Current car owners who are ready for a new model, need something bigger for a growing family, or want to downsize to a smaller vehicle can offset the cost of buying a new or used vehicle by trading in their current car, truck, van, or SUV. Curious about how to trade in a car? We’ll take you through the five-step process so you’re prepared when you visit one of our dealerships in Ashland or Richmond, VA.
Whether you’re paying for your purchase outright or planning to lease or finance a vehicle, every opportunity to save money helps. Taking advantage of the trade-in value of your current vehicle can help you cover the down payment or lower the monthly payments.
When you sell your vehicle to the dealership, it saves you the stress of having to privately sell your car. It’s a pain to list the vehicle yourself, manage all the responses to your ad, coordinate viewings and test drives, and transfer ownership to a new driver.
Bringing your trade-in vehicle to the dealership simplifies the car-buying process. You can sell your current vehicle and buy a new or used one all at the same place and with the assistance of our knowledgeable Sales Advocates who can help you through the whole process, including all of the paperwork.
Ready to answer, “How does trading in a car work”? Follow these five steps, and you’ll be ready to sell your current vehicle.
Once you’ve decided you’re ready to begin the vehicle trade-in process, you’ll want to find out how much your current car is worth. The vehicle trade-in value is based on automotive industry guidelines, the condition of the vehicle, and how in demand the make and model is in your location. Get a free estimate by using an online vehicle trade-in calculator. It’s helpful to know what the value is before visiting one of our dealerships.
A clean, well-kept vehicle looks better to any buyer, including a dealership. Before you bring your trade-in vehicle to the dealership, have the inside and outside cleaned. If there are any minor repairs or maintenance that need to be done, you may want to complete this as well, as it could increase the vehicle trade in value.
Once you have your vehicle trade-in value and your car is ready to sell, start exploring our inventory online to find a vehicle you’d like to buy. We have an extensive selection of new Chrysler, Dodge, Jeep, RAM, and Mazda vehicles and a wide variety of used vehicles to choose from. Narrow down your list to a few vehicles you’d like to test drive at one of our Richmond or Ashland car dealerships.
When you’re ready to visit one of our dealerships, there’s paperwork you’ll have to bring for your trade-in vehicle. The first document is your vehicle title, which shows proof of ownership and allows you to sign ownership over to us. You’ll need your vehicle registration, and it must be current. If you’re still paying off your current loan, you’ll need your account number. It’s also helpful to contact your current loan lender to see if they have a process for handling trade-in vehicles. Finally, you’ll need to bring the vehicle’s service records to show proof of repairs and maintenance. Though it’s not necessary, it’s helpful to bring in a vehicle history report if you have one.
Once you’ve chosen the new or used vehicle you’re going to buy, the final step is to complete all of the paperwork for the trade-in vehicle and car purchase. Our Sales Advocates are here to help with the entire car buying process to make everything as quick and easy as possible.
As we noted above, trading in your current vehicle at a dealership saves you time and stress. In addition to buying and selling in one place, our dealerships also accept trade-in vehicles that haven’t yet been paid off. If you still have a car loan, you can sell us your car, truck, van, or SUV.
We also accept trade-ins with negative equity, which is when the amount you owe on your car loan is more than the value of the vehicle. To trade in a vehicle with negative equity, you have two options. After accounting for the vehicle trade-in value, you can make up the difference you still owe. However, not everyone will have the finances available to do this. The second option is to roll the amount still owed into your new car loan.
Now that you know the five steps for how to trade in a car, you’re ready to sell your current vehicle and purchase a new or used one from one of our Ashland or Richmond car dealerships. Contact us to learn more about the vehicle trade-in process or visit one of our showrooms to take a test drive. Our team is here to help make the selling and buying process as stress-free as possible!