Getting the Most out of Your Trade-in

You are tired of your old car and want to purchase a new one.  That is common after the third or fourth year of vehicle ownership.  The problem is, there is often still a balance due on your current vehicle and need to make sure that you are either even or positive with the trade-in value.  So how do you ensure that you get the most out of your vehicle at the dealership?  Several methods are available that can help you with this process.

The first major step is to know what the value of your vehicle is before ever entering into a dealership.  There are several methods of doing this, but it is best to use a combination of methods.  The first and most recognized is to use Kelly Blue Book’s value estimator.  Use the trade-in value calculator and be sure to be honest with yourself about the condition of your old vehicle.  After this is done, you will have a “ball park” price for your trade in.

It is recommended that you take your vehicle down to a dealership such as Len Stoler Hyandai and get an estimate done by them.  You could take your vehicle to several different dealerships and get the average for your area.  Once you have the information it will provide a good basis if you are going to be able to trade the vehicle in without being in the red.  If you cannot get the price you need, or are not happy with your pricing, then it is time to take your vehicle and try to sell privately.

When dealing with a trade-in is not to discuss the trade in price until you have firmed up the price on the new car. The major issue with going in telling a dealer that you want the most for your trade in or that you have a trade-in is that they often raise the price of the car, or lower the price of the trade in to compensate for your request.  This is dependent if you are asking for rock bottom pricing on the new car or highest value for your trade-in.  If you work out the price of the car, then you are able to bring the old vehicle into the equation, it provides you more of an advantage to get the best value for your old vehicle.


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