Are you thinking of going for a new set of wheels by trading in your car? You don’t need to hit the pedal right away before taking some measures to boost the trade-in value of your car.
Before you jump in to buy a new car, you need to ask yourself, what is the trade-in value of my car? If you are apprised of it, do you think it is enough for your next market purchase? If not, you can still go ahead with the upgrade, provided you begin with improving the trade-in value of your car. Yes, there are some steps that can make this journey a handy one for you where you can get the most dollars. Read this blog from Carsfast to save bucks and seal your luck!
Car trade-in value
In the beginning, you may try to connect the dots by comprehending the circle of the trade-in process. If you are an amateur in the market, you need to understand the process and meaning of car trade in value. A car trade-in is a process where the price of your current vehicle is put towards the purchase of another car i.e. the price you get from selling your vehicle to the dealership is deducted from the total price of your new car.
When you try to trade in a car with a loan, the dealer then pays it off, and all the related paperwork is taken care of. You need to make sure that you get a fair price when you trade in your vehicle for another vehicle, where it is important to check the trade-in car value prior to the deal. Nonetheless, you can further increase your chances of securing a good check from the dealer if you improve the trade-in value of your car.
Know the trade-in car value
Before negotiating a price, you should go for a car value search. A little bit of research into the market or using online resources can help in car value evaluation to confirm a deserved price tag. You can also enquire from some salesmen who can establish a certain amount in your mind before going for a trade in. You can use Carsfast used car value calculator to check out the value of your car.
There can be several factors that are used to determine the trade in value of your car:
- Year of manufacturing: It is quite obvious that the newer car models can reap more money from the dealers.
- Model: A certain model can have a high demand where you can secure a decent deal from its trade in.
- Car condition: The overall value will depend on the condition of your car, where both exterior and interior appearance will be considered.
- Mileage: A car driven for high mileage can directly impact your car value, where you will be paid less accordingly. Even if the condition of a car is better, the price money will be generally less if your car is reflecting a high mileage.
Regular car maintenance
“First impression is the last impression”! This universal quote can reflect the idea that a clean and maintained car is quick to catch the attention of the customer. Car maintenance is important for any person who owns a car, which can not only serve his ends better but grab a better offer during a trade in process. Regular car maintenance is even suggested at every dealership when you buy a vehicle.
If you have been a turtle with the maintenance process, you can still give your car a new makeover. In any ideal situation, you don’t need to spend a lot but the more you make your car better, the more bucks you save in your deal. You need to be regular with giving it a clean look, looking for any possible minute scratches that can be corrected easily.
Fix the mechanical problems
Along with the physical outlook, the mechanical condition of your car is another important feature to attract the best deals during a trade in car value. There can be some issues related to the working of your car which can be addressed at the right time to give it a complete makeover. Resolving some minor issues can be a money-saving jackpot as they are likely to cost less, but can increase the trade in value of your car. There can be some visible dents or scratches that can be included in small makeover expenses, along with replacing any broken lights of the car.
You can also proceed with the repairs by researching the expenses where you can also cover some offers or deals available at that time. Besides, you need to keep all the receipts of your car repairs or maintenance along with insurance documents with you so that during a trade in, a dealer can know that the car was properly maintained and taken care of. You can also consider the car history report of your vehicle which a dealer can evaluate during your trade-in process.
Negotiate the resale value of the car
Before you trade in your vehicle for another vehicle, you can separately visit any dealership to get a suitable quote for your car. It is important to check the resale value of the car separately to fix your eyes on the amount that you may get which can also help in deciding your purchase for the new vehicle. Remember, the trade-in value you get for your car will be comparatively less than the resale price you may be offered as the dealer needs to keep a little sum of profit.
Besides, you should be ready to walk away without falling for an unfair deal during the trade-in process. You don’t need to be afraid to say no to a deal that might be hitting your expectations at a high stake. Never give in to the pressure of signing the form without prior consideration and thorough research.
It is always recommended to shop around your car for getting better quotes for trade-ins. Before engaging with a dealer, you can try to get as many competitive quotes to go for a trade in. You can also negotiate for the best price on your new vehicle which can give you an upper hand at the end of a process. Besides, try to time your trade-in process where some times of the year are highly demanding depending upon the make and model of your car.
If you are hunting some grounds to get the used car value in Canada, continue with Carsfast where you can also yield some profitable ventures on new car auto loans.
Frequently Asked Questions (FAQs)
How can I get the best trade-in value at a car dealership?
To get the best trade in value of your car at a dealership, you need to:
- Try to find the trade-in price
- Make your car more appealing by washing it
- Shop your trade in
- Try to negotiate the trade-in price separately
- Keep an eye on the sales tax
- Always review the trade-in price before signing the contract
Is it worth trading in your car?
One may need a new car where he may be trying to curb the remaining loan amount of the current vehicle. Trading in your car can be a worthy deal here along with some specific benefits, like:
- Less hectic as this process requires less work from your end
- If you are looking to pay less tax
Can I negotiate trade in value?
Yes, you can negotiate a trade in value if you first recognize the amount they are paying you during the process. You should begin by keeping the trade-in value and purchase price separate, where you can check the quote through online guides like Carsfast or from the market dealers by visiting in person.
Do dealerships give you a fair trade-in value?
Yes, dealerships can give you a fair sum for a trade in if you are prepared beforehand. But you need to know that you get a wholesale price for your vehicle during a trade-in. Nonetheless, if you are set with prior research about the value of your car along with negotiating the trade-in deal separately, you can obtain a fair offer.
How long should you keep a car before trading it in?
You should better look for the balance on the loan before trading in your car at any time. If a large amount of the loan is pending, trading in is not recommended as it means your car has less worth than the money you owe, which represents negative equity. Trading in here can only land you in greater debt.