Trading in your vehicle allows you to buy a brand new car for a lesser price. If you want to buy a brand new car priced at USD $25,000 and the dealer gives you USD $10,000 for your trade-in, the net cost of the new automobile will be USD $10,000. It is the amount you’ll need to pay in cash or borrow from banks or other financial institutions.
Trading in your vehicle is already beneficial, but do you know there are strategies to help you get the best deal from the dealerships? And ensure that the experience is hassle-free? Here are six things you should do when trading in your vehicle:
1.First Impressions Matter So Stage Your Car
How your car looks can take affect the offer of the dealer. Even if your car got brought less than a year ago, if it looks unkempt, don’t expect that you can get a good offer. You may be surprised that older cars considering well-maintained, can get better offers.
Before driving your car into dealerships to get trade-in appraisals, take the time to clean it inside and out. It includes sending your automobile to a car wash to vacuum the interior, clean its glass, and remove all sorts of garbage from the vehicle. Generally, you must aim to make your car sparkle and look as new as possible.
2. Fixing Minor Issues Also Helps
Put yourself in the shoe of a car buyer and think how a flawed car will affect your buying decision. Will you still invest in a car that’ll cost you more money for repairs and replacements? A dealer will have an unpleasant time reselling an automobile if it has too many issues, so expect to receive a lesser offer if you present one for trade-in.
Obtaining the best offer when trading in your vehicle fixes minor problems. For instance, you can change the air filter on the automobile to increase fuel efficiency, reduce emissions, and sustain engine life. Other car problems, can fix with DIY solutions are replacing non-headlight bulbs, replacing broken antennas, touching up chipped paint, and repairing minor dents.
3. Determine The Market Value Of Your Car To Avoid Getting Scammed
You won’t have any idea if the offer given by the dealer is just if you don’t know the market value of your car. Being offered USD $10,000 for your trade-in vehicle might seem like a lot, but when your automobile is still highly valued at USD $30,000 in the market, you’ll realize that USD $10,000 isn’t a great offer.
Knowing the current market value of your vehicle is crucial when trading in. This information can help you determine which dealer has the best offer when you get your vehicle appraised using a recommended site. Being equipped with this information will also help you determine dealerships that try to scam you.
There are two ways to determine the market value of your car, namely:
- Pay for a Price Digests report: If you want to trade in your pickup, RV, trailer, or power sports vehicle, you can pay for a Price Digests report to know its current market value. You need to input the vehicle identification number or VIN, year, make, and model of your vehicle to receive the report.
- Look at the prices of similar vehicles: Another way to determine the current market value of your automobile is to look at similar cars in ads and dealers’ online inventory. These resources will give you a better sense of how much the current price is of your vehicle.
4. Shopping Around For Trade-In Quotes Is Always Necessary
Different dealerships will have unique offers in your vehicle, which is why it’s significant to reach out to at least three. It enables you to compare options and determine which dealerships actually give you the best price for your vehicle.
There are many reasons why dealerships’ offers on trade-in vehicles vary. Aside from the condition of your car, they will also consider what they have on their inventory. If a dealership has several makes and models of your vehicle, you’ll likely receive a smaller offer for your car. Conversely, if the dealership has little to zero stock of your automobile, they’ll mostly offer you a better price for your vehicle.
When getting trade-in quotes from different dealers, make sure to have everything in writing. It will make it easier for you to remember which dealership offered what.
5. Dealerships Offer Promotions For Trading In Vehicles
Auto dealers run a business and will regularly offer promotions to attract customers. Aside from contributing zero down payments for new car purchases, most dealers also have promos for individuals who want to trade in their vehicles.
Timing can affect your success when trading in your vehicle, so watch out for promos offered by dealerships in your area. Some will usually give a better price for trade-in vehicles at the end of the month, especially when quotas are unsettled. There are also dealerships that will offer a great price if you trade in your old car to buy one of their latest models.
6. You Can Always Walk Away From Deals That Seem Unreasonable
Driving a brand new car is thrilling, but this shouldn’t pressure you to accept just about any trade-in offers from dealerships. When trading in your vehicle, you shouldn’t let your emotions get in the way and always think logically.
If you think that the price offered by the dealership is too low for the market value of your vehicle, leave and look for other dealerships. Trading in your car requires hard work as you need to assess several offers made by different dealerships, but the results will be worth it.
Knowledge Is Power
Trading in your old vehicle without paying attention to the information mentioned here can result in years of paying off an expensive loan for a brand new car. It can snowball into countless problems, especially if you have a shoestring budget.
To make the most when trading in your vehicle, take note of the tips presented in this article. Sure, these might seem simple, but as long as accurately followed, these can become your key to getting the best deal out of your old vehicle and saving a lot of money when buying a new one!