Trading Your Vehicle? Understand the Value, Payoff and Equity.
Trading a vehicle is easier to understand when you break it into three parts: what your vehicle is worth, what you still owe and how the difference affects the next transaction.
Peters Auto Mall can evaluate your current vehicle, verify an existing payoff when needed and help you understand how the trade fits into your next purchase.
- Trade-ins welcome
- Vehicles with an existing loan can still be considered
- Online trade-value starting point available
- Current payoff can be verified with the lender
- $0 dealer doc fee
Have a Trade Question?
Not sure what your vehicle may be worth, what happens if you still owe money or how equity works?
Tell us how to reach you and what you need help with.
To start the actual trade-value process, use the Value Your Vehicle link below.
How Does a Trade-In Work?
- Your vehicle is evaluated. Mileage, condition, equipment, vehicle history, market demand and other factors can affect its value.
- Any existing loan payoff is verified. If you still owe money, the current payoff is part of the trade calculation.
- Your trade value and payoff are compared. This determines whether you have positive equity, negative equity or are close to break-even.
- The trade becomes part of the transaction. If you move forward, the vehicle value and any payoff are considered as part of the next purchase.
Can You Trade a Vehicle You Still Owe Money On?
Yes. You do not have to pay off your current vehicle before asking about a trade.
Peters Auto Mall can verify the payoff with your lender and compare that amount with the vehicle’s trade value.
What Is Positive or Negative Equity?
A simple way to understand your equity position is to compare the vehicle’s trade value with the verified loan payoff.
- Positive equity: The trade value is higher than the amount you owe.
- Negative equity: The payoff is higher than the trade value.
If there is positive equity, the remaining amount may be applied as part of the next vehicle transaction.
If there is negative equity, that does not automatically mean you cannot trade the vehicle. How the difference may be handled depends on the next vehicle, financing structure, application and lender requirements.
What Affects Your Vehicle’s Trade Value?
Several factors can affect a trade appraisal, including:
- Year, make, model and trim
- Mileage
- Mechanical and cosmetic condition
- Vehicle history
- Equipment and options
- Current market demand
The most useful value is based on the actual vehicle rather than only a general estimate for the same year and model.
What Information Should You Have Ready?
Have basic vehicle information available, including year, make, model, mileage and current condition.
If there is an existing loan, lender information can help with payoff verification. Additional information may be requested depending on the transaction.
Trading Toward Another Vehicle?
If you are also shopping for your next vehicle, use the live Peters Auto Mall inventory to see what is actually available now.
Used Cars | Used SUVs | Used Trucks | Used Vans
Trade-In Help in High Point
You can start your trade online before visiting 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
Trade-In Questions
Can I trade a vehicle that is not paid off?
Yes. The current payoff can be verified and considered along with the vehicle’s trade value as part of the transaction.
Can I trade a vehicle with negative equity?
Possibly. Available options depend on the amount of negative equity, the next vehicle, financing structure and lender requirements.
Do I have to buy another vehicle to start with a trade value?
No. You can start by submitting your vehicle information online and then decide what you want to do next.