Sooner or later, every car owner decides to change his or her vehicle. The reasons for an upgrade may be different. Someone wants to buy a newer model, while others need to decrease monthly payments. No matter, what the reason is, if you want to trade in your car in Ontario, Canada, you should take into account some important points. The following information is to make the process of the trade-in as simple and hassle-free as possible.
The first thing to clarify is the main peculiarities of the trade-in a car process. It implies buying your new car for the money you get from selling your old car. Thus, you are to pay less. When it comes to trading in for Canadian users, it’s of prime importance to consult the Canadian Black Book. This service is online and free. It provides you with general information about the car and wholesale value estimates. All the deals should be made in accordance with the Motor Vehicle Dealers Act.
It’s possible to trade in your car at any time. Yet, the specialists recommend doing it in a year or more in order to minimize financial losses. The thing is that a brand-new car is to lose about 20% or more of its value in the first year. This number will increase during the following years.
Moreover, when buying or selling used cars, it’s necessary to pay taxes. In Ontario, for instance, you are to pay the 13% HST (the harmonized sales tax) – the combined 5% GST (the goods and services tax), and 8% PST (the provincial sales tax).
You may be surprised to get to know that nowadays it’s possible to trade in a car online. How? Discover it below.
Online Trade-In Options
The best way to experience a trouble-free and smooth trade-in process is to find a competent and trustworthy online assistant. DriveAxis is an online platform that deals with used cars. This service is an ideal solution for those who want to sell their old cars and get the maximum profit.
There are several requirements you should follow when working with DriveAxis:
- It’s necessary to provide only accurate and exact information.
With the help of an online trade-in estimator, you can calculate your trade-in value easily. It’s necessary to indicate such points as the year of production, model, trim, and mileage. It’s necessary to inform experts about damages or accidents with your car.
- The cars should be of the model year 2006 or higher.
It goes without saying that your old auto should be safe for users. It should be in good technical condition.
- It’s necessary to clarify your remaining balance and other financial details.
The next significant aspect is your financing plan. The managers of the service evaluate every order separately. They consider the type of financing, terms, the sums already paid, and the remaining balance. By the way, it’s even possible to include negative equity in your new loan.
It’s up to you to choose the most convenient way of financing your purchase. You can pay cash or get finance the deal with a third party. By the way, your bad credit history is not the reason to give up your idea of getting a new car. The specialists of DriveAxis help you pick up the most suitable and affordable financing terms and conditions for you.
So, in Ontario, the process of car trade-in can be rather challenging unless you cooperate with experienced specialists who know all the pitfalls of the procedure and can make up the best solutions to your car.