Do you know your car’s equity? The professionals at Stephen Wade Nissan in St. George, UT can help you find to see if you can trade in for the best deal possible. Our professional financing and sales team members can help you find the equity to sell your car, truck, van, or SUV for a newer model or something completely different vehicle. Assessing your car’s equity ensures you understand how much money you can put down on a new vehicle. Having this knowledge makes the car buying experience at Stephen Wade Nissan so much easier. Give us a call today to get the process started and speak to our experts in the industry.
Our team of professionals uses some simple math to assess your car’s equity when looking to sell or trade-in at Stephen Wade Nissan in St. George, UT. The equity of your vehicle essentially tells us how much of it you actually own versus what you owe through your financing plan. If you decided to lease, there would not be any equity unless you entirely purchased once the lease ended. You should be able to see how much left you owe by checking your monthly statements. If you do not have access to those documents, you can call the dealership or check with the bank to check on the loans. To create more equity, you could speak to them about paying off earlier but ensure there are no penalties for doing so.
Next, you will want to find your car’s actual value. If you are like the everyday driver, there is probably some wear and tear when you initially bought it. There aren’t many cars that drive off the lot and come back with the same value as you purchased. Stephen Wade Nissan can help by giving you an appraisal, or you can use sites such as CARFAX, Kelley Blue Book, Edmunds, and others. Once you have that number, you can subtract it from what you still owe, and you will land on your car’s equity value.
Having positive equity with your car is great news! This means if you decided to sell the car, truck, van, or SUV, you would be able to pay off the lender while making some money in the process. We can help you use those leftover funds to put a down payment on a new vehicle at Stephen Wade Nissan. For example, if you owe $9,000 on your car and it was retailing on the current market for $11,500, you would have a total of $2,500 in positive equity to begin your search for a new car on our lot. It is always good to check up on these numbers to ensure you pick the right time to get a newer vehicle. The market doesn’t tend to fluctuate too much, but you definitely want to come out ahead if possible.
If you owe more on your car than what it is worth, that is negative equity, and it could be a problem for both you and your lender. For instance, if you were to get into an accident and total the car, you would still have to pay off the remainder. Insurance may cover some, but this is not the case in most incidents. If you cannot make that type of payment, the lender will be out of that money until you can and prevent you from purchasing a new car. For instance, if the vehicle is worth $9,000, but you still owe $11,500, then the lender would be out $2,500. And if you were attempting to sell your car for a more modern one, you would still be responsible for paying off the entire loan before you could purchase.
Trust the professional finance and appraisal team at Stephen Wade Nissan when thinking about trading in or selling to purchase a new vehicle. We will help you get the most for your older car, truck, van, or SUV so that you can cruise off the lot in a new set of wheels. We have all the tools and experience at our fingertips to assist with this transition. Give us a call as soon as you are thinking of upgrading to a new vehicle, and we will help you figure out your car’s equity to set you up for financial success.