Dealerships make a lot of money off a trade-in by using a number of techniques. They could offer many excuses to reduce the trade-in price while adding on extra costs to the new car.
On the flip side, dealerships do have a lot they take on when dealing with pre-owned cars. The main expenses paid by the dealer in purchasing a car (considered now as pre-owned) are the clean-up, touch-ups and any repairs and replacement of parts. In addition, the dealer has to keep the pre-owned car on their lot until it’s bought by someone else, which could be at any point in time.
Considering these factors, it’s no wonder that some dealers have a negative track record of unfair pricing for consumers everywhere.
Here are a few pointers on how you can ensure that you get a fair price on your trade-in.
Get An Unbiased Opinion of Your Car’s Worth
You can do this by visiting a number of auto websites that have estimation tools based on a few parameters about your car such as make, model, year of manufacture, mileage, condition of the car, etc. You may get varying estimates at each estimate, but you will at least get a ballpark figure of what your car is worth.
Do Your Research
If you feel your car is in extremely good condition, ask around at a local garage or any trusted auto expert (perhaps a friend, relative or co-worker) on what they think your car could be worth based on its history and current condition.
Check Online for Demand
Some car models are in demand for a much longer period of time. For example, a Honda or a Toyota will have lower depreciation value over the years and more demand for particular models for longer than most other makes.
Check the condition of your car without considering its sentimental value. Consider factors such as how well it runs, its interior and exterior condition, how often you have it serviced, its accident history (if any), and finally, do you have any additional upgrades or accessories you’ve installed in your car after it was purchased?
All the above factors should help you arrive at a fair price for your car. So once you’ve got your price, the rest is left to your skill in negotiating this price at your preferred dealership. It’s up to you to do a little more homework, brush up on your negotiating skills and learn a few tricks on how you can get the dealer to offer a fair price. If the dealer does not seem to accept, don’t worry, tell him you will give it some thought, and visit a couple more dealerships before you finalize the trade-in. This way, you’re bound to get the best possible value for your car.
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