Looking to sell your car? North City Honda is here to help! Not only do we make car shopping easy, but we also make the process of selling your car easy too! Get more for your trade-in at North City Honda, choose from our large inventory of New Vehicles, Used Vehicles, and Certified Pre-Owned.
Not everyone has the time or desire to become a private party seller — and that’s where North City Honda comes in. Enjoy a hassle-free car selling and buying experience today. We will buy your car, so you don’t have to worry about posting ads or screening buyers. Then, we’ll help you put your car’s value toward the new or pre-owned vehicle you truly want.
If you’re wondering, “What is my used car worth,” the answer is just a few clicks away! Using our handy value your trade-in calculator, you can get an estimated car trade-in value from the comfort of your home or office. Simply input some information about your car into the trade-in value calculator, as well as your contact information, and you’ll have an estimate right away. Keep in mind, there are a few factors that affect trade-in value, including:
After you’ve received your trade-in estimate, it’s time for an appraisal of your vehicle! Our Chicago dealership can take care of this step for you. We’ll examine the condition of your car and make sure it’s a good fit for our used car inventory. When you visit for your car’s appraisal, be sure to bring your trade-in estimate!
Once we’ve examined your car, you can negotiate or accept our offer and finalize the sale. We pride ourselves on offering the fairest possible offer on trade-in vehicles, aiming to make the trade-in process transparent and simple. In fact, there are a couple of major advantages to selling your car to a dealership, including:
When selling your car, you should consider trading in your car so that you can increase its value and put it toward your next car. Not only are dealerships more convenient and financially secure but they can also help you through all the paperwork, working with you to get the best sale and finance rate. Additional benefits of trading in your car include:
North City Honda also offers competitive financing rates and terms on our great selection of new and used cars, trucks, and SUVs. Not sure whether to finance or lease your next car? Our finance experts will guide you through the financing process and help you get into the vehicle of your dreams, at the price you can afford.
Yes, your trade-in value will be deducted from your down payment and/or monthly payment.
Dealers like North City Honda can offer you more money with a trade-in, offer additional incentives, and aren’t a liability like an independent party may be.
Yes, you can. If you have positive equity on the car (as in it’s worth more than what you currently owe), you can trade it in easily. The dealer will purchase the car and pay off the loan, then they’ll put what’s left toward the new vehicle price, giving you a major advantage. If you have negative equity on the car (as in it’s worth less than what you currently owe), the dealer may still buy the car and pay off the loan, but the difference will be rolled into your new car loan — meaning you’ll still need to pay it off eventually.
There’s no time limit that’s set in stone, but it’s a good idea to wait until you have positive equity.
Being “upside-down” on a car loan is the same thing as having negative equity. If, for example, you owe $30,000 on a car that’s worth $25,000, you have negative equity.
Fair Market Value is the amount you might reasonably expect to receive if selling privately.
Trade-in Value is an estimate of what a dealer will offer to buy the vehicle; trade-in values are usually lower than selling privately but can include an added bonus, incentive, and loyalty rate.
If you still owe money on the car, you can trade it in for a cheaper one. If, for example, you owe $15,000 and the car is worth $20,000, the dealer can purchase the car as a trade-in, pay off the loan, and put the $5,000 toward your new auto loan as equity. If you don’t owe money on the car and own it outright, there’s nothing stopping you from trading it in for a cheaper car; you can do what you’d like with it.
If you have questions about how to trade in a car that is paid off, or how to get the best possible offer, don’t hesitate to contact us online or give us a call at 773-974-6166. While you’re here, be sure to browse our current New Honda Offers, Pre-Owned Vehicle Specials, and Offers & Incentives before stopping by!