Should I Sell My Used Car Now?
Maybe you’ve had a used car for a while and are ready for an upgrade. Maybe you have a used car you no longer need or use. Whatever your situation is, it’s worth considering if now is a good time to sell your car.
The used car market is hot right now, and soaring used car prices may have you wondering if now is a good time to sell your car. But the last thing you want is to spend more to replace the car you just sold.
In this article, we’ll help you find the right time to sell your used car, the documents you’ll need to make it happen, and where you should sell it.
The right time to sell your used car is…
The best time to sell your car is when you can get the most money for it. Current inflated car prices may mean you could break even on your used car, or even turn a profit on it.
The used car market has been hot for some time, though there have been signs that prices may have peaked. Over the past couple years, ongoing chip shortages have slowed auto production, leading to fewer cars on the market. High demand for cars drove prices up, especially for used vehicles, which are up 40% in the past two years. However, that trend may be reversing—experts expect used car prices to drop by 10% and 20% in 2023.
Selling now means you may be able to take advantage of higher prices. There are also some life changes that make it a good time to sell your car, like if you work remotely or live somewhere where you don’t need to drive.
Although, there is a catch-22 that comes with selling right now: Because prices are high, you may face sticker shock when looking for a new car to replace your old one.
The documents you need handy
Gathering the right documents ahead of time ensures you’re ready to hand over the keys when a good offer comes along. Keep in mind that document requirements are different from state to state, and you may also need to provide different documents depending on if you’re selling to a dealership or a private buyer.
Regardless of where you choose to sell your car, you’ll need to provide your car’s title in order to transfer the car to the new owner. This document is your proof of ownership and includes details like your car’s make, model, year, and vehicle identification number.
Your car’s title ideally won’t have a lien, or an outstanding auto loan, against it. Some states may require an attachment on your title proving that you’ve paid off your loan. If you still have an outstanding loan on your car, you’ll likely need to pay it off before selling your car.
Optional documents that could increase your car’s value:
- Bill of sale: This includes much of the same information as your car’s title, plus the data of sale and purchase price.
- Emissions test documentation
- Vehicle history report
- Maintenance and service records
- Transferable warranties
- Owner’s manual
- Warranty documents
Where can I sell my used car?
You may be wondering where you should sell your used car. If your goal is to get as much money as possible, be prepared to do a little bit of research and compare different options. If you just want to sell your car as conveniently as possible, there are a few straightforward ways to do so.
When it’s best to sell through a dealership (and what to watch out for)
If you’re looking to sell your car as quickly and conveniently as possible, selling through a dealership may be your best option. It doesn’t take much effort—you’ll simply need to call the dealership, make an appointment to get your car appraised, and then bring over the necessary documents to complete the transaction.
Keep in mind that dealerships are a middleman, which means they need to sell your car for more than what they bought it for in order to make a profit. Because of this, some dealerships may not give you the best offer.
There are some online used car dealers, like CarMax, Carvana, and Vroom, that offer more competitive prices and will come to you to take your car off your hands. It’s much easier to compare prices between these dealers online, and the selling experience may be easier than going through a local dealership.
When it’s best to sell directly to a buyer (and things to keep in mind)
If you want to get the highest price possible for your car, you may want to consider selling your car directly to a buyer. This option is generally more work than selling to a dealer, because you’ll have to price and market the car yourself. Unlike selling through a dealership, you’ll also have to clean up and detail the car yourself before you sell in order to attract buyers (it’s not necessary, but it increases your chances of making a profit).
The biggest thing to keep in mind when selling your car directly to a buyer is that it’s more time consuming. You’ll have to take pictures, list your car online, coordinate with potential buyers, and negotiate on price.
It typically takes much longer to sell your car yourself than going through a dealer, so if you’re looking to sell your car quickly, you may not want to go this route.
So if you’re still wondering:,
- “What is the best way to sell my used car?”
- “Can I sell my car online?” or
- “Can I sell my car to a used car dealer?”
We hope that this information answers your questions!
Reasons why you shouldn’t sell your used car just yet
The main reason you should wait to sell your used car is if you need a replacement for it.
Most used cars on the market currently are newer and pricer than before, due to inventory issues and the fact that most Americans are holding onto their cars longer. Older vehicles under $15,000 are in short supply, so you may want to hold off selling your used car if your budget for your next car is capped.
Used car prices are expected to continue falling, so if you can sell your car now and go a few months without buying a new one, that may be your best bet.
If you need a replacement and are considering a new car, it may be smart to wait and not sell your used car just yet. The same applies for drivers looking to trade in their used car for a new car. New car prices are still very high, and it may make more sense to wait until prices drop over the next few months.
