Friday, February 25, 2022

Private Car Sale

 If you need cash, consider selling your car privately. A dealer offers only wholesale value for trade-in vehicles, which is often thousands less than private sale value. Consider your sales tax savings, as well. If you trade a vehicle worth $5,000 and pay a 10 percent sales tax rate, your tax savings equal $500. You must sell your vehicle privately for at least $5,500 for the private sale option to prove beneficial. Then, you can use the proceeds from your sale as a down payment or keep it if you prefer.

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