If you're looking to purchase a new vehicle, be it a car, SUV, truck, or anything in between, you can opt to trade in your older car to help lower the overall purchase price. If you don't have an outstanding loan on your current vehicle, it can significantly reduce the total purchase price as well as the sales tax that comes with it.
As far as your average dealer is concerned, it's important to remember that they are always on the lookout for an excellent car to resell. And even though they may seem like they are undervaluing your trade-in, they do so as a means of getting the highest possible profit out of it. And this is probably the main reason why so many avoid trading in their cars. Many don’t accept the first offer they receive, and then haggle for more value.
Nevertheless, with a bit of research and know-how, you would be surprised just how much your trade-in is worth. Below are some tips on how to get the most from your trade-in.
There are plenty of people who overestimate the value of their cars, believing it to be somewhere close to what they paid for it in the first place. Doing some online research will help realize the depreciated price. In any case, once you have a ballpark figure, it's time to obtain an honest evaluation of your car, as it is in its current condition.
Be as realistic as you can about what you have to offer, especially when it comes to the mileage and how well the car was maintained. It may also come as a surprise, but a thorough detailing job can increase the value of your vehicle by several hundred dollars. But don't let yourself be fooled into thinking that it can raise its amount over the current market or higher than what it is truly worth.
It should go without saying that the best way to get the most value out of your trade-in is to take great care of it. A car’s value is, more or less, defined by its lifespan, after all, and it's by prolonging it that you will also add more value. The best way to approach the issue is to stay on top of it from early on. Perform all regular maintenance checks when they are required, and document all of these checks and repairs in the car’s service manual.
Likewise, if you handle all of your maintenance work at the same dealership you bought your car, that same dealership should be your first stop if you want to trade-in. A dealer that’s familiar with the vehicle’s history will be more inclined to give it a favorable assessment and provide you with a good deal. In any case, as long as you document everything that you do on your car (maintenance checks, repairs, purchasing big-ticket items, etc.) you stand a better chance of leveraging them as investments.
With a little bit of research and proper maintenance, you can get a lot more value from your trade-in than you initially realize. At Mike Duman Auto Superstore, you will always get a fair price, no matter the circumstances. Take a look at our inventory, or contact us directly for more information.