How to Trade In Your Car in High Point NC
Trading in your current vehicle can be one of the easiest ways to reduce the amount needed toward your next car, truck, SUV, van, or crossover.
You can trade in your vehicle even if you still owe money on it. Peters Auto Mall can obtain the payoff information from your lender and handle paying off the existing loan as part of the trade-in transaction.
Peters Auto Mall accepts trade-ins at both High Point locations. Drivers from High Point, Greensboro, Winston-Salem, Lexington, Asheboro, Thomasville, Kernersville, Archdale, Jamestown, Trinity, and surrounding Piedmont Triad communities can begin the trade-in process online before visiting the dealership.
Can I Trade In a Car That I Still Owe Money On?
Yes. You do not have to pay off your current vehicle before trading it in.
Peters Auto Mall can contact your lender, verify the current payoff amount, and handle paying off the existing auto loan as part of the trade-in transaction.
The dealership will compare your vehicle's appraised trade value with the amount still owed on the loan.
What Happens if My Trade Is Worth More Than I Owe?
If your vehicle is worth more than the current loan payoff, you have positive equity.
For example:
- Trade value: $15,000
- Loan payoff: $10,000
- Positive equity: $5,000
In this example, the $5,000 in positive equity may be applied toward your next vehicle transaction.
What Happens if I Owe More Than My Trade Is Worth?
If the loan payoff is higher than the vehicle's trade value, the difference is called negative equity.
You may still be able to trade the vehicle. How the remaining balance is handled depends on the next vehicle, lender requirements, financing structure, down payment, and your individual application.
How Does Trading In a Car Work?
A dealership trade-in allows you to sell your current vehicle as part of another vehicle purchase. Peters Auto Mall evaluates the vehicle and determines a trade value based on factors such as condition, mileage, equipment, history, market demand, and current market conditions.
If you decide to move forward, the trade value can be applied as part of your next vehicle transaction.
Step 1: Estimate Your Trade-In Value Online
The easiest place to start is with the Peters Auto Mall online vehicle-value tool.
You may be asked for information such as:
- Year
- Make
- Model
- Mileage
- Vehicle condition
- Equipment or trim information
The online estimate can help you begin the process, but the final trade value will depend on the dealership's physical appraisal and current market conditions.
Step 2: Prepare Your Vehicle for Appraisal
You do not need to completely recondition your vehicle before trading it in. A few simple steps can make the appraisal process easier.
Before visiting the dealership, consider:
- Removing personal belongings
- Cleaning out the interior
- Bringing spare keys or key fobs
- Gathering available maintenance or service records
- Making sure important vehicle information is available
Major repairs are not always necessary before trading a vehicle. It may make more sense to let Peters Auto Mall evaluate the vehicle in its current condition before spending money on repairs.
Step 3: What Should I Bring When Trading In My Car?
The information needed can vary depending on whether the vehicle is paid off or still financed.
If Your Vehicle Is Paid Off
You may be asked to provide items such as:
- Vehicle title
- Registration
- Valid identification
- Keys and key fobs
If You Still Owe Money on the Vehicle
You can still trade the vehicle. It is helpful to bring information about your current lender, including:
- Lender name
- Loan account information
- Lender phone number
- Current payoff information, when available
Peters Auto Mall can contact the lender to verify the payoff and handle paying off the existing loan as part of the completed trade-in transaction.
How Is My Trade-In Value Determined?
Several factors can affect what a vehicle is worth as a trade.
These may include:
- Year, make, and model
- Mileage
- Mechanical condition
- Exterior condition
- Interior condition
- Vehicle history
- Trim and equipment
- Tire condition
- Current market demand
- Local and wholesale market conditions
How Can I Get the Best Trade-In Value?
There is no guaranteed way to increase a vehicle's value, but being prepared can help make the appraisal process smoother.
Useful steps may include:
- Know your approximate payoff if the vehicle is financed
- Remove personal belongings
- Bring all available keys and key fobs
- Provide available maintenance records
- Be accurate about vehicle condition
- Use the online value tool before visiting
Should I Repair My Car Before Trading It In?
