Trading In Your Car Fairly: Here Is What You Should Know Johnson City Toyota

Trading In Your Car Fairly: Here Is What You Should Know

Are you thinking of purchasing a new car? Then a trade-in for your old one must certainly be on your mind. But how do determine a fair price on a trade-in? What if there are several dealerships in the market that seem to offer the best value to your car? How do you select the best? Don’t worry — we’re here to help.

Research Your Car’s Value To Estimate A Fair Price

Undoubtedly, trading-in your car has greater benefits than selling it privately. But, car dealerships are business ventures and are certainly looking to make some profit. It is extremely likely that you will not be paid the full retail value of your car. Your best defense against this is online research. There are numerous sites that offer information on what your car might be worth, like KelleyBlueBook.com and AutoTrader.com.

You just need to enter some basic car information into these sites to get complete data on a fair trade-in price. This way, you will be equipped with a basic knowledge of your car’s worth which will enable you to negotiate with the dealer. Did you find any similar cars in your area that have been recently traded in? If yes, they will help you validate and offer great leverage during your negotiations with the dealer.

Make Simple Fixes Before The Trade-In

Remember that trade-in value depends largely on the vehicle’s condition. The dealer expects your car to be free from major defects like unclean carpets, torn seat covers, worn out wheels and more. You must ensure that your car does not have any foul odor and is free of dirt. Making small repairs is really worthwhile in bringing about fair trade-in value. These fixes will make a good impression with the dealer and can even increase your trade-in amount.

Negotiate The Trade-In Price Separately

If you are planning to purchase your new car from the same dealer where you are trading your old car in, then it is recommended that you negotiate the trade-in price separately. This will ensure that you get the best deal from both sides. Take a look at your loan paperwork and ensure that the trade-in value is deducted correctly from the purchase price.

Do you owe more money than your car’s worth? If so, you may want to rethink trading it in. You may be tempted to carry over your old car loan on to the new one — a practice that is not recommended.

Keep Emotion Out Of The Transaction

Now that you are ready to start negotiations on your car’s trade-in price, remember that the aim of your transaction is to obtain the best deal for your car. It is quite natural to get easily attached to your car or think that there is a lot of investment made. But keep emotions out of the equation. This may seem trivial, but overlooking this factor may leave you with less than optimal pricing. Always be ready to drop the deal if you think your car is not getting a fair price in the trade-in.

Obtaining a fair price during a trade-in is highly subjective. What one dealer perceives as a fair price may not be considered fair by another. Hence it is necessary for you to familiarize yourself with fair prices and make confident negotiations with the dealer.