Thinking of trading in your car? You want the process to go as smoothly as possible. More importantly, you want to know you've gotten a good offer!
The more informed you are about your vehicle and the trade-in process, the better prepared you'll be to emerge successfully.
At Mercedes-Benz of Midland, we've put together some car trade-in tips for Midland, Odessa, and San Angelo, Texas, drivers. Discover all you can do to maximize your trade-in experience!
1) Find Out What Your Trade-In Is Worth
Dealers use many different resources to determine what your car is worth. The good news is that many of them are available to you as well. For a better idea of what you can expect for your car, check Kelley Blue Book®.
You'll need to know the vehicle make, model, mileage, condition, and year, but with that basic information, you'll understand your trade-in value a bit better. (And you'll feel more secure in your negotiating position too!)
Feel free to use our Value Your Trade tool to get your CARFAX® trade-in value. With just your license plate or VIN (vehicle identification number), you can see an estimate online and schedule an appraisal by our technicians to get your cash offer.
2) Find Out How Much You Owe on Your Car
If your car is paid off, you're in the best position for trading in. You can still trade in a car with a loan, but you'll have more to think about as you consider doing so. Compare what you owe with how much it is worth.
When your car is worth more than you owe, you have positive equity. That means you can use the difference as a down payment on your new car. This is good news because the bigger the down payment, the less you need to finance.
When your car is worth less than you owe, you have negative equity and are what is known as upside-down. You can still trade in your car, but you'll need to roll the difference into your new car loan or cover the difference with a down payment.
Be careful about rolling too much negative equity into a new loan. You'll easily end up upside-down again, which may cause long-term damage to your finances.
3) Get Your Documents Together
No one likes lots of paperwork! Luckily, you can trade in a car in a streamlined way at virtually any dealership, so long as you have the documents together.
Be sure to bring these documents to the dealer when you stop by to trade in your car. Having them with you will save plenty of time (and save you from repeat trips to the dealership). You'll want your:
- Car title: If you own your car, bring the title. If you've lost the title, the next item on this list may be sufficient.
- Car registration: This could serve as proof of ownership, whether your car is paid off or not.
- Loan information: Still paying off your car? Not a problem; just have information on the lender, the account number, and the amount you still have left to pay.
- Driver's license.
- All vehicle keys.
Trade In Your Car Today
Do you have more questions about trading in your car? Just reach out to the automotive experts at Mercedes-Benz of Midland.
We make trade-ins easy for Midland, Odessa, and San Angelo, TX, motorists. Contact our team to start your trade in and drive home in a new car today!
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