BEST PRACTICE: How to get the best value when trading in your car

Trading in your old vehicle is a great way to dispatch the old model and build credit for the new one. 

It saves you from having to post your old vehicle online for sale and dealing with the often lengthy negotiation process.

However, something to note is that when trading in your vehicle, you often won’t be able to get the total market value of your car.

Car dealerships that offer trade-ins for new vehicles have second-hand car dealership partners. It means they will provide you with a below-market value price for your vehicle before using it as credit for your brand-new car.

That said, there are ways to get the best value for your vehicle when you trade it in.

Do your research

The first step to get the most out of your vehicle when trading it in is to do your research. Know the market value of your car by searching for similar posts on popular car-selling websites.

From there, you will be able to gauge the estimated value of your vehicle and what you can get from it when you trade it in. 

Keep it stock

Installing modifications to make it unique and your own are tempting propositions. While they may make your vehicle look and perform better, these modifications would likely only suit your tastes.

If you want to get the most out of your vehicle when trading it in, it is best to remove all your modifications, and bringing it back to its factory specifications is best. You can then sell the accessories and other mods separately to get more value back from them.

Keep it clean

Another way for you to get the most out of your car when trading it in is to keep it clean. Give it a thorough interior and exterior detailing so the car looks close to fresh and new inside and out. You can even go the extra mile and have noticeable scratches and dents removed before inspection and appraisal. 

Make sure to take care of any mechanical problems

When trading in your vehicle, ensure it is in its best mechanical condition. Ensure that it runs well and that any minor issues, such as bushes or bearings, are replaced beforehand. If any major mechanical components need to be fixed, do them before your vehicle is inspected for trade-in.

Remember you want to get the car to be as good as new as possible to get the highest amount possible for your vehicle. 

Negotiate trade-in value separately 

It is easy to think that trading in your vehicle for a new one counts as one transaction. However, if you want to get the best value for your old car, it is best to separate the two transactions.

It also benefits the dealer as they can generate profits when working on two transactions.

Ensure you get any trade-in offers in writing, as it protects you from the dealer changing or turning on its initial proposal. It is great to have the written document, especially if you are still going to shop around to find a better deal. 

Timing your trade-in 

Timing is also essential to consider when trading in your vehicle. While it depends on your vehicle's condition, mileage, make, and model, you can time your trade-in when the dealer runs promos.

A good example is Toyota Philippines, which offers customers promos and discounts on their new vehicles when they trade in their old ones. 

Summary

To summarize, make sure that you do your research about the market value of your vehicle. Remember to keep your car clean when appraised and ensure it runs well without mechanical faults. 

Aside from this, make sure to remove any modifications to the vehicle and time your trade-in with any promos or discounts your chosen car dealership is running. Also, treat the trade-in as a separate transaction to help you get the most out of your old car.