LOUISVILLE, Ky. (WDRB) --Â Many dealers will make you an instant cash offer to buy your car, but with used car prices now falling, that is not always a smart idea.
Used car prices are trending down in 2024, which is good for buyers, but not so good if you want to trade in your old vehicle.
Michael Reiman loves his mew compact pickup, which replaced his Chevy Silverado. What he didn't like was the selling process.
"I looked up Kelley Blue Book, and it showed a $37,000 trade in value, and I thought that's good!" Reiman said.
He had seen all the "instant cash offer" ads and decided to call his longtime dealer.
The dealer ran his vin, and the offer showed $7,000 less than the KBB value.
The cash offers are convenient, but they often show less than the KBB trade-in value.
That's because the dealer is not making any money selling you a new car.
Marketwatch suggests checking multiple buyers, including:
- Local dealers
- Carmax
- Carvana
- Vroom
- Autotrader
- Peddle
Reiman is happy with what he got, but said it took a lot more effort than he was expecting.
As used car lots continue to build inventory later this year, you may find fewer instant cash offers, and those offers may be lower.
To read more Don't Waste Your Money stories, click here.Â
More local business stories:
- Louisville woman creates 'Pretty Birdie' cocktail now available at liquor stores
- Portland Dairy Queen may close soon as land goes up for sale
- Louisville's Dan-O's seasoning to move offices in December
- New fine dining restaurant, tasting room opens on Whiskey Row in downtown Louisville
Copyright 2024 WDRB Media. All Rights Reserved.
