How To Trade In Your Car
When looking to trade in your car, you should be equipped with proper knowledge before walking into the nearest dealership. The more aware you are, the better price you can get for the trade-in. Dealerships have an upper hand in these negotiations because of their experience. You should do your homework and understand the whole procedure so you can find the best trade-in value. Here are the steps that you can take:
Get Estimated Trade-In Value:
To get a proper estimate of the trade-in value, you can check out various online pricing guides and sites. They offer an estimated price range that you can use when you trade in your old car. You will need to enter the car’s make, model, real conditions, and actual mileage of the car to provide an accurate estimation.
When exploring these resources, check out the value range at trusted sites like Kelley Blue Book and Edmunds. They will ask for additional information related to your car for giving the most accurate valuation. You might be asked to give your ZIP code for relevant price estimates in your area.
Get Estimate from the Dealership:
Appraisal is an important step during the trade in process. To ensure accurate appraisal, you can contact the used car executives at the nearest dealership. Based on the documents provided and information related to the car, they will give an estimated price range that you can get through the deal. Most often, they need documents related to the auto loan, the vehicle’s title, insurance, registration, and your driver’s license.
Depending on the information and paperwork, the dealer will provide an appraisal value that you can use for negotiations. For a properly written quote, it is important to get a physical inspection done by the certified mechanics at the dealership. To get the best appraisal value, keep your options open and book appointments with at least two nearby dealerships. It gives you more leverage to negotiate the best prices for your car.
Get Ready for Negotiations:
Once you get an appraisal for the trade-in price, you have two options. Take the offers on the table, or negotiate for a better deal. Whatever you choose, the trade-in value and sale price should be in line with the prices quoted on online guides.
The trade-in price is a credit amount that’s deducted from sale price of the new car. Calculate the amount your trade-in will take off your new vehicle to get the lowest price for your vehicle. Additionally, you should check the private party price of your vehicle. If this value is higher than your trade-in value, you could get a higher profit by selling the vehicle yourself.
Finalize the Deal:
At the end of this process, the value of trade-in is deducted from the new sale price and balance should be paid with cash or a car loan. When the trade-in price is higher than the sale price of the new car, ask the dealership to give the amount in writing. If the trade-in price is greater than balance amount of your car loan, the difference can be credited to the new vehicle’s price.
Get informed with proper research to negotiate the best trade-in value.