You’ve been considering buying a new car. The one you have right now is getting older, and things are starting to go wrong with it. Wiring is getting old and brittle, the engine is getting tired, and leaks are starting to show up. Your tires need to be replaced soon and your brakes just started to squeal. You’d love to avoid those costly repairs and the upkeep that’s looming down the road. It would be great to get a new car and just leave this aging car at the dealership’s doorstep. But is it worthwhile to trade in your car, or will you be on the losing end of the deal? Maybe these thoughts will help you decide.
Trade In Your Car To Save Money
It’s a bold thing to say, but it’s true. If your current car is starting to show signs of aging, it’s just the beginning. Those repairs stack up, and the costs can send you to the poor house.
Oil leaks can spell the start of engine problems, especially if they’ve been left uncorrected for a while.
Electrical issues are often due to old and brittle wiring, so you can expect more of those time and time again.
Tires, brakes, batteries, belts, and fluid changes are routine maintenance items that can cost an arm and a leg.
After a few years of ownership – right around the time you pay off your car – maintenance and repairs start costing about as much as your car payment. When you trade in your car, you don’t have to deal with the maintenance costs or repairs anymore. You start with a new or certified pre-owned vehicle that’s trouble-free! And who has that kind of cash to throw around on pesky car repairs anyway?
Equity Acts as Your Down Payment
The amount of money your car is worth beyond what you owe is called equity. If you’re trading in your car, that equity goes towards the cost of your new car, just like a down payment. With a trade-in, it’s even better: trade-in values receive credit toward the taxes also! The result is a lower monthly payment, a shorter term, a better interest rate, or a combination of the three.
The Option is to Sell Privately
You may get more money by selling your car on your own. The dealership will offer wholesale pricing because repairs and reconditioning will be necessary to resell it. However, getting more money for your car comes at its own premium. You’ll have to fork over big bucks to get it fixed and certified so you can sell it. Once it’s ready to sell, you’ll have to advertise, answer calls, and arrange to meet with tire-kickers and hagglers. It’s a serious time investment and a hassle. If your time is valuable, selling privately is an exercise in futility. The extra cash you make on the sale simply isn’t worth the trouble of selling it yourself. It is definitely worthwhile to trade in your car. When you’re shopping for a car at CarUp KC, make sure you mention the vehicle you want to trade in. We’ll give you a fair offer for your trade to make your new purchase as easy as can be!