You have always wanted to get a new car but your worry is how you will be able to dispose of your pre-owned ride. If you want to sell your car, then you might want to consider trading it in. But before you do, it is very important that you have a full understanding of the process for a trade-in vehicle and why it’s the best option for you.
Understanding How Trade-In Works
So how does the vehicle trade-in work? It’s called “trade-in” when you buy or lease another car from a dealership and you surrender your pre-owned vehicle to them. Some dealerships will buy a customer’s car, which is not a trade-in but a sale. However, most traditional dealerships won’t buy your car outright if you are just selling it to them, but they will take it as a trade-in. They will put this as equity toward your new car.
Find Out Vehicle Price and Value
Dealers use a number of methods to figure out how much the used cars are worth. It is very important that you have an idea what’s the value of your pre-owned vehicle before you agree to a trade-in at a local dealership. The factors that affect the price and value would be the make, model, mileage, and condition of the vehicle.
Ensure Positive Equity
It is best that you have a clean title. But if you don’t, then you have to find out how much you still have to pay on your trade-in. Ask your lender about the payoff of your car loan. Then you compare your loan to what it would be worth if you traded it in. For example, if you owe more on your car than it is worth, then you have positive equity and can use the difference as a down payment on the new car. If your car is worth less than what you owe on it, you can still trade it in, but you’ll need a down payment. Some lenders would allow you to roll the difference into your new loan.
Shop Around and Compare Offers
You have to remember that the trade-in offers will depend on various factors – the car’s condition, the dealership’s stock, and even the dealer’s confidence in selling the car. So do not settle with just one dealership. If possible, get estimates from more than one dealer. You can get a price quote from one, then go to another to see if they can give you a better offer. Make sure that the deal you get is on paper so you can bring it with you once you have decided.
Trade-In Your Car In San Antonio
Looking to trade in your car? Go ahead and check out the trade-in options for you at North Park Sell Now and Affiliate Kahlig Auto Group. They have 18 locations in San Antonio and being over 40 years in this business, they are the most trusted name when it comes to new and pre-owned vehicles. They promise to be able to pay you more because they have more customers than their competition.