Getting a new car is always an exciting time in your life. At the same time, it can be a sad event because of the dread from the thought of letting your old car go. Unfortunately, it has already served you for a long time, and instead of leaving it in your garage to rot, depreciate, and take up space, you need to trade it away to make it easy for you to get a new one.
So, the best thing you can do is make the most out of the trade. It’s necessary for you to maximize the amount you can get for your old car. And with that in mind, here are some tips that will come in handy:
1. Find The Trade-In Price
The first tip for you to follow is to find the trade-in price or value of your car. By doing so, you have an idea of what your car is worth when you trade it for a new one. It also allows you to know how much money you need to shell out to cover the remaining cost of the new car that you want to acquire.
Before going to your car dealership, having an estimate of the current trade-in price of your car can ensure that you’re getting the best offer. You wouldn’t want to receive a lower price than what you ought to receive. You can visit this website to start your research on the current trade-in value of your car.
In addition to knowing the current trade-in value of your car, you should also factor in things that can depreciate its value. A few of those things are your car’s age, mileage, number of repairs, paint job quality, et cetera.
2. Stage Your Car
When the time comes for you to bring your car to the dealer, don’t just take it as it is. Indeed, you don’t have to do any drastic change or perform costly repairs before you trade your car as dealers are willing to accept it regardless of its flaws and issues. However, it can put you at a disadvantage as the dealer may evaluate your car’s price lower than you’d expect. Some petty dealers may even create negative assumptions to further depreciate your car’s value.
If you don’t have spare cash for repairs, you should at least clean your car and make it more presentable. A car will look older than worse than it is when its exterior and interior are unkempt. To know more on how to stage your car without breaking the bank, click here for some actionable tips.
3. Shop For A Good Dealer
Don’t immediately give in to the offer of the very first dealer you’re going to come across. Rather, you should visit other dealers and consider their offers. At the very least, bring your car to three dealers. This allows you to gauge if you’re getting fair prices for your car.
Even if you already have a favorite dealer, you still need to visit others and know their offers. It allows you to gain leverage from your favored dealer once you know that other shops are willing to give you a better price. If your favorite doesn’t give you anything promising, it might be the time to switch to a better dealer who can give you honest business.
4. Have All Documents And Receipts Ready
Make sure to bring your old car’s documents and receipts with you whenever you visit dealers. You never know what documents the dealer is going to ask you for, so it’s best to go prepared. Otherwise, you may lose potential great offers just because you didn’t want to go the trouble of bringing a couple of sheets of paper.
Some of the documents you must bring with you are your car’s warranty papers, insurance documents, car registration, and certificate of ownership. If you have the receipts and records of the car’s maintenance, bring those as well. Should the dealers have any questions about repairs and whatnot, you’ve got the receipts to help you answer their questions and reassure them regarding their concerns.
5. Find Out How Much You Owe On The Car
If you’ve paid the car in full already, you won’t have to worry about finding out how much is the remaining balance in your car loan. But if you haven’t, then it’s time for you to calculate and know how much it will cost you to trade it in for a new one.
For those who don’t know, you can trade a car that’s still on a loan; however, know that it can be a costly endeavor. The process may take longer, as you’re now involving more parties. If you’re already decided to trade your car, contact your lender about it.
For more information about trading in your car when it still has a balance that needs to be paid off, read more here.
6. Look For Promotions
Some car dealerships are more generous with their offers and promotions than others. So, you should look around in your area if there are car dealers offering promotions. Generally, the best price to shop for promotions is at the end of the month when dealers must meet their sales quotas.
However, don’t just jump on the first promotion you find. Note that there are unscrupulous dealers out there.
For example, some may offer promotions that are specifically for the new one you want. And when you get there, they may say that the car isn’t available yet and sell you a different brand or model that might cost you more. Therefore, it’s a smart move to call the dealer and ask for more information about the promotion first before you visit.
With these pieces of information, now you’re finally ready to send your car for a trade-in appraisal and get your new car. Finally, you’re not left hanging and confused as to what you can do with it as you can make the most out of its trade-in value get the new car that you wanted without overspending.