Frequently Asked Questions About Trading in Your Vehicle
Are you considering trading in your car or even selling it to our dealership? Below are some frequently asked questions to help you understand the process better.
If you’re wondering, “What is my pre-owned car worth,” the answer is just a few clicks away! Using our handy value your trade-in calculator, you can get an estimated car trade-in value from the comfort of your home or office. Simply input some information about your car into the trade-in value calculator, as well as your contact information, and you’ll have an estimate right away. Keep in mind, there are a few factors that affect trade-in value, including:
- Mechanical condition
- Car features
- Exterior/Interior condition
- Market landscape
After you’ve received your trade-in estimate, it’s time for an appraisal of your vehicle! Our Edmond dealership can take care of this step for you. We’ll examine the condition of your car and make sure it’s a good fit for our pre-owned car inventory. When you visit for your car’s appraisal, be sure to bring your trade-in estimate!
Once we’ve examined your car, you can negotiate or accept our offer and finalize the sale. We pride ourselves on offering the fairest possible offer on trade-in vehicles, aiming to make the trade-in process transparent and simple. In fact, there are a couple of major advantages to selling your car to a dealership, including:
- You can negotiate at a dealership. We encourage our customers to always do their own research to make sure they’re getting the most reasonable trade-in offers.
- Can you trade in a car you still owe on? You can easily with a dealership. If you’re upside down on your car loan, you can consolidate what’s owed on your current car with the price of your new vehicle.
Yes, you can. If you have positive equity on the car (as in it’s worth more than what you currently owe), you can trade it in easily. The dealer will purchase the car and pay off the loan, then they’ll put what’s left toward the new vehicle price, giving you a major advantage. If you have negative equity on the car (as in it’s worth less than what you currently owe), the dealer may still buy the car and pay off the loan, but the difference will be rolled into your new car loan — meaning you’ll still need to pay it off eventually.
There’s no time limit that’s set in stone, but it’s a good idea to wait until you have positive equity. This means the vehicle's value is worth more than is owed.
Being “upside down” on a car loan is the same thing as having negative equity. If, for example, you owe $30,000 on a car that’s worth $25,000, you have negative equity.
If you still owe money on the car, you can trade it in for a cheaper one. If, for example, you owe $15,000 and the car is worth $20,000, the dealer can purchase the car as a trade-in, pay off the loan, and put the $5,000 toward your new auto loan as equity. If you don’t owe money on the car and own it outright, there’s nothing stopping you from trading it in for a cheaper car; you can do what you’d like with it.
Make Mercedes-Benz of Oklahoma City Your Automotive Partner Today!
If you have questions about how to trade in a car that is paid off, or how to get the best possible offer, don’t hesitate to contact us online or give us a call at (800) 939-8938. While you’re here, be sure to browse our current pre-owned car specials to start shopping for your next great offer in the Oklahoma City area!