Trade-In FAQ’s

Are you considering purchasing a new car, truck, or SUV and wondering how to go about it? Many choose to trade in their car when shopping for their next vehicle. If you’re interested in taking advantage of our trade-in process at Huffines Subaru Corinth, continue reading below as we share answers to some frequently asked questions to help you learn how it works.

What Should I Do With My Old Car?

There are a few options for what you can do with your old car. One possibility is to sell your vehicle to a dealership or a private buyer. In either case, you and the other party will negotiate a price, after which you’ll receive a cash payment for your vehicle.

If you plan on buying a new car right away, a popular option is to trade in your vehicle. Trading in your car is essentially selling your used car to a dealership, but instead of receiving a cash payment, you apply the payment amount to the cost of your next vehicle.

Finally, there are a few places where you can donate your old vehicle. You may receive tax benefits or a voucher in exchange for your vehicle when you donate it. You may decide this is the best solution if your used vehicle is in bad condition and you won’t get much for it when selling it or trading it in.

What Are the Benefits of Trading in a Vehicle?

Choosing to trade in your vehicle comes with a few benefits. The primary benefit is that it makes the buying process for your next vehicle easier and faster. Rather than going through two separate transactions with different parties, you can simplify everything by trading your vehicle to the dealership where you want to buy your next car, truck, or SUV.

The dealership will work with you to factor its value into the cost of your next one, making the buying process easier. You may even get more for your vehicle compared to selling it privately, as dealerships are often very interested in getting you to buy your next vehicle from them.

What Kind of Vehicle Can I Trade In?

You can trade in most vehicles. Even if your car needs significant repairs or has obvious exterior damage, you can still trade it in and apply the value to your next purchase. If your vehicle doesn’t run, you can have it towed to the dealership and trade it in that way. But if it needs a significant amount of work, you may not get a lot of money for it, so you’ll have to decide if it’s worth it to trade it in or if another option might be better for you.

What Determines My Old Car’s Value?

The value of a vehicle depends on a few factors. The car’s original value plays a role, as do its features. A vehicle with more modern comfort, entertainment, and safety features will likely have a higher value than one without these extras. The condition of your car also impacts its value tremendously. A vehicle that you’ve maintained well and that hasn’t been in any serious accidents will have a higher value than one that needs a lot of repairs.

How Can I Determine the Trade-In Value of My Car?

Knowing the value of your vehicle can help you decide if you want to trade it in and how much you’ll be able to afford on your next purchase. Some great online tools can provide you with an estimate. Using our trade-in evaluator, you can get a quick estimate of what your vehicle is worth.

You’ll need to provide some basic information, such as the year, make, model, mileage, features, and whether there’s any significant damage. From there, you can bring the estimate you receive to our dealership, and we’ll apply it to your next purchase after a quick inspection.

How Can I Get More Money for My Trade-In?

Consider fixing up your vehicle to get more money for your trade-in. Thoroughly clean the inside and wash the outside. You can then decide whether to make any minor repairs to improve the value. For example, removing some surface-level scratches on the outside of the car may only cost a small amount, which would significantly improve its appearance. As you make improvements to your vehicle, remember not to spend more than you’ll get back in value for it. It doesn’t make sense to spend $1,000 on repairs only to get a $500 increase in value.

What Is Negative Equity?

Negative equity is when you owe more on your car’s loan than the vehicle is worth. For example, if you still owe $15,000 on your auto loan, and the vehicle is only worth $10,000, you have $5,000 negative equity. It’s best to pay off the difference until you no longer have negative equity before you trade it in. But if you need to trade it in even with negative equity, consider finding a more affordable option for your next purchase to minimize your losses.

Want to learn more about negative equity or how it might impact your next car-buying experience? Our Finance Center is always here to help. We’d be happy to review your financial situation with you, determine whether you have negative equity, and what you can do about it if so. You don’t have to let negative equity keep you from getting a new vehicle, but you should know how it will impact you before you make any final decisions.

How Do I Start the Trade-In Process?

To get started, first find the value of your vehicle using our trade-in tool. After that, start browsing through our current inventory of new vehicles or check out our used options if you want something more affordable. Once you have an idea of what you want, contact us to schedule a visit to our dealership. We’ll then apply the value of your trade-in to the price of your next vehicle and quickly complete the sales process. Thank you for visiting Huffines Subaru – we look forward to helping you through our easy trade-in process.

blue Subaru parked near forest by Colby Ray is licensed with Unsplash License