The Benefits of Trading In Your Vehicle

March 24th, 2022 by

When you’re ready to sell your car and buy a new one, you have a choice between selling it privately or trading it in at a dealership. Many people think they’re going to make more money when they sell a car on their own, but it’s important to consider every step of the process. Selling your car privately can be more time-consuming and frustrating than it might seem at first glance. Here are some reasons trading in your car can be the best choice for you.

Someone Else Does the Advertising

If you sell your vehicle on your own, that also means you do all the advertising on your own. You’re the one who has to take appealing photos of the vehicle, write a compelling description, and find the right place to post it. You may also end up having your time wasted by the people who respond to the ad with no intention of buying, or who make an appointment to see the car but don’t show up.

You can avoid all of that by trading in your car at a dealership. You don’t need to give us the perfect sales pitch or set up photography studio lights to get the perfect photo. We’ll make the trade-in easy, and we handle the advertising from there.

Avoid Paying Off Your Existing Loan in Full

Did you know that if you trade-in your car, you don’t have to fully pay off your current loan? As long as you have payments left on the loan, the lender holds the title, which means you can’t simply hand it over to your buyer. Many prospective buyers avoid cars that aren’t fully owned by the seller. It can take a lot of time to find someone who’s willing to take on that loan.

When you trade in your car, we work with you on paying down your loan no matter your current credit situation. Contact our financing experts to explore your options.

Feel More Secure With a Dealership

Two people shaking hands by a red car

Shake Hand Buy Car” licensed under Pixabay by mohamed_hassan

There can be quite a few risks associated with privately selling your car that you won’t find at a trustworthy dealership. With a dealership, you can look up reviews and ratings. If they have plenty of satisfied customers, you can feel secure walking in and knowing you’re going to get a good deal. You can’t look up those reviews with a private buyer. They might be completely trustworthy, or they might look for a way to rip you off.

It can also be uncomfortable to meet up with potential buyers. Your options are usually having strangers come to your house to look at the car or meeting up at a neutral space away from the security of your home. You can avoid that headache when you trade-in your car at a dealership.

Get Tax Breaks for Trading In

Trading in at a dealership and using that money as a down payment on your new car can actually reduce your sales tax on that new car. When you sell your car to a private party and use the money as a down payment, you’re going to pay the full sales tax for the new car. When you trade-in at a dealership, the sales tax only applies to the difference between the trade-in value and the purchase price of the new car. This means that you could see a huge cut in the sales tax on your new car if you trade in your old car at a dealership.

Any Time Is the Right Time

One of the trickiest parts of privately selling a car is timing it correctly. If you sell when there’s a high volume of other vehicles for sale, you might struggle to find the right buyer. Predicting the right moment to sell your car isn’t always easy and may mean you don’t get as much value out of the deal as you could. 

You don’t have to worry about those predictions with a dealership. No matter when you choose to trade-in your car, we’ll give you a fair price.

Save Money on Car Detailing

If you want to sell your car to a private party, they’re probably going to expect it to be in near perfect condition. To get the highest sale price, you may have to spend money on detailing and reconditioning the car. Those expenses can add up quickly. Dealerships already plan for the detailing of trade-in cars, meaning you can skip most of those costs. It’s a good idea for your car to be in clean, working order, but you won’t have to worry about making it pristine or paying for major repairs on your own.

Get Your New Car Faster

Between preparing your car, finding the right buyer, negotiating the price, getting the paperwork in order, and finalizing the deal, privately selling your car can take weeks. There’s also always a chance that a private buyer will back out at the last minute, which can mean you have to start the process all over again. Inventory at a dealership can move quickly, so those weeks can add up to missing out on your dream car. 

The process of trading through a dealership is quick and painless. We give you the value of your vehicle immediately, including using it towards that dream car so you don’t miss out.

Prepare for Trading in Your Car

There are a few things you can do to maximize the trade-in value of your car. While you don’t need to worry about doing a full detailing on the car, it helps to clean it up. Go through a car wash and shampoo the carpets. You can fix minor scratches with touch-up paint. Even simple repairs like repairing dents can add value to your car at trade-in. If your car needs more significant repairs, get an estimate and bring it in. 

It can also help if you already know the car you want to buy next. We want to work with you to get the best possible financing on your new car with our flexible financing options. If you come in with the car you’re trading in and you know the price of the car you want to buy, we might be able to work with you on increasing that new down payment.

Here at Miami Car Credit, we can do the research on your car’s current market worth for you. When you’re ready to start the trade-in process, give us a call.

 

Posted in Used Car Dealer