Do you want to get rid of your current vehicle and buy a new one? There are several options that you could explore; from putting up a ‘for sale’ sign at the window of your car for interested passersby or you could put up an ad online. Or you could simply trade in a car at a trusted dealership for a new one!
It is very common for people to trade in their car for a new one since it is a fairly easy process to get rid of your car this way. But some sellers do not prefer trade-ins, and would rather weed out potential buyers themselves, than bargain with a dealer. But before you dismiss the idea of a trade-in entirely, you should learn its pros and cons.
Advantages of Trade In A Car
Reduction in the price of your new car
Most dealerships apply your trade in a car amount for the car you own, to your new vehicle immediately. Just as an example, if you plan to purchase a car worth $25,000 and the dealership is ready to give you $6,000 for your trade-in, then you would only need to finance $19,000. You would also save on sales tax since the dealer also knocked several thousand dollars off the final price of your vehicle.
Quick & Easy
Selling off your vehicle through private party sales takes a lot of time as well as effort. Plus, there’s also the task of advertising the car, meeting with potential buyers and transferring ownership. It could take you several weeks or even months to find a buyer. Trading-in, on the other hand, is easier and you get rid of your car in a day or two, depending on the dealership you approach.
When you trade in a car, the entire transaction from the beginning to the end is handled by the car dealer. What you will need to do is show up, negotiate and you’re a step closer to buying a new vehicle.
No Stress About Repairs
Most car dealers will happily accept your vehicle, even if it has a few minor scratches or if it needs a service. They will gladly help you with all the repairs so that you can get an appropriate deal for your used car.
Disadvantages of Trade-In
Limits your buying options
Once the dealership has appraised your car and decided to buy it off from you, it will be obligatory for you to buy your next car from the same dealership. In case they don’t have the car that you really desire, you can’t trade in a car. Unless, you would like to settle for any other car which is available at the dealership, of course.
Chances of a cheaper deal
Trading in your old vehicle for a new one is no doubt simpler and much more convenient, but most of the time, the final amount offered by a dealership is much less than what a private party would be willing to pay you. But there are no guarantees on that as well.
So if you simply don’t have the time or the mind-frame to put your car on the market yourself, trading-in would be the better best option. Car Factory helps you choose the car of your dreams- brand-new or pre-owned! Value Your Trade-In here or Schedule your test drive in our Miami or Hollywood locations online today at CarFactory.com or call (786) 406-6234!
Recommended Read: How To Buy A Used Car From A Dealer In Florida