Trading in or selling your vehicle in Allentown?
Trading in or selling your car can be a scary proposition. First you have to make sure it is in tip top shape, then you have to drive to the dealer, haggle with a price that is fair for your vehicle, and then there is the actual selling of your vehicle. After that, what do you do? Use the money to buy a new vehicle, use the money for something else, or maybe you save the money for the future. Regardless of how you plan on using the money, you have to make the steps to trade in or sell your vehicle first. But are you making the right decision?
There are many ways to go about trading in or selling your vehicle, but the best way to do it is through your local Toyota dealership. We accept vehicles of all makes and models. If you are looking to trade/sell and don’t know where to start, Bennett Toyota has your back. We have been a trusted dealer for many years and our sales department is here to help you. Our number one goal is to make sure you are satisfied. This is for buying or selling your vehicle. Our focus is on you, the customer. Let’s take a look at some things to remember about trading in or selling your vehicle.
Trade in or Sell my vehicle?
First, what is the difference between trading in your vehicle and selling your vehicle? Well, whichever one you choose, there are pros and cons to each. Let’s look at a few for each of these options.
Trade in:
If you are choosing to trade in your vehicle, you need to go to the dealership and you will be negotiating a fair price for your vehicle. Your first step should be to look at the Kelley Blue Book value of your car. Make sure to view the trade-in offer and not the private-party value. This will give you an idea of where your vehicle is valued. Keep in mind, this is just an estimate and should just give you an idea, you will not always receive this value. After that, make sure to clean your car and get any repairs done that need to be done. During this, be sure to look at new vehicles you would be interested in purchasing. Bennett Toyota has an amazing line-up of new and used vehicles that you can use your trade in value towards. Our outstanding sales and finance teams will make sure to help you with that process.
Pros of the Trade-In
- Less hassle: The process of transferring tags/titles, reregistering the vehicle, paying off the loan, etc. will be taken care of by the dealership.
- Reduced taxable sales price: Many states require that you only pay tax on the difference between your trade-in amount and the cost of the new car you are buying.
Con of the trade in:
- Lower offer: Dealerships need to make money on the car you trade in when they resell the vehicle. That means that they will have to offer you less for your vehicle than what you could potentially earn. Keep in mind though, the dealer is going to be taking into account the work they need to do on their end in order to sell your vehicle. This includes items like vehicle repairs, transferring of tag/title, reregistering the vehicle, etc.
Selling your vehicle privately
- Pro of privately selling:
- Higher sale value: Having the power to price your vehicle at the value you want is very rewarding, but you have to keep in mind that you have to find someone willing to buy your vehicle at that price and the buyer has to be able to trust that you have done what you were supposed to do to make it a smooth transition.
- Con of privately selling:
- More work: Without a doubt, you are going to be putting in a lot more work with this option. You will have to gather documents, file paperwork, get the car in tip top shape for the buyer, find a fair price, screen buyers, possibly go on test drives, and deal with many other possible road bumps along the way.
The choice is ultimately yours but if you are looking for a dealership that is going to be willing to work with you every step of the way, Bennett Toyota is here for you.
Your Vehicle – and the documents that go with it
If you decide to trade in your vehicle, you’ll need to bring a few things with you to make sure the sale of your vehicle goes smoothly.
- A clean car. You don’t need to get it detailed – we’ve got one of the best teams of detailers in Allentown right here at Bennett Toyota. They’ll go through the car before it moves along to the pre-owned market. Still, you want to make sure you have any personal belongings out (don’t forget to check the trunk) and it doesn’t hurt to at least tidy up and toss away loose trash. But wiping out the air vents? We got that.
- Service records. Beyond the vehicle history report, we love to see documentation of regular preventative maintenance, as well as major repairs that you’ve had to take care of over the years.
- Vehicle title and registration. We’ll need these papers to take ownership of your vehicle. We trust you, but we still have to make sure that the vehicle is yours to sell, free and clear.
- Loan information and Pay-Off Amount. Sometimes you don’t want to wait until your current vehicle is paid off – don’t worry, we can work with you on that. If you are still paying a loan, the company that owns the vehicle will want to get paid, and we’ll get the vehicle title from them.
The good news is that our team here at South Hills Toyota will take care of that transfer work, they’re pros at it. It’s a standard part of the buying process!
What should I do when I have sold my vehicle?
After your vehicle has been sold, take a look at our new and used vehicle lineup. Let’s get you into a new (or new to you) vehicle that you have been dreaming about. But, if that is the case, make sure you have everything you will need when heading to our dealership! You’ll want to run down this checklist before heading out the door. Make sure you have everything complete and together – it’ll help the buying process to move along that much faster.
- Your driver’s license. Common sense, and really, who leaves home without it? We’ll need to make sure you are a properly licensed driver, so make sure your license is not expired.
- Form of payment.You can pay by check, by cash, by loan, and, in some cases, even by credit card. While our expert finance team at Bennett Toyota will work to find you the best possible loan, you’re still likely going to need a down payment. Even if you don’t need it immediately, a down payment today means you’ll pay less interest tomorrow – it’s always a great idea to put something forward.
- Recent pay stubs. The banks and creditors we work with want to know that you are currently employed, and can afford the payments of the loan they’re extending. The last few weeks’ paycheck stubs or direct deposit receipts help us to show them that you are worthy of getting that loan.
- Proof of insurance. We’ll take care of the leg work and get in touch with your insurance company to update them on the new vehicle details so you’re insured the minute you drive off the lot.
- Credit score and history. This helps to dictate the loan terms we can get for you. In the old days, it was a bit of a process to go through – today, almost every credit card company, bank, or credit union offers documentation of your current and recent credit scores. Bring that along with you and we can help you find better loans, faster.
Other things
Odds and ends can go a long way to your car purchase experience. These are things that certainly will be helpful for you to bring along, and could end up saving you in the long run.
- A list of references. Some lenders want to be able to call and check with business or personal references in addition to pulling credit scores and reports.
- Pre-approved vehicle loans. Even though we have some great connections with banks and other finance sources here at Bennett Toyota, there’s always the possibility that your credit union, credit card company or bank can provide a better APR or help you get approved for a bigger loan. By getting pre-approved, you have something in your pocket already.
- Rebate Eligibility Support. Many carmakers, Toyota included, offer a variety of unique discounts. From military service discounts to recent college graduate rebates, to customer loyalty discounts, there are plenty on offer. You’ll need the documents and proof to back it up though, so be aware of the individual requirements for each rebate.
When you come to make your purchase final, having all of these things on hand helps to make sure you don’t spend any more time at the dealership than you need to – not that we don’t like seeing your smiling face here, we just know you’ve got other things to do. They also help to keep you from making additional trips or missing out on potential savings.
Want to get more information on how to sell your vehicle at Bennett Toyota? Ready to purchase that new vehicle of your dreams? Contact our staff at Bennett Toyota for more information!
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