Can You Trade in a Car for a Lease?

Trading in your car at a dealership is one of the easiest ways to part with it, especially when you want to lease or buy a used or new vehicle. It’s always exhilarating to get behind the wheel and enjoy the many advantages of a leased car. But if you’ve never leased before, you most likely own your current ride and might be wondering: “Can I trade in my vehicle for a lease?”

Yes, you can trade in your automobile for a lease at a reliable dealership. At Cochran Cars, we’re committed to providing every driver in the Youngstown and Boardman areas with first-rate customer service and the vehicle they’ve always wanted.

In this article, we’ll walk you through how to trade in your vehicle for a lease. We’ll also explore the pros of trade-ins.

Why Would You Trade In Your Car?

Image via Flickr by marcoverch

Trading in your car is often the easiest way to replace your current ride with a new one. All you have to do is turn it over to the car dealership. The dealership assesses the condition and determines the value of the automobile. The value of your trade-in can then be used as a down payment for a new car or be applied to your monthly payments for your new lease, so you’ll owe a little less each month.

Trading in is a stress-free, fast approach to replacing your old vehicle with a new one. You don’t even have to worry about the paperwork; leave all that to the dealership. In fact, trading in is so straightforward that you only need to drive in the dealership with your old ride and you can expect to exit with brand new wheels.

Also, there are tax benefits to trading in your ride, which further streamlines the process.

Car Trade-In Process Explained 

The first step is ensuring you’re ready to sell your ride and finding out it’s worth when you trade it in. You can use a trade-in value calculator, which provides an estimated value of your car based on factors like vehicle condition, mileage, and model year. As you look for the best offers for your trade-in, collect all relevant documents and accessories, including:

• All vehicle keys.
• Vehicle registration.
• Car loan payoff plus account information.
• Car title (also known as the pink slip).
• Original owner’s manual.
• Maintenance records and receipts.
• Proof of paying off all outstanding parking tickets. 

To ensure you get the best value for your trade-in, you’ll want to make sure it’s in tip-top shape before our automotive experts inspect it. Here are ways to give your vehicle a face-lift before trading it in:

Maintain Paintwork

Check the paintwork for dents, stone chips, or scratches. Superficial scratches are easy to conceal with touch-up paint. And if there are no problems with the paint, waxing might be all you need to bring back the shine.

Clean Exterior

Use a foaming brush to wash off all dirt and restore your car to its clean, attractive condition. Next, give it a thorough, spot-free rinse so there are no drying marks on the surface.

Factory Reset Tech Settings

Erase all your data on your automobile’s tech. Cleaning up your trade-in also involves resetting all the techs to factory settings and wiping your data from the navigation system.

Tidy Inside

Tidy and vacuum the interior. Bad odors in the cabin affect trade-in value, as the dealership will expend additional resources to remove unpleasant smells from the car. So, take the time to clean and vacuum it thoroughly. Key areas to focus on include the trunk, dashboard, glove box, and cup holders. Don’t forget to vacuum the carpets and seat covers as well.

Repair Lighting

Fix the lighting. Ensure all the lights are working, and replace any broken or faulty bulbs.

Again, if you decide to trade your car, its estimated value will be applied to the down payment of your lease to help reduce the monthly payments. So, the better your vehicle’s condition, the higher its potential value.

Why Should You Trade-In Your Car?

Trading in your old ride for a lease has numerous benefits. Here are a few reasons why you should trade in your car:

The Process Is Quick and Easy

Many people struggle to sell a vehicle privately. Fortunately, trading in your car at a dealership saves you a lot of hassle. Dealerships make you an offer for the car on the spot and take it off your hands the same day.

Save Time

At an auto dealership, you do business with only one person. On the other hand, privately selling your vehicle introduces you to many potential buyers who take their time looking into the car’s accident history and any issues that may cause future problems.

Rollover Financing

This is by far the most appealing aspect of trading in your car if you still have an outstanding loan. A dealership will take a car in as a trade even if you owe money on it. They’ll contact the institution that holds the loan and pay it off for you, which is a huge help for anybody who wants to get out of their current car and payment.

Sales Tax 

If you reside in a state with high sales taxes, you probably have to pay a lot of money just to buy a car. In Youngstown, Ohio, the sales tax rate is moderate, about 7.25%. When you trade in your car, you only pay the sales tax on the difference between the new vehicle’s buying price and the trade-in value. So, if you’re worried about the total sales tax you’ll owe on your automobile, this is a good way to save.

We hope car shoppers in the Youngstown and Boardman areas found this guide helpful. Now that you’ve learned why trading in your car is a better option, Cochran Cars wants to work with you to trade in your old ride and put you in your ideal car, truck, or SUV. If you’d like to explore lease deals and the possibility of trading in your old car for a lease, contact our finance center directly. Our friendly team of experts will walk you through the entire process for a smooth trade-in experience.

Ready to get started now? Apply here and we’ll be in touch!