Selling an old car yourself can be tricky, but initiating a vehicle trade-in can be just as intimidating. Here are three reasons to consider trading in next time you’re looking to upgrade your ride.
1. Your Trade-In is Tax-Advantaged
With tax season in our rearview mirrors, it can be easy to disregard the sales tax benefit that comes along with a trade-in. But the tax advantages you’ll gain from trading in your old car really make a difference! In the state of Georgia, the value of your trade-in is not subject to sales tax, meaning that every dollar of trade-in credit that goes towards your new vehicle is completely tax-free. Alternatively, if you sell your old car to a third party and then using the profit to buy a new one, state and regional sales taxes will apply to your full purchase.
2. Your Car Doesn’t Need to Be Paid Off
Selling an old vehicle can be prohibitively difficult — if not impossible — when you still have payments left on your loan. Buyers are unlikely to buy a car from you when you don’t hold the title for it. However, your local dealership will be able to accept a trade-in that isn’t completely paid off. What’s more, they’ll often work with you to help pay down your existing loan.
3. It’s Quick, Easy, and Worry-Free
Let’s face it — it’s hard enough just to find and purchase a new car without having to worry about selling an old one. If you go it alone, you’ll have to spend time, effort, and money having your old vehicle cleaned, detailed, and tuned up. And that doesn’t even take into account the advertising and coordinating it takes to get eyes on your sale.
Your local dealership will take your used car as-is, and will recondition it as part of your trade-in value. You also won’t have to worry about advertising or reselling; the dealership will handle everything after you drive off the lot. The money you save during the trade-in process can be used to put a larger down payment on your new vehicle.
Ready to level up your ride? The experts at Woody Folsom can help you trade in your old car and find a new one you love.