Trading in your vehicle at the dealership, rather than selling it on your own, isn’t just more convenient. It has tax benefits too. If you’re considering Toyota finance options at Sansone Toyota, we encourage you to consider trading in your vehicle too.
What are the Tax Benefits of Trading in?
One of the biggest benefits you’ll see is savings on the amount of sales tax you owe. Typically, sales tax will be calculated on the total purchase price of your vehicle. However, if you opt to trade in your existing vehicle, your positive equity is subtracted from the total price and your sales tax is adjusted.
What if I Sell My Vehicle Myself?
If you sell your vehicle on your own, you can still choose to apply that money to the total price of the vehicle, lowering the amount you have to finance. However, it won’t adjust the sales tax amount, which is based on your vehicle’s total purchase price. Plus, by trading in your vehicle, you can avoid the questions and hassle involved with selling on your own.
What’s My Trade-In Worth?
If you’re considering trading in your vehicle, we’re guessing you’re wondering, what’s my trade-in worth? You can quickly get an estimate online anytime – it’s two steps and takes just 10 seconds. You can also stop by the dealership to get an estimate from our team anytime.
These factors help determine your trade-in value:
- What’s the current market value of your vehicle?
- What’s the local supply and market demand for your car?
- What’s your vehicle’s current mileage and condition?
Ready to Buy a New Toyota Vehicle?
Ready to buy a new Toyota car, SUV, or truck and interested in trading in your existing vehicle? Visit our Woodbridge Toyota dealership to get started today!
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