Are you looking for a new car? There are tons of reasons why you might want to drive something else. Whether your current vehicle is on its last set of wheels, your needs have changed and you need something else, or for whatever reason, you might want to trade in your car.
But there’s a right and a wrong way to go about things. Making mistakes could get you a bargain-basement trade-in value.
Here are 16 things to consider if you want to trade in your vehicle for the best possible value.
Research Your Car’s Value
Information is power. So, arm yourself with sufficient information about what your vehicle’s worth. That means researching the value using tools like Edmunds, Kelley Blue Book, and other useful resources.
That’ll give you the ballpark-figure value for your vehicle given the condition, age, and other factors. Only then can you negotiate effectively and get the best possible trade-in value.
Understand the Market
You also need to understand the market to get a good trade-in value for your vehicle. For instance, you can command more for an SUV with 4WD or AWD during times of the year when such a drivetrain is especially desirable.
Maintenance Records
Another thing that can help you trade in your vehicle and get top dollar is a binder or folder with maintenance records. Telling a car dealership salesperson that the car was well-maintained won’t cut it. You need to show maintenance records. Seeing, as the old saying goes, is believing.
Check for Recalls
Few things will tank the trade-in value of your car more than undone recall repairs. Your vehicle will be worth less to the car dealership if, say, you haven’t gotten recall work done for a defective airbag. It makes sense to check to see whether or not there are outstanding recalls.
Clean It Up
It’s surprising how many people are willing to put a vehicle up for sale without first cleaning it up. If trading in your car, don’t overlook the importance of presentation. Vacuuming it out and detailing the interior and exterior is one way to get more for your old vehicle.
Fix Minor Issues
Another thing to do if you want to trade in your car the right way is to take care of minor issues. Failing to do that will give the car dealership the ammo to make a lowball offer. If the headlights are burnt out or the windshield wiper blades have seen better days, you should consider fixing those things. A car salesperson will try to nickel and dime you out of a decent trade-in value. So, take the time to do the simple fixes.
Avoid Major Repairs
While making minor repairs is a good idea, making major repairs is a bad one. You likely won’t recoup an investment in costly repairs when trading in your car. So, if you think replacing the exhaust system, rebuilding the transmission, or getting a complete brake job will significantly increase trade-in value, give your head a shake.
Going all out to fix up your car might seem like a good idea, but you’ll only help the car dealer sell your trade-in car to someone else faster.
Extra Keys and Manuals
You might be surprised how much more you can reap if you have extra keys and the vehicle manual in the glovebox. These items will make it easier for the car dealership to sell your trade-in vehicle.
If you have extra keys and the owner’s manual, let the salesperson know. You’ll want them to factor that into the trade-in value.
Don’t Reveal Trade-In Early
If you want to trade in a vehicle, understanding the dos and don’ts is key. One thing to keep in mind is you should negotiate the price for a new car before even mentioning the trade-in vehicle.
Treat them as two separate negotiations independent of each other. Get the best price you can for the new car and, only after doing so, get the best possible trade-in value for your old car.
Otherwise, the car dealership can work its magic. At that point, you might get little or nothing in trade-in value. That’s good for them and bad for you.
Get Multiple Offers
It’s also a good idea to get multiple offers for your trade-in car. You might be surprised at the difference in prices. Negotiating with just one car dealership is never in your best interests—unless what they offer is more than fair.
Consider a Private Sale
Another way to trade in your vehicle properly is to consider a private sale. If you’re unhappy with how much car dealers offer, you could get more money by selling it privately.
Get an Appraisal Beforehand
You can help your cause by getting your vehicle professionally appraised before trading it in. That way, you’ll know exactly what you should be asking for. It’ll be harder for a car dealership to lowball you.
Don’t Accept the First Offer
While it might be tempting to accept the first halfway decent offer, never do so. There’s always some room to negotiate a better offer for your old vehicle. You’ll never know unless you ask.
Highlight Upgrades
While you shouldn’t go nuts with upgrades and repairs before trading in your ride, you don’t want it to be a hoopty, either. So, let the car salesperson know about any work you’ve done recently. Ensure you have the paperwork to back it up since words alone don’t mean diddly squat.
Stay Professional
You don’t want the car salesperson to treat you like the dirt under their feet. But that doesn’t mean you need to adopt an aggressive persona. Knowing what your vehicle is worth and how much you want will help you negotiate effectively. Focus on being professional throughout the process. It’ll be harder to negotiate if both sides are at one another’s throats.
Be Willing to Walk Away
Knowing when you’re getting nowhere fast is a good skill to have. If there’s too much of a gap between what you want and what the car dealership is willing to offer, thank them for their time and go elsewhere. That might be enough to get them to sweeten their bid. But if it isn’t, bid them adieu and try trading in your vehicle elsewhere.
Follow These Recommendations to Get the Best Trade-In Value
Car dealerships are notorious for offering low trade-in values. But that doesn’t mean you have to accept whatever they decide your vehicle’s worth. These 16 tips will help you trade in your car the right way so you get the best possible offer.
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