment the vehicle is sold. Each year, your car's original value will decrease or "depreciate." While depreciation affects all vehicles, some retain their value more than others. Each year, KBB publishes a guide listing the value of most vehicles on the market. 

Mileage

Another factor that impacts your car's value is how many miles you have on the odometer. The more miles racked up over the years normally indicates significant wear and tear. Cars with more mileage will have a lower value than those that don't. A high odometer reading doesn't necessarily mean a large decrease in value, as some cars can last long, provided they're properly maintained at regular intervals. 

Consumer Demand and Features

Lastly, market trends, such as demand for the make or model and the features it's equipped with, significantly impact your car's value. A popular car among drivers in the area will get a better offer than those that don't have a high demand. Your car's value is also impacted by the features and amenities it's equipped with. For instance, cars with features like adaptive cruise control, a luxurious interior, advanced infotainment, and stereo systems will generally receive a more substantial offer than base trims. 

What Should You Do Before Bringing in Your Vehicle to Sell to Us?

Selling your car to us eliminates much of the hard work that would normally exist in a private sale. However, before you bring your car to our location, a few things should be done. These will make selling your car to us even easier and expedite the process. 

Gather All Essential Paperwork

You must have all your paperwork to sell your car, whether it's a private sale or directly to a dealership like Hyundai of Union County. Be sure you have the title handy so you can transfer ownership. We'll do the paperwork at our location and make things easy. 

Get Your Vehicle Ready

The amount of an offer you get for your vehicle can depend on presentation and structural integrity. We ask that you clean your car thoroughly and suggest a light detailing job. If there are any neglected repairs, having those done before bringing your car in can positively impact our offer. 

Can You Sell Your Car to Us if You Still Owe Money on It? 

Believe it or not, this is the most commonly asked question we receive from customers who want to sell us their cars. The answer is yes; you can still sell us your car even if you're still paying off a loan. Selling us a car you still owe money on depends on its value. When you bring your car to us, and we calculate its value, it will be measured against the amount you still might owe. If the value of your car is greater than the amount you have to pay on your loan, you have what's called positive equity. When you sell a car you still owe money on, the remaining loan amount will be deducted from our offer. If the value of your vehicle is less than you owe, you can still sell it to us, but you'll be responsible for paying off the remainder of your loan. 

What Happens After You Sell Your Car to Us? 

Once we've appraised your car and determined its value or whether you have positive equity, you have one of two options. You can use positive equity or the value of your car to trade in towards purchasing a new or used vehicle or simply receive a payment. We'll purchase your car even if you decide not to buy from us. Either way, we make the process easy. If you are looking for a new vehicle to replace the one you're selling, we have a fantastic selection of new and pre-owned models to consider.

We Make Selling Your Vehicle Easy

Let's face it: selling your vehicle privately can be a real pain. Not only are you responsible for every aspect of the selling process, but you also have to deal with questionable buyers and hope you can sell your vehicle for your chosen asking price. Why go through all these complicated steps when you can bring it to Hyundai of Union County and let our team take care of everything for you? Selling your vehicle doesn't have to be stressful; we'll take the burden of selling off your hands and give you a great offer. And if you're looking for a new replacement, we have a fantastic inventory to explore and a dedicated team that will help you find the best option. Visit us today and let us make you a great offer on your current vehicle.