How Does a Vehicle Trade-In Work?
How Does a Vehicle Trade-In Work?
Posted on September 27, 2023
Most buyers prefer to trade-in their current vehicle when getting a new one because the process is simple. Our dealership at Nexcar Auto Sales & Leasing is a highly rated used car dealership in GTA, and we have put together this guideline to discuss what a "trade-in" is and how the current car's value can be put towards a new vehicle. Throughout this article, we will explain the significance of this transaction and outline the reasoning as to why you should choose to work with our dealership.
When Should I Trade-In My Vehicle?
If you would like to purchase a new vehicle, but you have a current car that you'll soon no longer require, an option is to trade the current car in at the dealership. The biggest benefit to trading in an old vehicle is that it can make the new vehicle less expensive.
For example, say you are purchasing a vehicle for $25,000 and you have a trade-in worth $5,000, the dealership will take the trade and only charge you $20,000 for the new vehicle. This situation is a win-win as the clients get to sell their old vehicle and put the value towards the new car and the dealership wins as they attain a new car and make a sale.
Why Should I Trade-In My Vehicle?
There are many reasons as to why buyers choose to trade-in their vehicles with dealerships. From convenience to saving time, trading with a dealer is the right choice. Dealerships ensure that all necessary paperwork is completed and it saves you the hassle of privately advertising, negotiating, and filling out your own paperwork. Other benefits include:
- Avoid the hassle of selling privately
- Dealerships can streamline this process for efficiency
- The value is applied towards a new car
- The dealership provides an expert appraisal
- Dealing with a dealership gives negotiation leverage
Trade-In at Nexcar Auto Sales & Leasing
Nexcar Auto Sales & Leasing is here to give you a general overview of how the trade-in process works at our dealership. Essentially, the steps are as follows:
- Vehicle Appraisal: Here, the dealership assesses the condition of the vehicle based on history, mileage, and overall market value. During this step, customers are required to bring in their vehicle ownership to show proof of car ownership.
- Value Assessment: The trade-in value is then determined by the appraisal, market research, and current demand.
- Negotiation: The dealer will then make an offer and the buyer can negotiate if they feel the value is unjustified.
- Trade-In: Once the value is satisfied by both parties, paperwork will be completed, and the trade-in value will be deducted from the new vehicle.
How Our Used Car Dealership Can Help
If you're considering buying a pre-owned vehicle, our dealership at Nexcar Auto Sales & Leasing would be pleased to show you our inventory, get you applied for an auto loan, and talk further about what a vehicle trade-in means. Bring your vehicle in for an appraisal today along with the vehicle's ownership and let's determine its value to put towards your new used car purchase. Contact our dealership today at (416) 633-8188 to book your appointment.