Should I sell my car or trade it in?

Question

My wife and I bought a 2008 Honda Fit Sport several months ago. We're not having trouble making the payments, however we just found out she's pregnant and we want to save a few bucks by selling the car for a used cheaper one.

So should we sell it ourselves or trade it in? I know trading it in will give us less value but less head-aches. And selling it will give us more value but more headaches. Just wondering what we should do.

Answer 1

sell it. its worth it

Answer 2

u havent state if the car is paid off or still making payment!  

Answer 3

I'm not an expert o cars, but if it is a small car, that does well on gas, i would sell it, those cars are getting popular now. but if it is a big car, i would trade it in, if it's clean and good on milage, you will have a better chance.

Answer 4

You could try to sell it for a month and if nothing comes out of it, then trade it. It is worth a try, because you can take a huge fit.

To find in your trade in value and private party value differnence, check out KBB.com (Kelley Blue Book) It is what most dealerships go off of. You can see the difference and decide what is right for you.

Answer 5

Try to sell it.  We just sold my wife's '99 Civic 2-door coupe for $5,000 and it had 140k miles).  From the time the add was placed in a local online classified to the time we had the cashier's check in hand was less than 2 days.  Granted, I got a bit lucky, but I can tell you that in  my experience it was not a head-ache at all.  The guy came to look at it and drove it for about 45 minutes.  The next day he called and said he was at the bank getting a check for us.  

Right now is a GREAT time to be selling smaller, more efficient vehicles.  We looked at selling it last summer and it would have fetched around $3,500-$4,000.  i.e. fuel-efficient cars have actually appreciated  over the last 6 months due entirely to gas prices (and as a general rule, cars always depreciate).

In our case, it helped that I'm meticulous with my car.  I wash it and wax it regularly, keep up on the maintenance, and I detail the inside as well.  If you're serious about selling, get this done.  I would suggest doing it yourself as a good professional cleaning is expensive. But since the car is so new, you shouldn't have anything to worry about anyway.

At least try to sell it.  You really could save thousands vs. trading it right away.  And congratulations on the baby.  My wife's pregnant with our first as well.  Good luck!

Answer 6

One thing you really need to keep in mind: you have a car that's in very high demand right now.

With that being said, sell it privately. Where I live, Fits are going for sticker right now. If you traded it, you'd lose thousands.

Put it in craigslist, Autotrader, local paper, etc. Get a feel from Autotrader to see what other similar Fits are going for in your area (mileage, trim level, etc.). If you do a little research, you'll save the hit you'd take on dealer trade.

Answer 7

If you try to trade in a newer car you will end up upside down on your loan. Meaning that you will owe more than the dealer will deam its worth. You'll have to sell it out right to make your money back.

Answer 8

Research what you think you could sell it for.  Not what people list the price at but what it would likely sell for.  I would try to trade it in - you will get alittle less but it will help you get a good price on the car you want to buy.  It is also less headaches.  If you try to trade and they are offering 1/2 of what you think you could sell for then I maybe would try and sell.  However, I think with a baby on the way it's always nice to have a reliable car and that is one less worry.  Having an unreliable used car and a new baby can be stressful.  I've been there.

Answer 9

I'd trade it in... much easier.  

Answer 10

I would sell would give u more money that way. Might need it for something else never know.

Answer 11

if you have another car then i would sell it

Answer 12

I'd definitely sell it myself - you'll get a lot more for it. It sounds like it would sell quickly, so there probably won't be much of a headache.

Go to a vinyl sign shop, and get a sign made, in a high-visibility color that fits your back window.

"For sale - 2008 Honda Fit Sport.

XX MPG - $XX,x*x - 123-456-7890"

Take various routes to and from work, and park to maximize the exposure. Keep all the paperwork with you - you might sell it during lunch!

Ads in the paper, craigslist, etc are also good.

Answer 13

I would sell it. Honda Fit's are going to be very desirable soon because they sip fuel. The dealer will give you a low price for the car, but if you sell it yourself, you may be able to get top dollar. Also, if it doesn't sell in the time you need it to, you can just go to the dealer or your local Carmax and they will buy it from you.

Good Luck