4 Strategies that can Effectively Increase Your Vehicle’s Trade-In Value
Increase your old car's trade-in value by observing the following tips.
It can be the perfect time to let go of your old car when you are about to purchase a new one (or even a pre-owned vehicle). It is a wiser move to sell your old car so you can generate money that you can use towards your new car purchase. Doing so also frees you up from incurring the additional costs of keeping that vehicle.
You can opt to sell your old car on your own or trade it in with the dealership. Doing the selling on your own will likely make you more money, but if you are hesitant to do the tedious legwork, it might be smart to opt for a trade-in.
“You can opt to sell your old car on your own or trade it in with the dealership.”
For up to 48% of Americans who purchase a new or used vehicle, the best option was to trade-in their old cars, based on latest data from Edmunds.com. Some people choose to keep their old cars, while others endure the often lengthy process of private selling to maximize their profit.
If you’ve made the decision to trade-in, there’s still some work left to do. You can still increase your old car’s trade-in value if you observe the following effective tips:
1. Ensure you are well-researched before going through the process.
You can easily find out the current value of your old car by using online tools like those offered by Kelly Blue Book. When doing the assessment, don’t forget to include your vehicle’s special features like a premium audio system, anti-theft system, and navigation. Don’t forget to have your maintenance reports ready. The dealer will certainly ask for them.
“You can easily find out the current value of your old car through using online tools.”
It would also be prudent if you will take into consideration the current demand for your car model in the dealer’s area. If there is an oversaturation of the car model in the local market, its trade-in price could be driven lower.
2. Prepare your vehicle for its impending sale.
Ditch the idea that beautifying your car before the trade-in can increase its sale value. It doesn’t work that way. You might just end up incurring unnecessary costs. Just make sure the exterior and interior remain presentable (free from bad odor and without any personal item of yours scattered in the interior) so you won’t turn off a dealer from buying the car.
3. Do your best during the negotiation process.
The dealership will do its best to convince you to sell your old car at the lowest price you could possibly imagine. This is the part when a great knowledge of the car and market condition could work in your favor. If the dealer senses that you know how much you should get from the trade-in, chances are you’ll avoid getting low-balled in the first place.
“The dealership will do its best to convince you to sell your old car at the lowest price you could possibly imagine.”
It would also be wise if you would finish negotiating for your new car purchase with the dealer first before getting into the negotiation table for your trade-in. This way, your trade-in would not in any way affect the negotiated price for the new car you will purchase. Otherwise, the dealer has more flexibility to raise the price of the new car accordingly and it gives them a chance to gain the upper hand.
4. Find other dealership when you don’t agree with trade-in terms.
The cardinal rule when trading in is that you must not agree to any offer if you think it undervalues your old vehicle. There are many other dealerships out there that are accepting trade-ins. It would help if you could get in touch with as many as you can so you can determine which one can lodge the best offer for your car.
“There are many other dealerships out there that are accepting trade-ins.”
Your aim should always be to sell your old car at a good value. Stick to that no matter what. Good luck!