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How Vehicle Trade-Ins Work: A Step-by-Step Guide

If you're in the market for a new vehicle, trading in your current car, truck, or SUV is a convenient way to reduce the price of your new ride. Vehicle trade-ins allow you to apply the value of your current vehicle towards the purchase of a new or used vehicle at a dealership. In this article, we'll walk you through the steps of the trade-in process at Cole Chrysler Dodge Jeep Ram, so you know exactly what to expect.

The Bottom Line on Vehicle Trade-Ins

Trading in your vehicle at Cole Chrysler Dodge Jeep Ram is a quick and easy way to get value from your current car while upgrading to a new one. By understanding the trade-in process and following these simple steps, you can get a fair deal on your trade-in and save on your new vehicle purchase.

How Vehicle Trade-Ins Work: A Step-by-Step Guide

If you're in the market for a new vehicle, trading in your current car, truck, or SUV is a convenient way to reduce the price of your new ride. Vehicle trade-ins allow you to apply the value of your current vehicle towards the purchase of a new or used vehicle at a dealership. In this article, we'll walk you through the steps of the trade-in process at Cole Chrysler Dodge Jeep Ram, so you know exactly what to expect.

Step one: Use an Online Trade-In Tool for an Instant Estimate

The first step in trading in your vehicle is finding out how much it's worth. We offer online trade-in tools on our websites that provide a quick estimate based on your vehicle's make, model, year, mileage, and condition. Using an online estimator is an easy way to get a ballpark idea of your trade-in value if you are looking to sell or trade in the Marshall or Albion area, all in just minutes, from the comfort of your own home.

While an online estimate is not an official offer, it's a helpful starting point to give you an idea of what you can expect to get for your trade-in from buyers around Battle Creek. Please note that the estimate is based on the information you provide, so be as accurate and honest as possible about your vehicle's condition to ensure the most accurate estimate.

Step two: Process Any Equity for Vehicles Under a Lien

If you still owe money on your current vehicle, you'll need to consider your equity position. Equity is the difference between what your vehicle is worth and how much you still owe on your auto loan. Positive equity means your vehicle is worth more than what you owe, while negative equity means you owe more than the vehicle's value.

When you trade in a vehicle with an outstanding loan balance, we will take care of any paperwork to cover the loan and pay it off. If you have positive equity, we will apply that amount towards the purchase of your new vehicle. If you have negative equity, you'll need to cover the difference between what the dealership offers for your trade-in and what you still owe. In some cases, the negative equity can be rolled into your new vehicle loan.

Step three: Determine If You Want to Sell or Trade Your Vehicle

When you're ready for a new vehicle, you have two main options for your current vehicle: selling it yourself or trading it in to a dealership. The right choice depends on your individual situation and priorities.

The main benefit of selling your vehicle yourself is that you may be able to get more money than trading it in, since you're selling directly to a buyer rather than a dealership. However, selling on your own takes more time and effort - you'll need to list the vehicle, field inquiries, set up test drives, handle paperwork, and find a buyer. With a trade-in, the process is much simpler and faster, since we will handle everything for you. So, you don't have to spend time looking for buyers around Kalamazoo or Portage, MI.

Step four: Visit the Dealership for a Final Appraisal & Offer

Once you're ready to move forward with a trade-in, bring your vehicle to our dealership near Jackson, MI, for an official appraisal and offer. During the appraisal, the used car manager or appraiser will inspect your vehicle's condition, both inside and out, and take it for a test drive. They'll also review your vehicle history report and check the local market to determine a fair value.

After the appraisal, you'll receive an official trade-in offer good for about five to seven business days. You can either accept the offer and finalize the trade-in, try to negotiate for a higher amount, or decline the offer. If you accept, the trade-in value will be applied as a down payment towards your new vehicle purchase. You'll sign some paperwork, and your trade-in will be complete!

The Bottom Line on Vehicle Trade-Ins

Trading in your vehicle at Cole Chrysler Dodge Jeep Ram is a quick and easy way to get value from your current car while upgrading to a new one. By understanding the trade-in process and following these simple steps, you can get a fair deal on your trade-in and save on your new vehicle purchase.