How do used car dealerships work with you on your trade in?
The time may be now for you to purchase a new car, but what do you do with your current vehicle? If you have a car and you are just not sure if you should trade it in, keep it or sell it yourself, here are a couple of things to consider.
• Do you still owe money on the car? The amount you still owe on your current vehicle may be higher than the current value of your car, which can create negative equity. The dealership will give you the wholesale price of your car no matter how much you still owe on it. You will be able to roll any negative equity into your new car loan if there are no other options available to you.
• Do you have the time to sell your car? It’s quite possible to make more money selling your car yourself, however you need to consider that you will need to spend money to place ads as well as spend the time to show the car to potential buyers. If you still owe money on the car, the bank still holds the title. This can create a delay in getting the title to the person hoping to buy your car.
Visit University Motors for more information about trading in your car.