 Buying a new car is an occasion for joy; getting rid of the old one isn’t. You have options: 1) Selling it yourself. 2) Donating it to charity. 3) Trading it in.
That last option eliminates a lot of fuss and bother. Even if it doesn’t generate the same cash in your pocket, trading in the old model can be the basis of a down payment on the shiny new one and doesn’t suck up a lot of time. On the premise that time and nerves are more valuable than that extra cash, you’ve decided to go the trade-in route. Now, how to get the best deal you can.
If you’re replacing the old with an updated version, or at least within the same manufacturer, you’re in luck. Locate a dealer that sells both your new car and used cars. They’ll have a better idea of your old car’s value and already have the market to sell it. Do a reasonable survey of appropriate dealers. If one has a lot full of clones of your trade-in, find one who doesn’t. You’ll get the best value out of a trade-in at a dealership that can sell it from the lot and not send it on down the road to auction.
If you’re selling what you call an exotic and others consider just odd, rethink the trade-in idea and check out on-line car sales sites. If you’re in an urban area, you can consider selling it yourself; if not, on-line may be your best bet.
Have a realistic idea of your old car’s value. Kelley Blue Book provides two sets of prices: the lower price is the trade-in value. They also have a complicated list of additions and deductions. Take the time to research an honest value. You won’t get that value for trade-in, but you’ll walk up to the bargaining table with good information.
Accurately assess and the condition of your trade-in. If it’s a low mileage, highly desirable vehicle with a few blemishes, fix them. Have that puppy washed, waxed, buffed and detailed ‘til it glows. If it’s a high mileage, run-of-the-mill commuter box, wash it in your driveway and vacuum it out. Curb appeal is important, but you can’t make a silk purse out of a sow’s ear.
If you know your vehicle needs repairs, get written estimates from your mechanic on the costs to do those repairs.
Head to the dealer with the best potential for finding your new ride and giving you the best price for the old.
Once you sit down to negotiate the deal, set a firm price on the new car before you mention a possible trade-in. If the dealer knows in advance you intend to do a trade-in, you could end up with a good new car sales price but a really bad trade-in value. Keep your eyes focused on the bottom line.
As the dealership starts to assess the condition of your trade-in and identifies those repairs you have anticipated, whip out your mechanic’s written estimates on those repairs. You have to go into this negotiation knowing that the dealer is honest but after the biggest profit for the dealership. Your job is to get the best deal for yourself.
Read all the tedious paperwork and contracts. Ask all your questions on the terms and conditions before you sign anything.
Now, here’s the best part. Once you’re convinced you’ve gotten the best deal possible, sign the contract, take the keys to your new vehicle and drive it home!
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