When you’re ready to buy a new car, it is important to have an idea of how much you want to spend on it. This will help you narrow your search as well as help you negotiate with lenders. One way to reduce the cost of a new car is to trade in the car or truck that you own today.
Use Your Equity as a Down Payment
The equity that you have in your vehicle can be used as a credit toward the purchase of a new car or truck. Equity is the difference between what you owe on the vehicle and what the vehicle is worth. If you owe more than what your car or truck is worth, that negative equity can be rolled into your next loan.
How Do You Know How Much Your Car Is Worth?
You can use online calculators or visit appraisal sites to get an idea of what your vehicle is worth. It is important to note that a Dodge dealer in Cicero may use a variety of variables when valuing your car or truck. However, the price is generally determined by its age, condition, and consumer demand. Newer cars that are in high demand will likely be worth more than older cars that have been discontinued.
Negotiate the Trade Separately
It is a good idea to negotiate the trade before or after negotiating the actual price of the car. A Dodge dealer in Cicero may allow you to negotiate the price of your trade before visiting the dealership. This can help you get the most for the vehicle that you’re trading in as well as get a fair price for the vehicle that you plan on purchasing.
When you are ready to buy a new car or truck, come to Hawk Chrysler Dodge Jeep today.
