Whether I should go with Trade-In or Down-Payment? A common question troubling a large number of people looking to sell or buy a car. This question makes the potential car-buyers & sellers calculate a large number of things. Thus, as a car owner, you need to stay aware of these terminologies, as you might face them in the future.
It’s not difficult to know that down-payment always wins the race. But, why? What are the reasons and several aspects you need to know about these two terminologies?
This blog will give you insights into both, trade-in & down-payment. And, what makes you go with a down payment? This blog will give you clarity on some very important factors.
Understanding the Trade-In mode
Firstly, let’s get it clear, both these methods work well for you. Selecting any one of them purely depends on your preference and convenience. Most people find the down-payment method a bit easier and more suitable.
Let’s start with trade-in. What does trade-in mean? In simple words, with this method, you replace your used car with a brand new car. Legal formalities are a bit more, but the overall process is smooth.
However, the dealer you select to trade your car and the car models you are trading in also plays a decisive role in deciding the complexities of the process and the value you need to pay for the new car.
For trade-in, you might be offered less value than you actually deserve. Thus, you must know the exact valuation of your car before you move forward with the deal.
- There are several factors deciding the trade-in value. Check them out.
- The manufacturing year of the car.
- The car model.
- The number of kilometres travelled.
- Exterior & interior condition of the vehicle.
- The market of the car. The car not having much demand in the market will get less value as compared to the car in demand.
The trade-in method also brings car owners to the point where they accept lower offers on their cars, and also miss out on getting discounts on the new model. Eventually, they end up getting a loss. Confusion is the culprit here.
Understanding down-payment mode
Now, let’s discuss down-payment. If you prioritize flexibility, and convenience over anything else, the down-payment car trading method is your answer.
What does the down-payment mode mean? Down-payment implies selling your car privately. You can sell your car and then buy a new one. Most people find this car trade method convenient.
Check out the steps to sell an old car using the down-payment method below.
- Firstly, get your car ready for the sale.
- Then, make an appointment with the car dealer. Our team highly recommends you doing your research before you select one.
- Let the dealer study your car. Once it is done, you will be offered the value that suits your car the best.
- If the offer makes you feel satisfied, accept it to continue the process further.
- Some legal formalities will take place, and you will receive on-the-spot payment.
That’s that! The down-payment method is quite simple, secure, and convenient. You can use the amount received by selling your car to purchase a new car later on. However, you need to take the timeframe into consideration here.
If the car is a necessity for you, it will be a bit difficult for you to spend several days without a car. Thus, choose the timeframe such that both, selling and buying your car doesn’t eat much time and you don’t have to stay without your car for a long-time.
Next, it’s also important to select the correct dealer to ensure that you get the best cash for cars in Toronto. And if you are looking for one, do reach out to SellUrCar by calling us at 416-841-7058.
Our team will be prompt to respond to your queries, check out your car, and offer the best possible offer. So, let’s get in touch now!