How Does Trading In Your Vehicle Work?

Are you ready to get behind the wheel of a new or pre-owned car in Tampa, Florida? If so, you might consider trading in your vehicle to bring the payments down. At Brandon Hyundai, we have some of the highest trade-in quotes in the region, ensuring you get every dollar you deserve. Plus, we are just a short drive from Clearwater and St. Petersburg. Schedule with our Hyundai Finance Department today.

Why Trade In Your Car Vs. Sell Privately

If you are buying a car, you can trade in your vehicle or sell it privately, but there are some immense benefits to choosing the first option. When you bring your car to a dealership, you don’t have to deal with any potential buyers. There’s no worry about test drives from private party customers and you don’t have to meet people in a dangerous location. Instead, you visit the car dealer at your convenience and you save a ton of time.

Many people believe that the dealership won’t give you what the car is worth, but that’s not true. Our premier dealership uses Kelley Blue Book to get the appropriate trade-in value. While this won’t be the same as selling it privately, the time saved makes up for the difference. Additionally, the money you are given can be put toward your next car loan or lease. It will help to lower the sales price or sales tax, ensuring you pay less each month.

Understanding Negative vs. Positive Equity

Before you sell your car to a private party or dealership, you must first understand the differences between positive and negative equity. If you owe money on the car loan in an amount that’s more than the vehicle is worth, this is described as negative equity. Even if you sell the vehicle for more than the typical car price, you will still owe money on the auto loan. The best way to handle this situation is to trade in your vehicle, so we can roll the negative equity into the next payment, making it easier for you.

Otherwise, if you have positive equity in the car, you will get more for your vehicle than what you owe. You can use this difference however you wish, buying whatever products or services are best for you. However, we think it’s best to put the money down on your next vehicle, so that you can start off the payments ahead of the ball.

Let Us Help You Navigate the Options

At Brandon Hyundai, we have the best options available for you. We have flexible terms and conditions to fit any need. Whether you want to trade-in the vehicle for something new or you want to sell us your car outright, we can help. Plus, our team is always willing to give you top dollar on the trade-in. Schedule a visit today and get started on the next chapter.