Do you have an old BMW you’ve been thinking about getting rid of? Maybe the car is old and not running as well as it once did, or maybe you’re just looking to get the newest model. Another possibility is that because the car cost so much when you first bought it, you’re hesitant to get rid of it, even though deep down inside you know it’s time. Whatever the reason, getting rid of your old BMW is a big step. There are several methods for doing so that you can consider, and you should look at each before making any decisions. Here are the possibilities:
Sell It or Trade It In
The option most people think of when it comes to getting rid of their car is to either sell it or use it as a trade-in. Let’s look at selling it first. To sell your car, you have two primary options – you can sell it privately or you can sell it to a dealer. Selling it privately may net you some more money on the sale, but it’s also a little more difficult. You need to do the work of finding a buyer, setting a price, and ensuring payment. With a dealer you can just negotiate a price, sign some papers, hand over the keys and be on your way. Dealers are going to try and pay you as little as possible for the car, so make sure you know its value before you walk in.
The other option is to trade it in. This is essentially the same thing as selling it to a dealer, only you’re using the money right away towards a new car. If you’re in the market for a new car, and you’ve found one that you like at a dealer, you can trade in your old BMW and put the value towards the new purchase. This option really only works if you’re looking for a new car.
Sell Your Old BMW for Parts
Your next option for getting rid of your old BMW is to sell it for parts. In many cases a car is not running properly – or at all – but it’s only due to a few broken parts. You can sell the working parts for cash and then junk the rest of the car. For example, let’s say you just spent a lot of money putting in a new transmission. Two weeks later the engine blows out, leaving the car unusable. You won’t get much for the car with a broken engine, but the transmission is still in great shape. You should sell that separately and get some money for it.
This option to sell car for parts isn’t right for everyone, so you’ll want to think carefully before selling off any parts of your car. You don’t want to sell your transmission only to discover that you could have actually sold the entire car for a decent price, broken engine and all.
Donate Your Old BMW to Charity
Next, you could donate your old BMW to charity. This doesn’t mean that some charity is going to be using your BMW to drive people around. Instead, you donate the car to charity, and they sell it for what they can. This allows them to keep the money for themselves and put it towards their charitable actions. In return you get a tax write-off (since the car is a charitable donation), and often times a nice “thank you” gift. It might not sound like much, but if your BMW isn’t going to sell for much anyway you might as well get the tax write-off and do some good at the same time.
Junk the Car
Finally, when all else fails, you can just junk the car. Take the car to a local car junkyard and see what they will give you for it. This is often what happens when a car has been totaled or when it simply won’t run any more – and fixing it doesn’t make financial sense. Junking your car should be the last option you consider, as it will likely return you the least amount of money. It’s not right for most people, but in some situations it’s a good course of action.
It’s Time to Move on From Your Old BMW
When the time comes to get rid of your old BMW, we don’t always want to admit it. But if you’re struggling to keep it running, or you’re just tired of the older model, you should just move on. There are plenty of ways to get rid of your old BMW, so start looking into which would be best for you, and then take action.