Trading in your old jalopy is a terrific financial decision for many new car shoppers. Some dealerships will apply the value toward your down payment, and it saves you the hassle of trying to unload the car yourself. Here are four ways to get the most for your trade-in.
Clean Out the Car
The first thing to do before you head to the dealership with your trade is to give it a once over with some soap and water. Clear out all those fast-food bags and make sure to remove all of your personal items from the car like umbrellas and the kids’ toys in the back seat. Not only does a clean car present better to the appraiser at the lot, but it also makes it much easier for them to see the actual condition of the vehicle so that they can provide you with a precise offer.
Pay Attention to Timing
There are a ton of factors that go into every bottom line trade-in offer from the dealership, including when you complete the transaction. There is an optimal time in the automotive industry’s annual cycle to trade in a vehicle to get the most value, so pay attention to the calendar.
Typically fall is the best time of year to buy a car, so plan to start shopping around in October or November. Shop early in the week, like on Monday, Tuesday, and Wednesday, as there is less customer traffic in the showroom. With these prime conditions in place, the sales staff might be willing to wheel-and-deal to meet their quotas.
The dealership also prefers trades that are just at — or under — the three-year mark. Most of these gently used cars are an exceptional value. They’re in high demand because dealers can resell them with their original warranty or under a certified pre-owned program.
Run a Free Report Online
Another tip you can use to get an idea of your car’s worth is to run a trade-in value report. Start by going to any market value calculator website and enter your vehicle’s description, including make, model, year, mileage, options, and its physical and mechanical condition. The system will use these factors to spit out a basic estimate of your card’s trade-in, wholesale, and private party values.
Trade-in offers vary widely from showroom to showroom. Don’t always accept the first offer. Take your used car to a few local dealerships and see what they’re willing to give you for it. Wait until you’re offered a fair price so you won’t feel any regret after you close the sale.
When it comes time to say goodbye to your old car, make room in the garage for a new on by trading it in. You’re going to want to get every penny’s worth out of it, so remember to follow these handy tips to get the most for your trade-in. Visit your local showroom to find out more.
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