Your Best Options for Trading in Your Car in Anniston, AL
Trading in your current vehicle comes with a range of benefits, whether you’re selling it for cash or putting it towards an upgrade. Still, for many people in Anniston, it can be hard to know what your options are when it comes to the trade-in process. Not to mention, you’ll want to ensure you're getting the best deal and return on your investment.
Here at Kia of Anniston, we’ve helped countless customers trade in their current rides for top dollar. Especially those looking to pay as little upfront costs as possible on their new vehicle purchase. In this blog, we’ll cover the basics of trading in your car and the benefits of doing so with a reputable Kia dealer!
Option 1: Trade in & Trade Up
If you’re on the hunt for a new vehicle (or even a used one), trading in your current car at the dealership is an excellent option. When you trade in your current car, the dealership assesses its value and applies it as a credit toward the initial costs of the purchase. Not only will you save money on the purchase price, but you’ll also save on the taxes and fees since these costs are taken from the total price reflected after the trade-in. This can significantly lower your upfront expenses and make buying a new car more affordable.
If you have challenging credit or are looking for a zero-down payment option, trading in your current vehicle will give you more purchasing power. The lower the cost of your vehicle, the better terms and rates you’ll get for your financing. Alternatively, if you’d prefer to pay for your new car in cash, trading in your vehicle is the best way to cover the bulk of the cost.
Option 2: Put Towards a Lease
Depending on your situation, leasing a vehicle might serve you better than purchasing a new one. Leasing a car offers all the benefits of ownership but with the flexibility and affordability to upgrade to the latest Kia models whenever you want.
Trading in your vehicle for a lease looks the same as trading it for a purchase. Much like a purchase, if your trade-in has positive equity (its value exceeds your loan balance), it can reduce your upfront costs or monthly lease payments. However, leasing doesn’t build equity, so once the term ends, you start over.
Option 3: Sell for Cash
If you’re looking to gain some extra cash or don’t quite need a new vehicle at this time, selling your vehicle directly to a dealer is your next option. Selling your car to a dealer in Anniston works just like a trade-in, only you get to pocket your earnings rather than put them towards a new vehicle.
Selling your car to a dealer instead of privately offers significant advantages in terms of convenience, speed, and security. When selling to a dealer, the process is streamlined: dealers handle the paperwork, provide an instant offer, and often pay on the same day. This eliminates the time and effort required to advertise the vehicle, screen potential buyers, and arrange test drives, which can be both time-consuming and stressful in private sales. Not to mention, there’s no risk to your safety!
Positive Equity Vs. Negative Equity
If you owe money on your current car loan, the trade-in value will first go toward paying off the loan. If your car’s value exceeds the loan balance, the positive equity can still reduce your lease costs. On the other hand, if you owe more than the car’s value (negative equity), the remaining balance may be rolled into your lease payments, increasing your monthly costs. It’s essential to evaluate the terms carefully and consider your financial situation before trading your vehicle in for a lease.
Tips for Maximizing Your Trade-In Value
- Clean and repair your car: A well-maintained vehicle often fetches a higher price.
- Research your car's value: Use tools like Kelley Blue Book or Edmunds to understand its market value.
- Negotiate smartly: Ensure you separate trade-in and purchase negotiations to avoid losing value in the deal.
Trade-In Your Car at Kia of Anniston
Want to sit down with a financial expert to learn how to trade in your car today? Visit us in Anniston today! Our team can help you value your Kia or other make, sell it, and then find the perfect model for your budget and lifestyle. No matter if you prefer a new Kia with all of the bells and whistles or a value Kia from our pre-owned inventory, we want to make your dream car a reality. You can fill out a pre-approval form to streamline the process. Contact us today for more information about our Kia trade-in deals.
