You are ready to buy a new car? How do you trade in your old car?Obviously you want the best deal. Here are some tips to help you decide to trade in your car or sell it yourself:
Get the right estimate
Get the correct estimate for your car. Do some research? Use the research tools available to you on the Internet. Sites like Kelley Blue Book show three values: Trade-in, private party, and retail. Check the trade in and the private to get a ball park value for the car. Use this guide properly. Add or subtract for mileage, etc.
Check local classifieds to get a rough estimate. Other areas like condition of the car, repair work done etc will give a more accurate value for the car. For example if you have paint work done on the car the trade in value goes down. Try to compare the book value to what similar cars are selling for in your area.
Now if you do go to a dealer for a trade in keep in mind factors like the day of the month, the product mix and the inventory mix. If a dealer already has 5 Toyota’s then they will not give you much for your car. If they are short on the make you want to trade in then you may get a better deal.
If you decide to sell the car privately you may definitely get more money for the car but f keep in mind that you will have to consider advertising costs, keeping appointments for showing the car, scheduling appointments with the mechanic, phone calls and be prepared for haggling.
You can also donate the car to charity. This has a benefit. You can write the market value off your taxes. This gives you only a fraction of the money but then it is for a good cause.
All said and done if you decide to trade in then keep this checklist handy:
- Ensure that the car is clean not just from the outside but the interiors as well. This includes the seating, dashboard, mats etc.
- Check the odometer. If it shows 58,000 then trade in before it goes upto 60,000. Not much difference to you but to the buyer it is.
- Repair what can be done easily. It brings up the value of the car. Not stuff like brakes, shockers but things like worn out tires, a crack in the glass etc – the cosmetic changes.
Just as you ensure that your house has Superior Plumbing services, make sure that the car you trade in gets good service so that you get a good trade in value.