Sooner or later, every car outstays its welcome. Maybe we need something bigger, want something flashier, or realize that technology is leaps and bounds ahead of our old vehicle. You have two choices when that happens: a vehicle buyback or a trade-in. BMW of Catonsville explains what these involve.
What is a Vehicle Buyback?
As the name implies, a buyback is when a dealership buys back a vehicle. It doesn’t necessarily mean that you purchased it from that dealership. They will examine your car and then make you an offer, and if you like it, they will write you a check. The most significant benefit of a buyback is that it can give you instant money. You don’t have to buy another vehicle from the dealership; you can simply pocket the cash and tuck it away for a rainy day or take it to another dealership.
What is a Trade-In?
If you are looking to buy a new car at the same time you’re selling, going the trade-in route is the smarter choice. While it is essentially a buyback, your money will go towards purchasing your new vehicle. The advantage of trading in a car is that you can immediately replace it with something better, and the dealership may be inclined to give you a little more money, knowing that you will spend it immediately. There are also tax benefits you can discuss with your BMW dealer.
Make a Smart Financial Decision with Your Vehicle
Are you looking to sell or trade in your car? At BMW of Catonsville, we aim to give our customers top dollar for their vehicles. Check out our online appraisal tool to find out how much yours is worth. Then, stop by for an in-person inspection and appraisal.