Close Get the Most from Your Trade-In
Get the Most from Your Trade-In
Is there a secret to getting the most from your auto trade-in? When most people purchase a new car, they trade in their current model to offset costs. Depending on how much your current car is worth, you can get an excellent deal on your next vehicle.
While you can typically make more money selling your car to a private buyer, many shoppers prefer the convenience of simply trading in an old car for a new one at the dealership. Dealers subtract your old car's trade-in value from the cost of your new car, saving you on up-front costs. That's why you want the highest possible trade-in rate. So, where do you start?
Plan Ahead
The day you purchase your car is the day you can start ensuring a high trade-in value, even if your next purchase is years down the road. Stick to a regular maintenance schedule - including oil changes, brake maintenance, and tire rotations - to help ensure a dependable performance far into the future. Keep a folder on your car and save any documentation detailing regular maintenance and any necessary repairs. At trade-in time, you can pull out any recent receipts - for example, for the brakes you put on a few months ago - in an effort to increase trade-in value.
Better yet, visit your dealership for the work your car needs. Then, when it's finally time for a new car, take your car to that dealership. Having their own record of your stellar maintenance, they'll give you an excellent rate.
Having a close relationship with a dealer can also benefit you should anything unexpected happen. If you end up needing costly engine repairs, your dealer may offer you a good trade-in value right then and there, so you can drive home in a new car instead of sinking a ton of money into an old one.
Looks Matter
A good wash and wax can improve your trade-in prospects. Spending a few bucks to get your car detailed will also increase its appeal. However, don't go overboard. Putting up big bucks - say, more than $100 - to make an older car look as if it's never been driven is certain to raise suspicions. Dealers expect your trade-in car to look lived-in; you don't want anyone to think you're trying to hide something.
On a related note, if you've got a Jeep Wrangler with a ton of off-road-centric aftermarket gear, you're likely to improve your trade-in value. However, car enthusiasts should come to terms with the fact that aftermarket equipment typically doesn't add much trade-in value. In fact, many modifications can actually reduce a dealer offer.
Know Where Your Dealer Stands
Trade-ins represent big business for dealers, who resell dependable models to pre-owned car shoppers. With this in mind, call a few dealerships and ask if they're willing to work with you to achieve your best trade-in value. Visit multiple dealerships and request an appraisal for your trade-in. Before you make a final decision, review the numbers and choose the best deal. Treating the trade-in process as part of the sale can help you save more on your purchase.
Be realistic about your vehicle's trade-in value. Check Kelley Blue Book for a baseline figure. If your car is only a few years old and has less than 100,000 miles on it, it's an appealing resale prospect for dealerships. On the other hand, older models with higher mileage don't represent as much profit for dealers.
Stick to Mainstream Aesthetics
Adding spicy orange racing stripes to your acid green Mustang might quench your desire for attention, but the dealership might doubt this paint job's ability to appeal to any buyer that isn't you. The highest trade-in values go to cars with neutral paint jobs, because black, white, grey, and silver cars offer a quick turnaround for dealers.
