Buying a Car: Unheard Truths About Trade-Ins

Now that you are planning to buy a new car, what are your plans for your old vehicle? Perhaps you’re in a dilemma, unsure if to sell by yourself or trade-in the vehicle. Both actions have impacts, negative and positive. You will need to analyze the repercussions of any decision you take. If you choose to trade-in, checkout next for the ins and outs of the process.

About Trade-Ins

In trade-ins, you approach your selected car dealer. The dealer either buys or trade-ins your car, while you buy the new car. The value or sale price of the old car offsets or reduces the new car’s cost.

It’s a win-win situation for you and the dealer. In trade-in, you face less stress of searching for a private buyer, plus it’s a great car financing option. Instead of taking a full car loan, you only fund the deficit in the transaction.

Private selling consumes time and money. Again, hassling for a buyer is no easy task when you have loads of commitments. Prospective clients will waste your time haggling for a better deal. Trade-ins save you the time, hassle, and the pressure of clients. It’s a seamless deal if you find the right dealer.

Another great thing with trade-ins is you might save on taxes. For states which cut tax on sales, you’re likely to pay less tax in a trade-in as they deduct tax on the actual amount paid to the dealer.

Chances are your dealer will get you a better deal. With their knowledge about market trends and car valuations, you can only look forward to a reasonable price. Plus, a car dealer might give you a discount.

What to Do to Secure a Great Trade-in

The only downs to trade-ins are you might find a dealer motivated to make profits out of your predicament. In such an instance, you might land a sour deal.

To counter the challenge of rogue dealers, do your homework well. Research and do a value check for your car. You can make both private sale and trade-in checks, to have a real picture of what you’re about to face. You can also check to compare car prices online and to make a faster & smarter buying process.

Consider cleaning, changing oils, and servicing your car before taking it to a dealer. Vacuum the interiors and ensure its sparkling clean.

You can then visit multiple dealerships to review prices. Bargain on prices before revealing you intentions to trade-in. Some dealers might inflate prices to take advantage of trade-ins. Thus, your move protects you.