A car is traded in for a newer model

How to Get the Best Value on Your Trade-In

Milad Hassibi January 3, 2019

If you are considering trading in your current car for something new and improved, it is important to consider how much your car will be worth. Although you may not get the highest possible price trading in a car, it can save you money on taxes and save you the time and energy of selling it yourself.

Car dealerships sell large numbers of used cars, and they serve as a great  and easy way for consumers to get cars off their hands. Here are some things to consider doing prior to trading in your car to help you get the best deal.

Research car values

Consumers need to research the value of their car before going to a dealership to ensure they can negotiate a fair price. There are many online sources to research the value of your used car. You can go to KBB’s website to find your car’s blue book value for free.

Two cars that were traded in stand in front of a trade in sign with money falling down from the sky

These sources will provide information on both wholesale price and market price. These numbers can assist you when negotiating with an auto dealer to get the best price for your trade in. Other aspects may affect this number, such as the condition of your car. A car in good condition may sell for a higher value.

Keep up with the condition of your car

Keeping up with car maintenance is important for selling the quality of your car. Making sure your car is kept up on oil changes, brake jobs, tire rotations, and any small preventative measures can give your car more potential value.

Make sure you keep all of your documents of any maintenance done on the car. These documents will show the money you have invested in the car and show the auto dealer it has been maintained properly.

Get your car detailed

Having your car detailed and vacuumed will give it a better look when bringing it to a dealership. Spending a little money to have your car look more presentable will increase a car dealers willingness to purchase your car for a higher amount.

It also may benefit you to consider fixing in minor scratches, dents, or paint on the car. These can be really easy and cheap fixes that can give your car a better appearance and overall value.

Go to multiple dealerships

If you are wanting to get the best deal for your trade-in, it would be beneficial to go to multiple dealers to get a few offers. Having these options will help you be able to accept the best price.

This will also give you an idea of what the market price for your car is. Every dealership may be different and have a higher need for your car based on their current inventory. Try and pick at least three dealerships you will get a valuation from.

Keep your new car and old car pricing separate

Many dealers will try to give you an estimated amount for your new car from your trade in. Dealers will often combine these figure, making it so they can hide the value you are getting for your trade-in by giving you a monthly value of your new car.

Try to avoid this by keeping the trade-in price and new car price seperate. Make sure to compare both prices to what you have researched prior to ensure you are getting the best deal. Make sure to get the prices in writing and check over the contract thoroughly when making your purchase.

Final Note

When trading in a car, it is important to do your research and plan ahead if you want to get the most for your car. If you are looking to buy a new car but have less than perfect credit, CrediReady can help.

Our nationwide network of trusted dealers and verified lenders work with buyers in all credit situations. Take a moment to fill out our free no-obligation loan inquiry form and start shopping for your dream car today!

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