Many people selling their cars nowadays do so via a trade-in agreement with a local dealership. This means that when you go to a dealership, you will agree to a certain value for your car, which will be deducted from what you would pay when purchasing a different vehicle from them.
If you decide to trade-in your car, there are a few things you should consider before doing so, to ensure that you get a fair deal. In this article, we will discuss how you can obtain the most favourable trade-in deal for your car.
Why is a Trade-in Deal a Good Idea?
Trading-in your old vehicle is a popular option due to its range of benefits and the simplicity of the process. This is often much quicker and more convenient than buying and selling a car privately as it enables you to both buy and sell your car in one transaction.
Evidently, the other very important benefit is that doing a deal with a local dealership is a much safer option than doing it privately, as you do not have the concerns of potential frauds, where people may take your car and not make the payments as agreed. Privately selling your car can also incur additional costs of advertising your vehicle, which you will not get from doing a trade-in deal.
Do Your Research
Before you decide to go ahead with the trade-in deal and physically contact a dealership, make sure you do some research. If you go online, you can easily check how much you could sell your car for in different places. However be realistic, as dealerships will need to make a profit and will never be able to offer you as much as you would make by selling your vehicle privately.
When you visit your local dealership, bring this evidence with you, in case the dealer does not offer a fair value for your vehicle. If this is the case, and they are not open to negotiation simply walk away.
Negotiating With Car Dealers
If you wish to get the best trade-in for your vehicle, it is crucial that you negotiate a fair price for your old car and the replacement car. The majority of car dealers will make you an offer with room for haggling, so do not be afraid to negotiate this until you have reached an amount both parties are happy with. Negotiating is the key to getting the best trade-in deal, therefore you must be prepared and comfortable with speaking up if you are not happy with an offer.
Spruce up Your Old Vehicle
Evidently, if your car looks old and used, it is less likely that dealers will offer you more money for it, as they will not see the potential. A clean car, looking brand new, is more likely to sell well. For this reason, ensure you give the car a deep clean and ensure that there is no visible damage so that it looks more appealing to the potential buyer.
Show Your Maintenance Records
Another important factor to get the best trade-in deal is to show the trader that your vehicle is in good condition, not only on the outside but also on the inside. If you have continuously kept up with your maintenance appointments and also ensured the car is checked up regularly, bring these records with you as evidence – this will also increase the likelihood of you getting the most favorable trade-in deal.
Know Your Worth
As mentioned earlier, knowing what to expect to get in exchange for your vehicle is extremely important so that you are prepared to negotiate a fair deal. You should not agree to pay more than what you would expectedly pay to a private seller and, in most cases, you should actually expect to pay less.
If your trader suggests the car they are selling is worth more than the average price for a similar make and model, you can advise them that you know differently from the research that you have conducted previously.
Do Not Lose Focus
Some dealers may offer you additional features such as a tank full of fuel or nice car mats, in order to increase the negotiated price. However, if you are prepared for this you should not allow it to distract you from a fair negotiation of the price.
Getting a trade-in deal for your vehicle is one of the best and easiest methods to sell and buy a car simultaneously. There are a few aspects you should be cautious of, and you must be prepared to negotiate a fair price and even to have the courage and strength to walk away if you are not happy or comfortable with a situation. If you follow some of the guidelines above, you are more likely to ensure you achieve a favourable trade-in deal.