What You Need to Know About Car Dealership Trade InsBlog Sep 15th, 2016
Buying a car can be one of the best experiences in your life. You look forward to that new car smell and the feeling you get being behind the wheel of a new vehicle that is all your own. Of course before you can experience these feelings, you have to decide how you are going to start your new car search.
Take a look at the car you are currently driving. Have you kept up with the everyday maintenance like you should? Did you routinely get the oil changed as recommended by the vehicle manufacturer? If it were sitting on a used car lot, do you think someone may consider buying it, if it caught their eye?
If you answered yes to any of these questions, you should seriously consider trading your car into the dealership where you may want to purchase a new car. Trading your car in does not have to be a scary experience or even something you walk into blind, if you walk into the dealership as an educated consumer.
Before you trade your current car in, here are a few tips to keep in mind:
Know the Approximate Value of Your Car In Its Current Condition
You can take your car to get it assessed by the dealership or a third party if you so choose. Knowing the approximate value of your vehicle can help you weigh the pros and cons of trading against your additional finances.
You may want to consider looking around at your model of your vehicle and see how they are priced out as used vehicles as well. The main goal is to have a better idea of what your current vehicle is worth, considering kilometres travelled (Mileage), vehicle condition, factory extras, accessories and more.
Do Your Homework
It pays to take a drive to the dealership where you are considering trading your car in or even browse their website to look at their used car inventory. Logic says if you are looking to trade in a convertible during the winter months, dealerships might not be so quick to make an offer. If the used car lot has six or seven Chevrolet Impalas on the lot and you are looking to trade your Impala.Don’t let your assumptions hold you back though as it’s important to ask accordingly.
Do not walk into the dealership focused on getting the full value of what you think your trade-in is worth. You may think you will benefit by getting top value for your trade-in, however, this can affect the bottom line of the cost of your new car. Maximizing the value of your trade-in will leave you little wiggle room to negotiate the cost of the new vehicle. Dealerships need to set fair prices and invest based on the condition of the vehicle, demand, and anticipated time to re-sell.
Focus on the new vehicle you want and getting the best deal first. After you have the price of the new car worked out, then mention you have a vehicle to trade in and assess your additional finances to support the purchase.
Be Aware, Be Prepared
Be aware of the repairs that need to be made to your trade-in and be aware of the cost. It is important to know the costs of the repairs that need to be made to your trade-in, as it is a good bargaining tool. You can outline these challenges to the dealership which serves to set proper expectations during the initial engagement.
It’s important to be transparent about these challenges upfront as they will typically be found during the appraisal and assessment process. This can reduce the time needed for the assessment if they have items outlined to test.
Watch for Dealership trade-in promotions and opportunities: It’s not uncommon for your local dealership to promote trade-in opportunities through limited time offers or seasonal promotions.
If you’re the opportunistic type, you may prepare yourself for the possibility of trading in your vehicle and watch patiently for upcoming promotions. Most of the time you’ll have a month to capitalize on an exclusive offer, or have some flexibility to think about it if it’s a seasonable promotion spanning over a couple of months. Signing up for dealership newsletters or checking their website frequently ensures you don’t miss the next best deal.
Keeping all of these tips in mind before you approach a dealership about a trade-in will make it a positive experience for you. You may just find the best deal you are looking for and get the car you really want to drive. Buying a car is one of the largest investments you make in your life. You should be able to do all you can to make it a positive, rewarding experience.