How Do Trade Ins Work When You Need a Newer Automobile?
Sometimes when you need a newer automobile, you need to sell your old car first. Perhaps you need some money for a down payment to put towards the new vehicle. Whatever the reason, you need to get rid of your old vehicle first. A trade-in makes sense because it takes the hassle out of selling your old car. How do trade-ins work when you need a new vehicle?
Peters Auto Mall welcomes trade-ins even if you still owe money on your old vehicle. We understand that there are many reasons why you may need a different vehicle. Furthermore, we have a large inventory of quality pre-owned automobiles and trucks just waiting for you.
How Do Trade-ins Work?
When you need a new automobile, you could try selling your old vehicle on your own. However, if you decide to trade in your automobile, you can eliminate all the hassle and security risks. You don’t have to worry about handling the payoff on your old loan or transferring the title. Plus, in North Carolina, you can receive a sales tax credit on a trade-in. This means on a $10,000 new car with a trade-in value of $5000, you will pay tax on only $5000. This reduction in sales tax can result in substantial savings.
Simply bring in the automobile you wish to trade-in. At that time, one of our appraisers will inspect your vehicle to make sure you get the best offer. We’ll check the mileage, tires, and condition of exterior and interior among several other things. Then we’ll make you an offer. Best of all, this offer is good for 7 days. So, you can go home and think about it without feeling pressured.
When You Have Negative Equity in Your Car
Negative equity happens when you owe more money than your vehicle is worth. This usually occurs when you buy an automobile with a loan that is long-term. Since cars depreciate very quickly, you may not pay enough principal on your loan to equal the depreciation. Thus, you could end up owing more than your vehicle is worth.
Just because you have negative equity in your automobile doesn’t mean you can’t use it to trade-in. When this happens, you must pay off the loan on your old car first. Then, you’ll receive the current value of your vehicle as the trade-in amount.
How to Get the Best Deal on Your Trade-In
Since you’ve decided to trade in, there are some things to do to get the best deal now. This is important especially if you need to pay off your old loan first. Or perhaps you need to use the funds as a down payment on your new car. Even more, a larger down payment may help you in securing the best possible financing.
GEICO has some recommendations for getting a trade-in deal with maximum profit. First, present a clean car. A good idea is to get your automobile detailed including the engine. Second, pay for small repairs yourself such as worn brake pads or fix blemishes. Finally, know your vehicle’s value. If you don’t know where to begin to determine your car’s value, stop by our website. Answer a few questions and you’ll have an estimate in just a few minutes.
Don’t Wait, Stop by Peters Auto Mall
If you’re still trying to understand how do trade-ins work when buying a new car, give us a call. With our large inventory, financing options and acceptance of trade-ins, we offer one-stop shopping.
In addition, we treat everyone like family, with no-haggle pricing. And, each of our vehicles undergoes a 125-point inspection before we list it. But don’t take our word for it. Check out our many, many positive reviews from our customers.
Stop by today. We have two convenient locations. In High Point, we are located at 2857 South Main Street and in Greensboro at 5101 West Market Street. Or, call us at 336-434-1600 in High Point or 336-434-1610 in Greensboro.