Maybe you've had your vehicle for a few years. Maybe it's starting to need repairs. Maybe your family has outgrown it.
Or maybe you're just ready for something newer.
Whatever the reason, trading in your current vehicle can make getting into your next one a lot easier, especially if you've built equity in the car you already own.
What Is Equity?
Equity is simply the difference between what your vehicle is worth and what you still owe on it.
For example, if your vehicle is worth $10,000 and you still owe $4,000, you have approximately $6,000 in equity.
That equity can usually be applied toward your next vehicle, almost like bringing money to the table without having to come up with all of it in cash.
And if your vehicle is already paid off, its entire trade-in value can potentially go toward your next purchase.
You Don't Have to Wait Until Your Car Is Paid Off
A lot of people assume they can't trade a vehicle until they've made the final payment.
That's not necessarily true.
If you still owe money, bring us your current payoff information. We'll look at what your vehicle is worth, what you owe and what options you have.
Depending on the numbers, you may already have enough equity to make trading worthwhile.
Trading Up Doesn't Have to Happen All at Once
Your first car doesn't have to be your dream car.
Maybe you start with a 2012 Ford Focus because it's what works for your budget right now. You make your payments, take care of it and build equity.
About two years later, you use that equity to trade into a 2018 Honda Civic.
You do the same thing again. Pay it down. Take care of it. Build more equity.
A couple of years later, you may be trading that Civic toward a 2024 Toyota Camry you've really wanted.
The exact vehicles and timeline will be different for everyone, but the idea is the same: each vehicle can help you get closer to the one you really want.
You don't have to get your dream car on day one. Start with what makes sense for your budget today, take care of it, build equity and let that vehicle help you get into the next one.
Before you know it, the car you couldn't afford a few years ago may be sitting in your driveway.
CRC's Shorter Loan Terms Can Help You Get There
Most CRC in-house loans run approximately 18 months to three years, with about two years being typical.
We don't want customers paying on the same car for five or six years if we can help it. The longer you're financing a vehicle, the more interest you can end up paying over the life of the loan. We'd rather see you pay the car off, get the title in your hand and own it outright.
A larger down payment means you're financing less, and a shorter loan term means you can get to that paid-off vehicle and title in hand sooner.
There's also no penalty for paying your CRC in-house loan off early. If you're able to pay it off faster, we encourage it.
The sooner you build equity, the sooner that vehicle may be able to help you move into the next one.
What If My Trade Needs Repairs?
That's okay.
We take trade-ins in a wide range of conditions, including vehicles with high mileage, cosmetic damage and mechanical problems.
Even if it isn't running, we may still be interested. You just need to be able to get the vehicle to us.
If it can't be driven or towed to Chuck Ryan Cars, we generally won't be able to take it as a trade.
And before you spend a bunch of money fixing things because you think you have to, let us look at it first.
You may be about to spend money on a repair that won't increase the trade-in value enough to make it worthwhile.
Do I Need to Detail My Car Before Trading It In?
No.
We're going to detail it again anyway.
We know the difference between something that's dirty and something that's damaged, so don't spend money having your vehicle professionally detailed just for us.
Bring it in.
What Can I Trade?
We're pretty flexible.
Cars, trucks and SUVs are the obvious ones, but we've also taken things like motorcycles and Sea-Doos.
Around CRC, we've been known to ask customers, “Got a horse you want to trade?”
Please call us before actually bringing the horse.
Seriously, if you have something unusual you'd like to trade toward a vehicle, ask us. You might be surprised at what we can work with.
Find Out What Your Trade Is Worth
Online valuation tools can give you an estimate, but they can't tell you exactly what Chuck Ryan Cars will offer for your vehicle.
The easiest way to find out is to bring it to us.
We'll look at your vehicle, tell you what we can offer for it and help you see what options you have.
Whether you're ready for something newer, need something different or you're working your way toward that dream car, your current vehicle may be the first step toward the next one.
