Thinking about trading in your current car? If so, millions of other people are likely doing the same thing right now. But how do you trade in a vehicle, and is it worth it? Yes! Paul West Used Cars wants to help make the process easy by offering these tips!
Benefits Of Trading Vs. Selling
You could write a long list of the pros and cons of trading in a vehicle versus selling it privately. But who has the time? That’s the biggest benefit of trading in your current vehicle — it’s easy. You drive to the dealership, the dealer inspects the vehicle and makes an offer, and then it’s up to you to trade it in. The dealership handles all paperwork, reconditioning, and marketing of the vehicle. You simply enjoy your new ride.
On the other hand, the idea of privately selling a vehicle and using the money for another car can be enticing, but at several costs. You’ll invest time to meet with potential buyers, list the vehicle for sale, and make any repairs the vehicle may need. Time is money, and many people would rather save both.
Prepare Your Car & Yourself
Fix Any Current Issues
A trade-in vehicle should be up to date on current maintenance, such as oil and fluid changes. A vehicle that needs minimal reconditioning from the dealership will likely give you some leverage at the time of negotiating its trade-in value. Older vehicles, such as those that are at least 10 years old, are more likely to be accepted as trade-ins if they’ve had regular maintenance and repairs, even if their mileage is high.
Collect Its Service History
A vehicle’s service history goes beyond oil changes to include tire rotations, spark plugs changes, belt replacements, and more. If possible, keep all records and paperwork that show the work the vehicle has received while you’ve owned it. Besides proving to the dealers that the vehicle has been maintained, these records can affect its resale value. They may explain why the trade-in value you estimated after researching is different from the one the dealer is offering.
Clean Your Car
Yes, a dealership will inspect the inside and outside of a trade-in vehicle, but that isn’t an excuse to let them throw away your soda bottles. Before going to the dealership, take the vehicle to a car wash for a quick cleaning and remember to vacuum the inside. A dealer will appreciate an uncluttered car, and you’ll make a good impression.
Research & Negotiate
It’s a good idea to research what your car’s estimated trade-in value is before visiting the dealership. Kelley Blue Book (KBB) is a great resource to learn in a few minutes what return the vehicle would likely bring if traded at Gainesville used car dealerships that week. KBB also provides information on new and used cars, including the average price in the Gainesville, FL, area. The estimated trade-in value is based on the vehicle’s mileage and the mechanical and cosmetic condition of the interior and exterior. Knowing both values gives you starting points for negotiations. Yet, it’s a good idea to examine the prices separately when negotiating.
Trade In A Financed Vehicle
If you’re making monthly loan payments for your current vehicle but would like to trade it in, don’t worry — dealerships can make adjustments to help people buy used cars in Gainesville.
Two terms to understand before trading in a financed vehicle are positive and negative equity.
- Positive equity: The vehicle’s current value is more than the current loan amount.
- Negative equity: The vehicle’s current value is less than the current loan amount.
With positive equity, the difference can be applied to the purchase price of a new vehicle. If the new vehicle will be financed, credit for the trade-in is included in the loan contract. Negative equity can be combined with the financed amount for a new vehicle. A benefit of trading in a financed vehicle is that the dealership handles contacting the lender to take possession of the loan and vehicle title.
Quality Gainesville, FL, Used Cars
Trading in a vehicle is a great way to afford another vehicle that fits your lifestyle and budget. At Paul West Used Cars, we’re the buy here pay here Gainesville, FL, dealership people count on to make the trade-in process a breeze. Our team makes sure every customer receives a fair market value on their trade-in and explains all payment options, including financing. For used cars Gainesville, FL, residents can rely on, come to Paul West Used Cars!