"What should I do with my car?" Even owners thrilled with their vehicle ask this question when age and mileage reach a certain point. Owners may wonder if they should trade in the vehicle, or if they should refinance the model to make ownership less costly. These two approaches are radically different from one another.Trading in the vehicle means you wish to use "cash in" on the vehicle's value when buying a new car. When the dealer assesses the trade-in value at, say, $2,000, the dealer deducts that amount from the loan price. People usually trade their vehicles in when the model is already paid off.Trading in involves giving up ownership of the vehicle. With refinancing, you keep the vehicle but look for a different loan. Obviously, the car isn't paid off if a loan balance remains. Seeking for a new loan with a lower rate of interest and better terms motivates the borrower.Would you like to look at new showroom models in Alexandria? At Sheehy Honda, we have many models on display. Contact Our Finance Center
