Trading in your car!
Why should you trade-in your car? Well, trading in your car not only saves yourself unnecessary stress but also your invaluable time! Through one complete process, you can get a brand-new car and sell your old one.
Trading in your car means going through a faster and safer route to get you into your new car.
Here are some guidelines and facts we think you should know about trading in your car!
Interesting Fact:
From the moment you take delivery of your new car, the value of the car depreciates. Therefore, when you do decide to trade-in or sell your car, it will not be worth the same amount as when you purchased it.
When you have decided to trade in your current car for something better, make sure it is in a good condition and any repairs which need to be carried out have been completed.
Before you get the process started, make sure you have all your car and personal documents ready. Here is a list of things you should have available:
- The car registration papers.
- Spare keys for the car.
- The service book and the full-service history of the car.
- The settlement letter (if applicable).
- Copy of your ID and driver’s license.
- Proof of residence.
- Bank statements and pay-slips.
Also, make sure all your previous fines are paid off, you wouldn’t want unpaid fines to get in the way of finalizing all the paperwork for your new car.
When you are sure you have everything ready and you have decided which car you would love to own next, it is safe to say you can now get the process started.
The difference between market and book value:
The book value is calculated by deducting the original price of your car from the depreciation amount, whereas the market value of your car is the price
that can be obtained by selling your car in a competitive or an open market.
It is highly recommended for you to provide full disclosure of your car. Such as, whether it was in an accident or if there are any scratches or dents. If the service book is not available, and you have been the sole owner of the car, inform the consultant of the service history. This helps to ensure a smooth and faster trade-in process.
At Carter, the consultant assisting you through the application process will request recent pictures and an evaluation may also be done on your car. The reason for this is to assess the current condition of your car.
These pictures, the evaluation (if completed), and information about your car, help us get a trade-in value, which may be a subject-to-view offer.
Information such as the make, model, and current mileage.
Did you know?
It is recommended to trade your car in after 2-3 years of purchase ( if you purchased your car through finance). After that time, you would have paid off the interest rate and therefore,
trading in your car will be much easier and you may not have a shortfall.
If your car is still under finance, a settlement will need to be pulled from the bank that has financed you for the car.
A settlement letter provides you with a quote of the amount you need to pay to settle your vehicle finance in full.
Once this settlement letter has been received and you have been pre-approved for finance for a new car, the consultant will work out the deal for you to confirm:
- If the trade-in is possible. i.e., if you have a shortfall or not.
- What your installment will be for your brand-new car.
A shortfall on your car is described as the balance owing towards your vehicle finance once the trade-in value for your car and the settlement amount has been worked out.
Trading in your car has never been easier with Carter as we take you through this entire process step by step. Once you accept your approved deal, we can even arrange for your new car to be delivered directly to you!
Carter, your car buying partner, makes the process of you owning a new car hassle-free for you!
If you would like more information, contact us on 010 045 2682 (Johannesburg) or on 031 045 0500 (Durban).
You can also email us at [email protected] or request a quote for a car you would like, at www.heycarter.co.za, and we will give you a call to kick the process off.