Why should I trade my vehicle at the dealership and not sell it on my own?
At Modern Mazda, we are here to make your vehicle purchase easy, efficient and transparent. If you currently have a vehicle and aren’t sure what to do with it when you buy a new vehicle, there are several factors to consider.
Down Payment Help
If your car is paid off or you have equity in it (meaning the amount you owe on the vehicle is less than the trade in offer you get), you can apply this equity, or a portion of it, to your new vehicle purchase. This reduces the amount you need to finance, which will not only lower your monthly payment, but also the overall interest charges you’ll pay.
Convenient and Easy
For some, this is the number one reason for trading in your vehicle. Selling a vehicle on your own might seem easy, but it takes time. If you still owe money you will need to work with the bank to get your payoff amount and determine other legal and financial considerations, such as getting the title to the new buyer if you don’t have it. Modern will handle all of this if you trade your vehicle in. All you have to do is drive the car to the dealership, let us appraise it and make an offer, and sign a few papers.
Selling a vehicle privately can require more time, effort, and money than you’d think. Not to mention the fact that it can be a hassle to handle the advertising, the negotiation with prospective buyers, and the paperwork involved. Trading it in is a simpler and more streamlined process.
Possible Tax Advantages
In many states, you only pay sales tax on the difference between the price of the car you’re buying and what you’re getting for your trade-in. For example, if you’re buying a $17,000 car and your trade-in is worth $3,000, you’ll only pay sales tax on the $14,000 difference.
If you’re ready to start the process of trading in your vehicle, give us a call or simply fill
out our online form. You can also visit Modern Mazda in Thomaston, CT for a quick and
hassle free appraisal.