Whether you want to trade in your vehicle after driving it for a decade or want to trade in your car to drive the latest model, selling your vehicle to your local Ford dealership is a smart strategy. Trade-in benefits at your local dealership include a streamlined process, lower vehicle costs, and even tax advantages.
Four Trade-In Benefits at Your Ford Dealership
1. Convenient Process
Trading in your vehicle at your local dealership is a much more convenient process than trying to independently sell your car. At your dealership, you can usually start the trade-in process by using the dealership’s online car valuation tool. This tool requires information about your make, model, and trim to estimate the current market value of the vehicle.
Once you get an estimate, you can lock in your trade-in valuation when you visit your dealership. Your estimate may change based on the dealership’s inspection. Most drivers can complete the trade-in process at the dealership in a day, and the dealership’s finance department will even do the heavy lifting by bundling your trade-in valuation into your new car’s lease or auto loan agreement.
2. Reduced Sales Tax
Tax savings are another major benefit of a dealership trade-in deal. In Ohio, drivers get the benefit of a trade-in tax credit that subtracts the value of the trade-in vehicle from the price of a new or used car. With this credit, drivers will only need to pay taxes on the difference between these two values, which can save tons of money on out-of-pocket costs when purchasing a new vehicle.
3. Lower Down Payment
Trade-in valuations are commonly used to lower the down payment on a new car. Instead of paying the down payment on a new vehicle with cash, you can apply the value of your trade-in to cover the down payment and even reduce the sticker price of your new car. This is also an excellent money-saving strategy if you have lower monthly payments on your lease or auto loan.
4. Bypass Repair Costs
If your current vehicle needs significant repairs for major parts like the engine or radiator, but paying for those repairs seems unaffordable, striking a trade-in deal at your local dealership is an option. While you will certainly get a better value for your trade-in when the car is in good condition with up-to-date repairs, dealerships still usually accept trade-ins that need mechanical repairs, which can save you the cost of major repairs.
It’s a good idea to trade in your vehicle if you want to save money on the latest Ford model or avoid the hassle of privately selling your car to independent buyers. Contact Suntrup Ford Kirkwood to start your vehicle trade-in process today.
