If you have your eye on a new set of wheels and have an old set, then you could sell it privately or you could trade-in at the dealership. If you are considering trading in your vehicle then here are 6 tips to get the most out of your car trade-in.
Know What it’s Worth
Look at online car retailers and some dealerships to determine an average price for your car model. It is a good idea to get a book value, so you have a ballpark figure to work with.
Stage Your Car
Just like an estate agent stages a home, you should stage your car as well. Have your car cleaned professionally, inside, outside and even the engine. Have any scratches and nicks repaired so it looks in tip-top condition. If there are any mechanical problems have these fixed too.
Prove You Are Responsible
Keep and show any receipts of maintenance work as well as improvements and an up to date service book. You should be honest about the car’s history as this will build trust between you and the dealer. If there are any issues with the car or if it has been in an accident then make sure you disclose this.
Finalise the Price
Before discussing the new purchase, finalise the price for the trade-in. Dealers like to juggle both deals at once by offering more on the trade-in, but could increase the price for the new car. You shouldn’t let the dealer know you are interested in another car before settling in writing on a price for your trade-in.
Know the Tricks
Keep in mind that the salespeople are looking for a sale and they will try to get you to sign on the dotted line. They may, for instance, test drive a model that has all the bells and whistles to try and get you to spend more, they may say that a price is for a limited time and so on.However, if the deal doesn’t feel right then walk away and don’t let a salesperson pressurise you.
Advertising from dealers is usually on the monthly price, to get consumers to take a more expensive car, however, the more a car is then the longer the loan period is. You need to know what you can afford and stick to it. Also, don't forget that you will also be paying for fuel, insurance and maintenance.
It can make sense to trade-in your vehicle to get another one, but make sure you are getting the most from your car. Seal the deal on the trade-in before buying a new car.