Most people who buy or lease a new car have an existing car that they no longer want. Of course, this leads to two viable options: sell to a private buyer or sell to the same dealership you’re buying a new car from. Here are three reasons why a car trade-in in Pinellas Park, FL is a better idea.
1. Save Time
By trading in your vehicle at the dealership, you essentially kill two birds with one stone. You part with your car and acquire a new one, and all it takes is a one-time visit to the dealership.
When selling to a private buyer, there’s a lot of time that goes into placing your car in an ad, making arrangements with prospect buyers, and negotiating a fair price.
2. Take Out a Smaller Loan
Dealers can provide a far more accurate assessment of what your car is worth. When you trade in your old car, its value is subtracted from the price of the new car.
This means you can take out a smaller loan. A smaller loan means smaller and/or fewer monthly payments and less total accrued interest.
3. Trade in Your Financed Vehicle
We recommend fully paying off your existing car before a trade-in. However, dealerships do accept trade-ins of a financed vehicle as long as you’re up to date with the payments.
In this scenario, the dealership contacts the lender and makes arrangements to pay off the remaining balance. In turn, the amount paid by the dealership will be added to your new vehicle loan.
At Alfa Romeo of St. Petersburg, we’re happy to discuss your trade-in options. Trade your vehicle for a new set of wheels like the Alfa Romeo Stelvio when you stop by today!