When is the best time to trade in my vehicle? Why should I trade in my car? Can I trade in my truck and get lower payments? Who should I trade in my car to?
These are all great questions! Luckily, we have answers.
More people are choosing to trade in their vehicles two to three years after their original purchase. Why? In addition to being easier than selling it privately, it gives you the chance to get into a better vehicle for the same price or sometimes even less.
If you are looking to trade in your car, truck or SUV in Edmonton, Alberta, choose Mayfield Toyota! We offer the best value in Edmonton for your trade and have one of the largest selections of new vehicles in Alberta. Here are five reasons to trade in your vehicle to Mayfield Toyota.
Get a Better Interest Rate
When you finance a vehicle, you agree to an interest rate that accompanies the loan. That interest rate determines how much you will be charged to borrow the money to pay for the vehicle. To determine what that interest rate will be, lenders look at your credit score and past borrowing behaviours.
High interest rates are assigned to people with bad credit or no credit. Low interest rates are reserved for people who have good credit and a reasonably stable history of borrowing behavior. The lower the interest rate, the lower the cost of borrowing. A high-interest rate means you pay more in interest and typically leads to higher payments.
If you have a high-interest rate on your vehicle, trading it in after a few years can be a great opportunity for you to lower it. Maybe you had bad credit when you originally bought your vehicle. Or, maybe the manufacturer wasn’t offering special incentives at the time.
If you’ve been making on-time payments for the last couple of years, your credit score has probably improved. That means you can upgrade to a better vehicle AND secure a lower interest rate. Plus, your trade-in will be viewed as a down payment on the new car, lowering the risk factor to the lender and again, improving your chances of receiving a better interest rate! It’s a win-win!
Get a New Vehicle for the Same Payments (or Less)
After a few years, the technology in your vehicle has either become outdated or run-of-the-mill. Take for instance safety features. Things like Lane Departure Alert and Emergency Braking used to cost additional money to include in your vehicle. Nowadays most vehicles include these safety features as standard across their lineups.
Navigation systems become obsolete. Multimedia systems are improved. Innovative features are constantly being invented. Why not enjoy all these things without having to spend any more money than you already do a month? In fact, Toyota offers 0% financing several times a year! Which means you can probably lower your monthly payment and get into a brand new vehicle loaded with new features.
If you’re an existing customer financing your current vehicle through Toyota Canada, there are even more perks available to you! Existing customers qualify for loyalty bonuses including special customer pricing in the form of a rate reduction or discount. See in store for more details.
Roll the Cost of Upgrades into Your Bi-Weekly Payments
Seasonal changes bring with them the need for certain things. Especially when it comes to your vehicle. Cold weather means it’s time to start thinking about winter tires. Warm weather might mean its time for a detail. There are other things you might need that aren’t related to the weather — a remote starter, canopy, running boards, bed liners, etc.
When you trade-in your vehicle for a newer model you can rework those upgrades into the cost of your financing. So instead of paying out-of-pocket right now for the things you want, include those costs into your monthly payments and pay them off over time!
Think of it this way.
You can’t finance a remote starter on your current vehicle. You have to pay for the starter and the install out of pocket on the spot. Most of us don’t have that kind of cash saved up so we throw it on the credit card. When you upgrade to a new vehicle you can include the remote starter cost into the final selling price. Then, you slowly pay it off as you make your vehicle payments.
So the day you pick up your vehicle your winter tires are installed, your remote starter is good-to-go and you can drive off without having to spend any money. Then, you pay it off overtime at an interest rate that is likely much lower than that of your credit cards.
Never Drive Without a Warranty
Most new vehicles come with a 2-Year Manufactures Warranty. That means if something goes wrong in those two years, you never have to worry about paying out of pocket for the costs of repairs — they’re covered. When that warranty ends, many consumers choose to upgrade to a new vehicle. That way, they’re once again covered by warranty. To put it simply, you can’t put a price on peace of mind.
The older a vehicle gets, the more it costs to maintain. Instead of worrying about unforeseen circumstances, many choose instead to stay in a worry-free zone. New vehicles have far fewer complications and cost less money to maintain. You might think your saving yourself money by staying in an older car but you could actually be costing yourself more in costly repairs and upgrades.
Your Life Circumstances Change
This is probably one of the most common reasons people trade in their car and upgrade to something new – life changes. After driving a vehicle for a few years, you learn more about what you like in a vehicle, and more importantly, what you don’t like. Maybe you’ve discovered leather interior isn’t ideal for a pet. Maybe you prioritize fuel economy more than you once thought.
It can even come down to more than just preferences. Maybe your job changed and your commute lengthened. Maybe the family grew or you picked up a new hobby. As things change, what you look for from your vehicle will change too. Trading in your vehicle allows you to adapt to those changes and transition into a new set of wheels that works better for your situation.
Why Mayfield Toyota?
Many dealerships in Edmonton will try and lowball you for your trade. Not Mayfield Toyota! We’ll make you a fair and competitive offer and work with you to make sure you get the best bang for your buck. We’ll also beat any competitors offer in the city on a new vehicle! The point being — if you shop anywhere else in Edmonton, you’re paying too much! Bring your car, truck or SUV into Mayfield Toyota and get into a brand-new vehicle for less, today!