Trade-In Benefits
Many benefits come along with trading in your car versus selling it privately. Bringing your car to be traded in at a dealership means you won't have to deal with multiple potential buyers. It also eliminates the need for test drives or possibly meeting people in dangerous locations. You'll also be saving yourself plenty of time by simply visiting your dealership at your earliest convenience.
Trade-In Value
You may be worried that taking advantage of the trade-in option will result in a lower price than what your car is worth. This isn't the case since dealerships have all the tools to give you an appropriate trade-in value. Dealerships normally use tools such as Kelley Blue Book to determine the accurate value. Another benefit of the trade-in process is you can use the money you're given towards your next car loan or lease. This will result in lower sales prices or sales tax to make sure you end up paying less every month.
Negative Equity
Understanding the difference between negative and positive equity will be of great use to you before visiting a dealership to trade in your car. If you owe money on a car loan and the amount is greater than your car's worth this is what's known as negative equity. If this describes your situation a trade-in is still a great option for you. After your trade, the negative equity will then be rolled into your next payment.
Positive Equity
If your situation is the opposite and you have positive equity, you will get more for your vehicle than what you owe. After your trade, it will be up to you what you use the difference for. Whether you need products or a service the decision is completely up to you. The money can also be used as a down payment on your next vehicle putting you a step ahead of your next payment.
Now that you’re an expert when it comes to trading in a vehicle, Island Hyundai is ready to help you take the next step. Visit us at 1590 Hylan Blvd in Staten Island or contact our expert sales department today at (844) 672-6134 to get started!
