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Grace Auto Group
945 Lincoln Hwy, Morrisville, PA
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Vehicle Trade-In FAQ
Thinking about trading in your car? Whether this is your first time trading in, or it’s been a few years, chances are you have questions about the trade-in process. That’s why the team at Grace Auto Group has created this vehicle trade-in FAQ guide to help our friends in and around Morrisville, Bristol, and Levittown, PA.
Read through this FAQ guide to learn more about trading in, then contact our team to get started!
How Does a Vehicle Trade-In Work?
When you trade in your car, you are upgrading your current commute by buying or leasing a new car from a dealership. When you purchase your new car, you’ll sign over possession of your current vehicle to the dealership. Think of this like you’re selling the car to the dealership.
The value of your car is put toward your new purchase. This can help lower monthly payments, or provide a larger down-payment amount.
How Is Trade-In Value Determined?
Dealerships use a variety of tools to determine your car’s trade-in value. Credible sources like Kelley Blue Book® and Black Book Value are used to determine your vehicle’s estimated value. Things like market and demand are factored into this estimated value.
So, for example, if your car is in high demand in your area, you may receive a higher estimated value to meet this demand.
To help you learn more about your vehicle’s trade-in value, we recommend using online tools, like our complimentary Kelley Blue Book® Instant Cash Offer tool, to view an estimated trade-in value.
Can I Increase My Car’s Trade-In Value?
Yes! You can absolutely increase your car’s trade-in value. Consider these tips when planning a trade-in:
- Make a good first impression. A good cleaning of the interior and exterior goes a long way.
- Tidy up any loose ends. For example, resolve any outstanding recall issues before getting a trade-in estimate.
- Consider deep cleaning & repairs. Detail work is a quick way to increase your car’s estimated value. Likewise, performing any small maintenance needs—like oil and filter changes—may also help increase the value.
- Study the market. Make sure you’re trading in your car when the market is good and when your car is in high demand.
What Do I Need When Trading In?
When the day comes to trade in your car, you need to bring a few things with you. These will help expedite the process and ensure you can leave the lot in your new set of wheels.
Before you head over to the dealership, make sure you have these documents with you:
- Vehicle title
- Registration
- Your driver’s license
- Any outstanding warranty information
- Auto loan payment info
- Keys to the vehicle
Should I Pay Off My Car Loan Before I Trade?
You can, but you don’t have to!
You’ll first want to see if your car has a positive equity (the estimated value is more than the loan amount) or negative equity (the estimated value is less than the loan amount) as this adjusts the trade-in process.
If you have a positive equity on your car loan, the trade-in value will pay off the remainder of the car loan. Any additional trade-in value will then be put toward your purchase.
If you have a negative equity, you can either roll the previous car’s payments into your new purchase, pay the remaining balance, or hold off on the trade-in until you have a positive equity.
Start the Trade-In Process Today
Are your Morrisville, Bristol, and Levittown, Pennsylvania, travels in need of an upgrade? Then it’s time to trade in your car.
Head over to Grace Auto Group to get started, or contact us to learn more about the trade-in process. We can’t wait to help you on this new, exciting journey!