Not necessarily. Small cosmetic improvements or cleaning may help present the vehicle well, but major repairs can cost more than the additional trade value they create.
Before spending significant money on repairs, consider having Peters Auto Mall appraise the vehicle in its current condition.
Can I Trade In My Car Toward Any Type of Vehicle?
Your trade value may be applied toward a variety of used vehicles depending on the transaction and financing structure.
Can I Trade In My Vehicle and Finance the Next One?
Yes. Many customers combine trade-in value with vehicle financing.
Positive trade equity may help reduce the amount financed. If your trade has negative equity, available options depend on the next vehicle, lender requirements, down payment, your application, and the overall financing structure.
Can I Trade In a Vehicle With Bad Credit?
Yes. Having credit challenges does not prevent Peters Auto Mall from appraising your trade-in.
Financing for the next vehicle is a separate part of the transaction and depends on the individual application, vehicle selection, and lender requirements.
Can Peters Auto Mall Buy My Vehicle Without a Trade?
Peters Auto Mall may purchase your vehicle even if you are not buying another vehicle from the dealership.
The offer will depend on the vehicle's condition, mileage, equipment, history, market demand, and current market conditions.
Where Can I Trade In My Car in High Point NC?
You can trade in or have your vehicle evaluated at either Peters Auto Mall location:
Peters Auto Mall
2857 S Main St
High Point, NC 27263
336-781-2892
Peters Auto Mall North High Point
3037 N Main St Suite 1
High Point, NC 27265
336-791-4664
What Areas Does Peters Auto Mall Serve?
Peters Auto Mall works with trade-in customers throughout High Point and surrounding Piedmont Triad communities, including:
- High Point
- Greensboro
- Winston-Salem
- Lexington
- Asheboro
- Thomasville
- Kernersville
- Archdale
- Jamestown
- Trinity
Frequently Asked Questions About Trading In a Car
Can I trade in a car that I still owe money on?
Yes. You can trade in a vehicle even if the loan is not paid off. Peters Auto Mall can obtain the payoff information from your lender and handle paying off the existing loan as part of the trade-in transaction.
Do I have to pay off my car before trading it in?
No. You do not have to pay off the vehicle before bringing it to Peters Auto Mall for a trade-in appraisal.
Will Peters Auto Mall pay off my trade-in loan?
As part of a completed trade-in transaction, Peters Auto Mall can verify the payoff with your lender and handle paying off the existing vehicle loan. Any positive or negative equity is then accounted for in the transaction.
What happens if my trade is worth more than I owe?
The difference is positive equity and may be applied toward your next vehicle transaction.
What happens if I owe more than my car is worth?
This is called negative equity. You may still be able to trade the vehicle, but how the remaining balance is handled depends on the next vehicle, lender requirements, down payment, and financing structure.
Do I need the title if my car is financed?
If there is an active loan, the lender may hold the title. Peters Auto Mall can work with the lender as part of the payoff and trade-in process.
What payoff information should I bring?
If available, bring your lender name, account information, lender phone number, and current payoff information. Peters Auto Mall can also contact the lender to verify the payoff.
Do I need to clean my car before trading it in?
A basic cleaning can make the appraisal process easier, but you generally do not need to professionally detail the vehicle before having it evaluated.
Should I repair my car before trading it in?
Not always. It may be better to have the vehicle appraised first before spending money on major repairs.
Can I trade in a vehicle if I have bad credit?
Yes. Your credit situation does not prevent the vehicle itself from being appraised as a trade.
Can Peters Auto Mall buy my vehicle if I do not buy another car?
Peters Auto Mall may purchase vehicles even when the owner is not buying another vehicle from the dealership.
Where can I get my trade-in value online?
You can begin with the Peters Auto Mall online vehicle-value tool before visiting either High Point location.
Start Your Trade-In Process
You can trade your vehicle even if you still owe money on it. Start by estimating its value online. Peters Auto Mall can verify the payoff with your lender and help you understand the equity in your current vehicle before you choose your next one.