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Many things impact a car’s resale or trade-in value. Learning to maximize your car’s trade-in value gives you more buying power for the purchase of your next vehicle and allows you to enjoy a higher return on investment. These tips can help you get top dollar for your trade-in.
Preparing for the Trade-In
Before you make your trade-in decision, there are a few key details to consider as you prepare. The better handle you have on these types of events, the greater your end rewards tend to be. They include:
Little things like these can maximize the value you receive from your trade-in.
Increasing Your Car’s Appeal
There are some things you can do quickly, easily, and inexpensively that will wow those in charge of pricing out your trade. Consider these tasks for adding a little “curb appeal” to your car before trading it in.
The more of these you take care of, the more likely you are to receive top dollar for your trade. When things are left undone, the dealership will lower its trade-in offer to cover their costs.
Negotiating the Best Deal
Approach the dealership from a position of power when discussing a trade-in. Let the dealer know you do not need to trade the car in but are interested in exploring your options. That gives you far more negotiating power than if you need that money to supplement or solidify your down payment in a newer vehicle.
Also, do not hesitate to let the dealer know you know the value of your vehicle and all the added features that make your specific car worth more.
Finally, do not negotiate the trade-in value until after you have agreed on a price for the newer vehicle. Often, sales staff will attempt to recover losses on a trade with the offer they make on your new car. If you agree on the price first, that cannot happen.
Takeaway
Taking the time and paying attention to detail before you begin to negotiate for the trade-in value of your existing vehicle can have a significant impact on the final offer you receive from the dealership. The steps above, combined with your powerful negotiating skills, can help you get a better offer for your trade-in vehicle.