Likely the biggest thing on your mind when it comes time to trade in your vehicle is the trade-in value that you’ll get for it. By maximizing your value, you can apply even more to the purchase of your new vehicle, meaning fewer dollars out of pocket. Consider these tips to maximize your trade-in value.
Prepare Your Vehicle for Sale
Prepare your vehicle for sale before taking it in to your dealership for an evaluation. Remove any garbage or debris from the interior. Give the vehicle a good auto detail, inside and out. It can also be helpful to check the condition of the tires and to make any necessary minor repairs ahead of time. If your vehicle requires minimal repairs, it can actually reduce the value of your vehicle significantly because the dealership will have to include labor and parts.
You will also want to collect all the service and maintenance records that you have for your vehicle. This can demonstrate that you took care of it regularly and that it is in good working condition.
Do Your Research Ahead of Time
Doing your research ahead of time and knowing the market value of your vehicle can help you determine whether the offer you receive is a fair one or not. You can use online tools like Kelley Blue Book to determine what buyers are paying for a vehicle similar to yours. The calculator requires that you input your vehicle make and model, mileage, location, and condition. You can use your value report to negotiate your trade-in value with your dealership.
Consider Timing
Timing is important to consider when trading in your vehicle. A smart trade-in is one that is carefully calculated. If you trade your vehicle in too soon, you could be underwater. This means that the dealership offers you less than what you owe, based on market value, which would increase the amount that you need when buying a new vehicle. Some dealerships might be able to roll the difference into your new loan, but it might be worthwhile to time your trade-in when the value is the highest.
Negotiate Your Trade-In Value Separately
It can be more difficult to determine the quality of your trade-in value when it is combined into the purchase of your new vehicle. It can especially get confusing with the multiple finance documents you typically receive when buying a new vehicle. It might be helpful to negotiate your trade-in value separately.
Determine what your trade-in value is before choosing your next vehicle. This can also help you stay within budget and choose a new payment that works for you. Make sure you carefully evaluate your contract to ensure that all trade-in costs are applied to the purchase. It can also be helpful to ask about trade-in incentives that the dealership might offer.
Giving your vehicle a good wash and collecting all records of maintenance can help you get the biggest trade-in value for your used vehicle. When you’re ready to trade-in your vehicle and upgrade to a new one, come by Fairway Auto Center to check out our used inventory.
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