Many things impact a car’s resale or trade-in value. Learning to maximize your car’s trade-in value gives you more buying power for the purchase of your next vehicle and allows you to enjoy a higher return on investment. These tips can help you get top dollar for your trade-in.
Preparing for the Trade-In
Before you make your trade-in decision, there are a few key details to consider as you prepare:
- Time your trade-in for maximum efficiency. You have periodic costs, such as registration, car tags, and parking passes associated with owning your vehicle. You want to trade your vehicle in just before these things are due rather than just after. Otherwise, you are paying for an entire year, or longer, that you will not be able to utilize.
- Manage vehicle recalls. Please pay attention to recalls and make sure your car is up-to-date before trading it in.
- Research the value. Kelly Blue Book is an excellent tool for helping you understand the value of your vehicle based on condition, mileage, and many other factors. The better you understand the value of your car, the more prepared you will be to negotiate during the trade-in process.
- Check and repair all “lights” for your car. Check engine lights and others are red flags to dealerships taking in trades. Most of them want trade-ins that require minimal work and investments to have ready to show.
Little things like these can maximize the value you receive from your trade-in.
Increasing Your Car’s Appeal
There are some things you can do quickly, easily, and inexpensively that will wow those in charge of pricing out your trade. Consider these tasks for adding a little “curb appeal” to your car before trading it in.
- Give it a nice long bath. Make sure your car is clean inside and out. Not only does this make it look like you have taken care of your vehicle (a good sign to potential dealerships); it also makes it more attractive in general.
- Clean out the engine compartment. That also helps to make the car look like it has been properly cared for throughout your ownership and can have a huge impact on how much of an offer you receive.
- Replace the floor mats. It is a small investment that can have a massive impact on the offer you receive. You do not have to go for the top of the line, but make sure they look clean and fresh.
- Remove personal items. Make your car look like it is ready to go by removing all your items. That lets them know you are serious about trading your vehicle in and prepared to do so right away.
- Eliminate unpleasant odors. Much like ensuring your car is clean, a fresh smelling car is attractive and appears well cared for.
The more of these you take care of, the more likely you are to receive top dollar for your trade.
Negotiating the Best Deal
Let the dealer know that you are interested in exploring your options, including the possibility of trading your car in. Also, do not hesitate to let the dealer know you know the value of your vehicle and all the added features that make your specific car worth more.
Finally, do not negotiate the trade-in value until after you have agreed on a price for the newer vehicle. Often, sales staff will attempt to recover losses on a trade with the offer they make on your new car. If you agree on the price first, that cannot happen.
Taking the time and paying attention to detail before you begin to negotiate for the trade-in value of your existing vehicle can have a significant impact on the final offer you receive from the dealership. The steps above, combined with your powerful negotiating skills, can help you get a better offer for your trade-in vehicle.