Does My Mazda Have Equity?

Do you have equity in your vehicle and you’re not sure what to do with it?

Barry Noonan, Sales Consultant, Smail Mazda

3 Things You Can Do With Equity

  1. Keep your vehicle – keeping the equity means you don’t have a car payment anymore
  2. Trade your vehicle in – trade your vehicle on a new or used vehicle, you’ll also get tax credit savings. This takes the sales price of the vehicle you want to buy, subtract what your trade is worth, and the taxes are based on the new lower sale price
  3. Use equity as cash back – a dealer can write you a check for your equity. use a portion of your equity as a down payment, or take all the equity as cash for personal use.

The most important thing to remember is your vehicle is worth the most it will ever be, today, because vehicles depreciate over time. So, you want to take advantage of that and get the most money you can towards the purchase of the new vehicle.