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How To Sell Your Used Car Tires
Looking to make extra mula by selling your used car tires? Discover tips on assessing value, selling options, recycling, and more.The automobile industry has grown over the past decade, and so has the demand for tires. But what happens to your old tires when you get new ones? Often, used tires can still have value and if you’re looking to make a little bit of money when replacing your tires—you can always find ways to sell them yourself. Why Should You Sell Your Used Tires? Hey, guess what? Used tires can go for like 30-50% less than the shiny new ones, even if they're still looking pretty sweet. Just because they've done a few laps around the block, they get that "used" tag and BOOM, the price drops. So, if you're hunting for tires, you could snag a killer deal on some gently used ones. And if you're switching out your tires? Think about selling the oldies. Someone out there might just be looking for what you've got and you get the added benefit of making a little cash. Is There Demand for Used Tires? Yes, demand for tires is increasing globally due to several reasons, including population growth, urbanization, and the expansion of the automotive industry (source: GlobalNewsWire). So if we think about this demand at a local level, you can definitely find a buyer(s) for your used tires. Assessing the Value and Usability of Used Tires Before you can sell them, you must understand the worth of your used tires. Are they sellable? If so, how do you price them? First, you’ll need to inspect your tires to see what’s a reasonable price. How Many Miles Do Tires Last? Typically, tires last around 60,000 miles, but this can vary based on the tire's quality, driving conditions, and regular maintenance. If your tires are within this range and still have decent tread, they may be sellable. How to Inspect Tires Knowing how to inspect used tires properly is important for anyone looking to sell them. A detailed inspection will help you determine the tire's condition, wear and tear, and overall value. Here's a step-by-step guide to inspecting your tires: Check the Tread Depth Why it's important: Tread depth affects the tire's grip and overall performance. How to check: Use a tread depth gauge or a penny. Insert the penny into the tread groove with Lincoln's head upside down. If you can see all of Lincoln's head, the tread is too worn out. Ideal Depth: Most new tires start with 10/32" or 11/32" of tread. Anything less than 2/32" is considered too worn. Inspect for Uneven Wear Why it's important: Uneven wear can indicate alignment or suspension issues. How to check: Visually inspect the tire for uneven wear patterns across the tread. Look for Damages and Defects Why it's important: Damages can compromise the tire's safety and performance. How to check: Look for cuts, cracks, bulges, punctures, or other visible damages in the sidewall and tread. Examine the Age of the Tire Why it's important: Tires degrade over time, even if they look in good shape. How to check: Find the DOT code on the sidewall, which includes the week and year the tire was manufactured. Ideal Age: Tires older than 6 years should be thoroughly inspected by a professional, as they might not be safe for use. Check the Tire’s Pressure Why it's important: Proper inflation guarantees optimal performance and wear. How to check: Use a tire pressure gauge and compare it to the recommended pressure listed in your vehicle's manual. Consider the Season Why it's important: Season-specific tires (e.g., winter or summer tires) may have different selling points. How to check: Look at the tread pattern and rubber compound to determine the tire's seasonal suitability. We also have a more detailed guide to tire maintenance here. Ways to Sell Used Tires for Cash Selling used tires can be a good way to make some extra income. There are numerous ways to sell, but we'll focus on these main methods. If you’ve inspected your used tires using the methods above and they're still in good condition, you’re now ready to sell them. Sell Locally Use Online Marketplaces: Selling locally can often provide quicker sales and potentially higher profits. Use online marketplaces (e.g., eBay, Craigslist, and Facebook Marketplace) to see if you can find any buyers. Try A Garage Sale: A traditional garage sale can be a great way to sell used tires, especially if you have other items to sell as well. You can bundle the tires with other old/used car maintenance tools, for example. Go Straight To A Repair Shop: Visit local repair shops (or scrape yards) in your area to see if they’re open to purchasing your used tires. Recycling and Repurposing Recycling and repurposing tires could be an alternative to selling your tires if you aren’t getting any luck. Are Tires Bad for the Environment? Yes, tires that end up in landfills can cause serious environmental issues. They can leach harmful chemicals and take up valuable space. Who Can Recycle Used Tires? Most local recycling centers accept used tires, and some businesses specialize in recycling and repurposing tires. Visit a Tire Recycling Center Visiting a recycling center can give you a first-hand look at the recycling process and help you understand the best way to recycle your tires. Recycle Used Tire Rims For Cash Metal recycling centers often buy used tire rims. The value depends on the type, size, and condition of the rims. Retread Your Old Tires & Prep for Resale Retreading tires can make them usable again. This process involves removing the old tread and applying a new one. Some buyers specifically look for retreaded tires as a more affordable option and this can help you when trying to sell yours. Final Thoughts Selling used tires can be a beneficial way to make some extra money while being environmentally conscious. By assessing their value and usability and exploring various selling options, you can find the method that best suits your needs. From selling locally to recycling and repurposing, there are a ton of opportunities for selling your used tires. Consider your options, evaluate your tires, and start the process that fits you the best. Selling tires may not be for everyone reading this, but you never know if you'll be able to do it unless you try! Frequently Asked Questions (FAQs) Starting the process of selling your used tires might still leave you with some questions. Here are common questions and answers: How Much Can I Make Selling Used Tires? The price can vary widely based on the brand, size, condition, and market demand, but you might expect anywhere from $10 to $50 per tire, sometimes more for specialty or near-new tires. Will Most Recycling Centers Have Disposal Fees? Some recycling centers might charge a small fee, typically ranging from $1 to $10 per tire. It's best to call ahead and confirm with your local recycling center before paying them a visit.
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