Vehicle Trade-In Process: FAQ
How do dealerships assess the value of my trade-in?
We typically assess your trade-in value based on a few key factors:
- Vehicle condition (interior, exterior, mechanical)
- Mileage
- Market demand for your vehicle's make/model
- Vehicle history report (accident history, number of owners, etc.)
- Current wholesale value, often pulled from tools like Kelley Blue Book (KBB), NADA, or auction data
Can I get paid cash for my trade-in?
Yes, we will offer to buy your vehicle outright, even if you're not buying another car. If you own the car free and clear, you'll typically receive a check for the trade value. If you still owe money on the vehicle, the dealer will pay off the loan and pay you the difference, if any.
Can I roll negative equity into a new car loan?
Yes, negative equity (when you owe more than your car is worth) can often be rolled into your next auto loan. However, this increases the amount you're financing, which can lead to higher monthly payments and potentially make it harder to get approved or qualify for favorable loan terms.
Can I roll positive equity into a new car purchase? Will this help lower my payments?
Absolutely. If your trade-in is worth more than what you owe, that positive equity can be applied as a down payment on your new vehicle. This reduces the amount you need to finance, which can lower your monthly payments and potentially get you better loan terms.
How quickly can I get a trade-in valuation?
Trade valuations can be provided in as little as 15-30 minutes. Many dealerships offer instant online estimates based on your vehicle's info, with a more precise offer available after an in-person inspection. At O'Fallon Buick GMC, you can use our trade tool above to get a quick valuation for your vehicle.