How to Increase The Value Of Your Trade-In

One of the most overlooked aspects of the new car process is the value of the trade-in. Too many buyers can be entirely focused on their new vehicle choice while having an “It is what it is” attitude to their existing vehicle. They may even go back and forth in negotiations on the new car for amounts that may have been lost in the trade-in due to a lack of attention to it. Getting the most out of your trade-in is an important part of getting the best deal possible, but it takes more than giving it a wash, taking the garbage out of the back seat, and calling it a day. Valley Buick GMC has several suggestions on how to do it right. 

Do Prior Research

Know the general value of your car. The value of certain models can rise and fall due to outside circumstances. For instance, when gas prices are perceived as high, fuel-efficient vehicles will rise in value, with the reverse possibly occurring to obvious gas hogs like large trucks or V8-powered models. Sources such as Kelley Blue Book and Edmunds can give you a general price range that your vehicle may fall in. Keep in mind you must try to be objective about your vehicle’s condition. Also, these are national averages and may not take into account local factors such as the added value of 4- or all-wheel drive in high-snow or mountainous regions.

Consider the Timing of Your Trade-in

Hopefully, the timing of your new car purchase is at your discretion. If so, consider what time of the year may be optimal for your trade-in. The more specialized your vehicle is, the more important this timing may be.  Even though we all tend to use our cars year-round, 4- or all-wheel-drive models will still likely have higher demand in times of high snow or rain. Conversely, sports cars and convertibles have a higher demand in the spring and summer. Practical economy cars have an uptick in interest in the latter part of summer as vehicles for high schools and college students. 

Fix Obvious Problems

Start with the most obvious visual issues. Replace failed light bulbs, re-apply loose interior trim, and remove or mitigate obvious stains. Be sure to check the National Highway Traffic Safety Administration database for any vehicle recalls that may apply to your model and have them taken care of. A dealer can’t sell a vehicle with an unresolved recall. Remember that your appraiser is thinking strictly about how they can sell this vehicle and how much labor cost will be involved in doing so. Larger repairs will require some evaluation on your part, but just know that if there is a problem, an appraiser is likely to find it, and they will be factoring the costs of both repairs and the time involved in their appraisals. 

Give It the Best Cleaning it Ever Had

Dirt distracts and catches the eye. After the wash and vacuum, get out the toothbrushes and cotton swabs and go after the details.  Get the dirt out of the nooks and crannies that may have been there for years. A well-detailed car looks like a well-cared-for car. Again, an appraiser knows if they see a car that looks good at first glance and after a close look, it will look that way to their buyers as well. 

Shop Your Car for its True Trade-in Value

As mentioned, Kelley Blue Book and Edmunds can give you a general idea of what your car is worth. But to get a true sense of what your exact vehicle is worth in your area at this time, you need to shop the car with other resellers. After you get your vehicle in presentation shape, Take your day off to drive to other dealers and used car lots and ask them what they will offer you for it. They are always looking for additional vehicles to sell, and knocking on their door saves them time and effort. The more you shop your vehicle, the better but get at least three offers. The highest offer is the amount you should not accept less than as a trade-in price when you are buying your new car. There is nothing insincere about this because if your trade-in location can’t match the highest offer, simply go back to who made you the highest offer and accept it. It takes some time, but this is the best possible leverage you have for trade-in negotiation.

Negotiate your new (or newer) car price and trade-in separately

It can be tempting to uncomplicate things by lumping the trade-in and new car prices together as one deal. Don’t do it. Ideally, negotiate your trade-in appraisal first, and if you are happy with the figure, get it in writing. Then discuss the deal for the car you wish to purchase. Combining the two simply gives the retailer too many opportunities to increase profits from your deal. They are masters at this, and you are not. The more you can break down and compartmentalize the deal, the better.

Never forget that doing your due diligence and getting the best appraisal on your current vehicle can increase your buying power and lower your monthly payments on the new or used car you desire. And you will look back on the experience knowing you did your best. And that is exactly how we want you to feel with any transaction you’ve had at Valley Buick GMC.