When it comes to selling or trading in your car, you want to make sure you get the most amount of money possible from your sale. But how do you do this? Let's discuss what you need to do in order to get the best trade-in value for your car.
4 Tips to get the best trade-in value for your car
1. Know the real value of your car
Before you sell your car to a dealer or privately, it's important to know exactly what your car is worth this way you know exactly how much to ask in your negotiations. There are several online resources that can help you determine the value of your car based on certain criteria i.e. your car's year, make, model, mileage and condition and some great resources include Kbb.com (Kelley Blue Book) and Cars.com.
It's also important to compare offers. It will give you a variety of options and help you get the best possible deal. In addition, it's a good idea to add a bit of a markup (e.g. 10% - 15%) to your selling price because dealers and private buyers will most likely try to negotiate your initial price down.
2. Spruce up your car
A clean car is more attractive to buyers and can help you get a better trade-in value. Consider getting your car and engine detailed in preparation for its sale. Also showing that you have regularly serviced your car and kept in good condition will make it extra attractive to a potential buyer.
"When it comes to trading in your car, your goal should be to get the best value possible."
3. Be aware of needed repairs
Before you put your car up for sale, be sure you are aware of any repairs that might be needed, even if you don't intend to make the repairs before you sell the car. The reason why you want to get estimates of what the repair will cost you is because you want to make sure you don't take a low ball offer on your car based on what your buyer tells you the repair will cost them.
For example, let's say the brakes on your car need to replaced and you get a repair estimate of $500. Well, if a dealer tries to knock $1500 off the price of the car because of the needed repair, you can counter that by showing them the estimate of what the repair will actually cost!
4. Separate your trade-in negotiation from your next car purchase
If you choose to go through a dealer to trade-in your car, be sure to negotiate the price for your trade-in first as opposed to building it into the purchase of your next car (if you are buying another car), this way you are aware of what you are being offered and you can be sure it's in line with the real value of your car (see point 1).
It's very easy for the value of a trade-in to get severely discounted (or low balled) when it's tied into the transaction of purchasing a new car. It might seem like a great deal because you'd be getting a discount on the car you are trying to purchase but if you were to take a closer look it might not be as good a deal as you think.
When it comes to trading in your car, your goal should be to get the best value possible and following these 4 tips can make a big difference!