How Can I Boost My Car’s Trade-In Value?
Optimizing the value of your trade-in vehicle is a vital goal for many car shoppers today. You may need a specific valuation so that you can pay off your existing auto loan, or you may want to max out the benefits of your old car’s equity to make a larger down payment. What can you do to ensure that you squeeze as much equity as possible out of your trade-in vehicle?
Improve Its Condition
Regardless of whether you trade your old car into the dealership or sell it yourself, its condition will impact the offer you receive. Request an itemized estimate to address all cosmetic and mechanical issues. Determine which repairs may affect the vehicle’s value most significantly, and address those before you trade it in.
Other factors will affect the trade-in value as well, and some of these are the vehicle’s history, your zip code, and its mileage. Refer to online resources like Edmunds or Kelley Blue Book to determine what a fair offer for your vehicle may be. It may not be reasonable to expect an offer higher than these valuations. If the researched value is not enough to pay off your existing loan balance, you may need to hold off on your purchase plans for a few more months or longer.
Sell Your Vehicle Yourself
The two primary methods to get money for your old car are to sell the vehicle yourself and to trade it in to a dealership. You can reasonably expect to get a higher offer from a direct buyer. This is because a dealership must cover its overhead and build enough equity to make a profit on the sale to the next buyer. However, selling your vehicle on your own can take weeks or longer and can be a stressful hassle.
Negotiate Your Trade-In Strategically
The most convenient way to sell your vehicle is to trade it into your preferred auto dealership, so many drivers are willing to accept a slightly lower offer on the vehicle from a dealership to take advantage of the benefits. Obtain several offers from different dealerships as a first step. Ensure that you negotiate your trade-in offer separately from your next auto purchase. This will help you identify where you have room to negotiate on the trade-in value and the purchase price for your next car.
Are you ready to learn how much your current car is worth? To request an offer from us, bring your vehicle to our convenient location soon.