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Should I trade in my car or sell it privately?
A dealer pays less than a private buyer, but a trade-in is quick, and in many states it lowers the sales tax on your next car. See which leaves you more, the private price you would need to come out ahead, and what owing more than the car is worth changes.
Your car
Get offers from more than one dealer.
What you expect to get, not the asking price.
The payoff amount from your lender, which can differ from your statement balance. 0 if it is paid off.
Listing, detailing, inspection, title fees.
What showing and selling it is worth to you.
The next car and the tax
STATE-SPECIFICYour state and local rate.
States differ, and some cap or exclude the credit. Check your state's revenue or motor vehicle department.
Enter the trade-in offer and the private price you expect.
Selling privately with a loan on the car
Get the payoff amount from your lender, not the balance on your statement: interest and fees can make them differ.
Agree how the lien is cleared. The lender holds the title until it is paid. A common route is to complete the sale at the lender or a bank, where the buyer's payment clears the loan and the lender releases the title. Ask your lender how it handles a private sale.
Transfer the title and registration under your state's rules; your motor vehicle department lists what both sides must sign and file.
Be careful with payment. Take payment you can verify before handing over the car and title, such as a cashier's check confirmed with the issuing bank, and meet somewhere public.
Trading in instead? Confirm afterwards that the dealer paid off your old loan, and keep the trade-in out of the new loan if you owe more than it is worth. For financing the next car, see the finance or pay cash calculator.
All four happen in your browser. Your figures are not sent anywhere — the email opens in your own mail app, already filled in.
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