Have you recently been thinking about swapping out your trusty sedan, truck, or SUV for a brand-new Volkswagen? If you’re like most drivers living near Mechanicsburg, Camp Hill, and Harrisburg, you’re probably planning to put the value of your current ride toward your next.
It’s a smart move that can go a long way toward securing both the VW and the auto loan you want. So, what can you do to maximize the value of a trade-in? To provide some proven strategies, the team at Faulkner Volkswagen is here.
Check out our handy guide below, and don’t hesitate to contact our finance center team with any questions!
When researching for a new sedan, truck, or SUV, you probably heard the term “depreciation” mentioned more than once. Well, it’s a real thing and has one of the biggest effects on your car’s trade-in value.
Your car is an asset and like many assets, they decrease in value over time. Outdated technology, wear and tear, and consumer preferences all play into how slow or fast your car’s value drops.
Don’t worry, it happens to all of us. The best thing you can do is stay on top of its current value—it’s easily obtained with our handy Value Your Trade tool, powered by Edmunds. Simply enter your vehicle’s info to receive a True Market Value Report® estimate.
With this information in hand, you can present it to our in-house appraisal team, who’ll factor it into their overall assessment. We also encourage you to use trusted third-party sites like KBB.com. Similar to our tool, they use local market data to determine a fair trade-in price.
A recall is when your car’s manufacturer determines there’s a safety-related issue that doesn’t comply with federal safety standards. These can range from a faulty taillight to a serious engine defect. If your car has an unresolved recall, it can negatively affect its resale value.
If your car has been recalled, you should receive notification from the manufacturer with an offer to repair the problem at no cost. Sometimes, you may miss this alert. It can happen to anyone and, thankfully, is easy to fix.
To determine whether your car has any recalls, simply visit the National Highway Traffic Safety Administration (NHTSA) website. Here, they set up a special page for recall notifications with steps to take should your vehicle need a fix.
Millions of drivers take out auto loans every year. The length of these loans can range anywhere from 12 to 72 months. If you don’t already own your car outright, this remaining balance will have to be paid off before the dealership takes possession of your car.
The great news is, in most cases, our dealership is more than capable of getting you out of your current loan. We offer several options depending on your current situation.
Keep in mind, it’s best to owe less than what your car is worth to ensure the best outcome. This brings us to our final tip. . .
Remember when we discussed depreciation? Sometimes, when you hold on to your car for too long, it can cost you precious trade-in dollars. While depreciation tends to plateau after the first few years of ownership, a vehicle will continue to slowly lose value over time.
By timing it right, you can potentially save a few thousand dollars by trading in your car after five years rather than after six or seven.
We hope you’ve found this short article helpful while planning your next VW purchase. If you’d like to speak with our team of financing pros, we encourage you to call Faulkner Volkswagen or contact us online today.
Before you know it, we’ll have you cruising around Mechanicsburg, Camp Hill, and Harrisburg in style!