Is a Car Trade Considered a Down Payment in New Jersey?

9/16/2019

Trading your car should be an easy process for any car owner. However, many people have no idea how it all works. You’ll be glad to know you can trade your car and use its value as a down payment. However, reaching this goal requires careful attention to detail and some legwork from your part. Our preowned car dealership professionals can help you understand this process. Apollo Preowned Auto invites you to keep reading as we discuss car trade-ins in New Jersey and their relation to down payments.

Can I Make a Down Payment by Trading In My Car?

Acquiring a new vehicle requires careful planning and strategizing, especially in today’s tough economy. Part of the car buying process requires you to put a down payment to lower the life of your car loan and reduce your monthly payments. For many people, this task may seem impossible if they have to meet other financial obligations or are buying a car with bad credit that make saving for a robust down payment almost impossible.

However, there is an alternative to this situation. You can provide a reasonable down payment by trading your old vehicle. When you trade in your vehicle, you can use the value of your car as your down payment, which can help you get the vehicle you want.

What Are the Steps to Trade in Your Car?

Now that you know that trading in your vehicle can provide you with a down payment to purchase a new set of wheels, you may wonder how the process works. Trading your car is not something that happens automatically. You should follow this series of steps that can help you make the best out of your trade.

Know Your Car’s Value

Knowing the value of your vehicle should be the first step in your car trade process. Knowing the actual value of your car can give you a clearer idea of what to expect when making your trade. If you have never experienced a car trade before, you may wonder how you can make sure you truly know how much your car is worth. Many people, including friends and family, may tell you how much you should trade your car for. However, going into a dealership with this information in hand can set you up for failure. There are more reliable sources you can consult to make sure you know the actual market value of your car.

For instance, one of the most trusted and respected car value sources on the market is Kelley Blue Book (KBB). KBB has been an authority on car values for decades, providing consumers with lots of vital information on their cars for sale in New Jersey. While they have a printed version of their book, you may also find this source online.

For instance, you can go to their website and input the key information on your vehicle – namely, your car’s year, make, model, mileage, and similar details. Once you submit this information, the website can provide you with your vehicle’s market value in a matter of seconds. Having this information in your hand can help you when negotiating with your dealer.

Ask for Quotes

Once you have your car’s value in hand, you should make sure to get quotes from different dealers. Make sure you are visiting dealers selling the car you want so that you can compare your quotes. While nothing prevents you from obtaining quotes from as many dealerships as you wish, three quotes should be enough. This will give you an idea of which dealer you may want to do business with in the future.

Negotiate with Your Dealer

Now that you possess all the relevant information, it’s time to negotiate with your dealership. During this time, it is essential to know you are not making a private sale; instead, you are trying to reach a happy medium where both parties are equally satisfied with the deal. While many people think a private sale can yield better results, the hassle, time investment, and the possibility of a shady buyer are tremendously high.

When negotiating with a dealer, the process is streamlined, so you don’t have to worry about anything other than getting the keys to your new car. Once the deal has closed, your dealership will apply the trade-in value of your car to your new purchase. A preowned auto dealership professional can help guide you through this experience.

Things to Avoid When Trading Your Vehicle

While trading your car shouldn’t be a complicated process, many people make it harder on themselves. There are things you should avoid so you can enjoy a better trade-in experience. One of the worst things you can do is having a dusty, muddy, or unclean car for appraisal. The first impression counts a lot when it comes to trade-ins, so make sure you bring a clean car to your dealership.

Additionally, make sure you have all paperwork complete and up to date. All your work may be for nothing if you don’t have essential documents, such as your car’s title. Things like your car’s history report and owner’s manual are also essential in your car trade-in process.

Preowned Auto Dealership Serving New Jersey Drivers

If you or someone you know is looking to trade in their vehicle and get a new car, we may be able to help. At Apollo Preowned Auto, our New Jersey preowned auto dealer can help you get the car you want at a competitive price. Thanks to our decades of service, skill, and dedication, we can aid all of our clients with their trade-ins. In addition to selling and trading vehicles, we also offer a wide range of services, including auto detailing, bodywork, car part orders, and oil changes. To learn more about all of our offerings and how we can help you get the car you want, call Apollo Preowned Auto today at (856) 347-5310.

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