There’s a lot of excitement regarding the arrival of a new model year. The spirit of competition brings out the best in the manufacturers who provide us with new and impressive transportation methods. If you’re in the market for a new vehicle but feel like one is out of your price range, we’re here today to restate that old assumption.
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Here at Island Hyundai, we want to get you behind the wheel of a brand-new offering, such as the Elantra or Sonata. Hyundai offers top-notch safety features, not to mention the best warranty coverage in the entire industry. One of the best ways to drive off in a brand-new Hyundai is by trading in your current method of transportation. Here’s how the process works.
When you purchased your vehicle, a process began that’s called depreciation. This is when the value of your vehicle lessens every year. This process occurs with every vehicle, regardless of the make or model, but some can lessen in value more quickly than others.
What does this mean for the trade-in process? It can work in your favor when getting behind the wheel of an all-new Hyundai. Rather than sell your vehicle in a private sale, where you’ll pocket the proceeds, trading in allows you to use your current vehicle as a form of equity. This allows you to offset the initial cost. As we’ll explain, this can be incredibly beneficial if you plan on obtaining financing for your new Hyundai.
Usually, when you seek financing for a vehicle, you make a down payment and then work out a structured plan to pay off the cost of the vehicle, along with any interest that has accrued over time. By trading in your vehicle to offset the initial cost, you can use your vehicle as a down payment, which will also lower your monthly payments by a substantial amount. This amounts to paying off your new Hyundai much quicker.
At Island Hyundai, you’ll find a vast section of new and used vehicles that can enhance your quality of life and a financing department that can help you get behind the wheel. Whether you’re looking to buy, lease, trade in, or just want to see your options, we’re here to help. Visit us today at 1590 Hylan Blvd on Staten Island!
