Brendan Mcaleer has a great article over at the North Shore News. It touches on some good points when it comes to getting rid of your old car, especially if it is a “1991 Ford Tempo with 300,000 kilometres”.
WE’VE all been through it.
You drag the old clunkbucket into the dealership, only to find that the trade-in value isn’t even a fistful of magic beans. The used car Manager takes one look at your creaking, leaking, sagging hulk and smiles apologetically, “It’s only worth a couple hundred bucks.”
Gadzooks! The thieving scoundrels! Thar’s gold in them thar rusty, faded-paint hills. Why, this car’s been to Hell and back, and never issued a complaint, nor broken down, nor ever needed its oil changed. Er, wait, nobody heard that last part, right?
Well, maybe your car’s not quite that bad, but when you measure the gap between retail and wholesale, it’s always around or above the $2,000 mark, meaning the theoretical tax-savings don’t begin to make financial sense until you’re getting at least $15,000 as a trade-in value. Should your car be worth less than ten thousand bucks as a trade, you’re better off selling it yourself, as long as you have the time and patience. Lots of patience.