Car Appraisal in El Monte, CA
Few brands in the luxury vehicle market command the loyal following that Lexus enjoys. As Toyota's luxury division, Lexus has a well-deserved reputation for superb craftsmanship and performance. Its cars are known for their opulent cabins outfitted with high-quality comfort amenities and advanced tech. Their appeal is bolstered by the fact that they hold their value better than many competitors.
One of the most affordable ways to upgrade to a new Lexus model is through a trade-in at our Longo Lexus dealership in El Monte, California. Here's everything you should know about trading in your vehicle.
Understanding the Trade-In Process
When buying a new Lexus at a reputable El Monte dealer, including us at Longo Lexus, trading in your current car is often the best option. Knowing how trade-ins work and how much your vehicle is worth can help you feel more confident as you head into this arrangement.
How Trade-Ins Work
When you trade in your car, you're essentially selling it to the dealership. The dealer evaluates the vehicle's current value and gives you an offer, which is subject to negotiation. If you agree on the price, the dealer deducts the amount from the cost of the new car you're intending to buy. If the value of your current vehicle is greater than the new one, a trade-in can substantially reduce the amount you pay for the new car purchase.
Benefits of Trading in Your Vehicle
Trading in your old car is a financially savvy move that puts you in the best position to acquire your dream Lexus. Here are some compelling reasons to consider trading in your current vehicle with us.
Convenience
A trade-in is a straightforward way to exchange your current vehicle for a brand-new one. It removes the hassle of finding a buyer on your own. When you trade in your car at a Lexus El Monte dealer, you only need to bring your car to the dealership and negotiate the price. Once you're satisfied with the offer, the amount is deducted from the price of your new car, you pay the balance, and you drive off with your new Lexus.
Tax Advantage
Trading in your car at a Lexus El Monte dealer also allows you to enjoy tax benefits. Since the dealership subtracts the trade-in value from the price of the new vehicle, the overall sales tax you pay is significantly lower. This is highly advantageous if you live in a city such as El Monte, whose sales tax rate is among the highest anywhere in California.
Safety and Transparency
Selling your car yourself often involves dealing with multiple unknown leads, which comes with the risk of getting scammed or falling for a bad deal. Many sellers have fallen prey to unscrupulous buyers who con them with forged checks or canceled cash transfers. However, when trading your car at a reputable dealer, you don't have to worry about these outcomes. You can trust you'll get the best offer on your current vehicle without the possibility of being taken for a ride.
Factors That Influence Your Car Trade-In Value
Due to the emotional attachments we form with our vehicles and the memories we associate with them, letting go of a car isn't always easy. If you're considering trading in your old vehicle, it's only natural to want the best possible offer on its sale. However, there are several factors that affect a car's trade-in value. Here are a few aspects worth paying attention to when entering trade-in negotiations with your dealer.
Age and Condition
While exceptions exist to this rule, the older your vehicle is, the lower its trade-in value. Most new cars depreciate by up to 20% in the first year and continue to lose their value at a rate of about 10% per year. If you've had your current vehicle for five years, its trade-in value will be about half the price you bought it for.
The condition of your vehicle also significantly influences its trade-in value. Most buyers, including our Longo Lexus dealership, prefer to purchase cars that have been properly cared for. For this reason, a well-maintained vehicle is likely to attract a higher trade-in value than one with mechanical issues and other signs of damage.
Mileage
Preowned vehicles with lower mileage are perceived favorably by buyers. Therefore, mileage is a key metric that dealerships will take into account when determining a car's trade-in value. You're likely to get a better trade-in value for your vehicle if it has racked up fewer than 20,000 miles. On the other hand, if your car has logged more than 200,000 miles, its trade-in value will take a hit, even if it has no significant mechanical issues.
Current Market Demand
The basic principle of supply and demand influences how much a dealership is willing to offer for your trade-in vehicle. If there's more demand for a specific make or model than the available supply, your car might fetch a high trade-in value. Conversely, if the market is oversaturated with a particular make or model, you'll likely get a lower price when you trade it in.
Choosing the Right Lexus for You in El Monte, California
At Longo Lexus, we understand what a massive undertaking it is to find your perfect vehicle, so we're here to make the process as stress free as possible. We stock a wide selection of new and preowned Lexus sedans and SUVs to match every budget and lifestyle. Whether you're looking for a practical, fuel-efficient everyday commuter or a luxurious, roomy family hauler, you can count on us to find you the perfect ride.
Schedule a Free Test-Drive Today
If you're ready to upgrade to your shiny new Lexus, explore our expansive inventory to find a model that best suits your needs. We'll give you an attractive deal on your current vehicle to make your new purchase more affordable. Contact us today to schedule a free test-drive and experience the Lexus difference.