So when the time comes to visit The Tilbury Auto Mall for your new car, truck or SUV, you’ll have a choice to make about whether to trade-in your existing vehicle or sell it privately.
Obviously, trade-ins reduce the cost of your new vehicle and can save you the hassle of selling your vehicles on your own. Keep in mind, that if your vehicle is worth, say $10,000 on trade, you would actually have to sell it privately for $11,300 to get the same value. That’s because the value of your trade-in is deducted from the price of your new vehicle before taxes are applied to the sale price at a car dealership.
Whatever side of the argument you come down on, trade-in or private sale, there are various steps you can take to improve the value pof your current vehicle.
1. First of all, know the trade-in market.
Some trade-ins may be more valuable than others, even if the cars are relatively similar with regard to mileage. For example, preowned vehicle buyers typically prefer late model vehicles as opposed to cars that are older. This is even more apparent now that many car buyers want smartphone-friendly vehicles that give them access to the apps and GPS systems on their phones. Drivers who want to get maximum value for their trade-ins may benefit by trading in a year or so earlier than they initially planned, as this will make their cars or trucks more attractive to prospective buyers, which should make it easier for car dealerships to sell the vehicle.
2. Consider taking care of any mechanical or cosmetic issues before trading in your vehicle.
Auto Dealerships have to make an allowance for any repairs your trade-in may need, but that will come at a cost, which will be reflected in the trade-in value of the car. Fix any doors that stick or minor scratches on the vehicle’s exterior. You may want to have the car detailed, washed and waxed. Investigate if any major problems, such as engine troubles, are worth fixing on your own, or if you’re better off receiving less for your trade-in and letting the dealership address such issues.
3. Keep your maintenance records.
Maintenance records prove your vehicle was taken care of and can help you get more for your trade-in. Even if you intend to trade the vehicle in to the same car dealership it was serviced, you should still keep your own maintenance records.
4. Shop Around
If you are not satisfied with the trade-in value assigned by a specific auto dealership, you can always shop around until you find better offers. Sometimes auto dealers may not offer as much for a trade-in because they have several similar vehicles in inventory, or know the market is soft for your specific vehicle. Others might not be in the same boat, or have a specific customer in mind for your vehicle. Exercise patience when shopping around to reduce any frustration that might develop during the negotiation process.
There are many variables that can impact the trade-in value of cars and trucks. But following the tips above will go a long way to helping ensure you get the most money for your trade-in.
