How To Trade In Your Car

How To Trade In Your Car

Are you looking to get rid of your old car and buy a new one? If the answer is, “yes,” you can consider a trade-in offer from the dealership. Here are some guidelines to trade in your car.

Estimate Your Car’s Value

Before you approach any dealership or used car dealer with a trade-in offer, get an estimate of your car’s value. There are several online tools that can help you get the value of your old car. The process is simple. All you have to do is visit a website providing car value services and enter the required information.

Some information you need to provide is the car manufacturing year, the make (the car manufacturer name), the car model, trim level, mileage, and zip code. Based on the data entered, the online evaluation tool will present you with three or four different values such as dealer retail value, trade-in value, and private party amount. The trade-in price given by the online evaluation tool is approximate and the dealership might offer a lesser amount than your expected price.

Shop Around

Once you have an approximate car value in your hand, you can approach different dealerships and used car dealers to know the exact trade-in value for your car. Always remember every dealership and used car dealer wants to pay the least amount possible. The dealerships normally have one or two appraisers who evaluate used cars on site. They consider different factors while evaluating your car that includes the physical condition of the car, tire conditions, the dealer’s inventory, how quickly they could sell your car, and lots of other things.

You will be required to book an appointment with the dealer for your car’s appraisal. The car appraisers are busy on the weekends and you might be required to wait a long time for your turn. Try to get an appraiser’s appointment on weekdays. Timing is critical for car appraisals. For example, the used car dealers run trade-in promotions, and you could get additional cash in the trade-in. Many dealers will try to undercut you by offering a lower price. If the dealer offers a lower trade-in price than your expectations, approach another dealer.

Close the Deal

Remember the trade-in option is beneficial for both parties. The dealership wants to sell the car and they want your business. Many dealerships will try to negotiate the trade-in price to ensure the deal goes through. If the paperwork is clear (no car loans), the trade-in agreement and closure of the deal could be completed within 30-50 minutes. If you need to fold up the car loan to your next car purchase, the dealership will take more time to close the deal. You might not always get the trade-in value as desired as there is no way to ascertain the right value of a used car. You need to strike a balance in which you get a fair trade-in price and the new car purchase goes smoothly.

When you follow the guidelines mentioned above, you can ensure no one takes you for a ride in trade-in and you get a good deal.