When it is time to trade-in your current truck or car for a newer one, you want to make sure that you can get a good price for that trade-in. And there are a few things you can do to help.
Maintain Your Car Or Truck
Getting the most for your car or truck as a trade-in starts when you buy it. One of the most important things you can do is maintain it.
“Staying on top of regular maintenance items such as oil changes, tire rotations, brake jobs, and other preventive measures will increase your car’s value by extending its lifespan,” wrote Matt Smith in a CarGurus article.
“Be sure to document all maintenance and repairs in your car’s service manual. If you always have the dealership you bought your car from handle maintenance work that same dealership should be your first stop when it comes to trading in that vehicle. A dealer that is familiar with the work done on the car will be more inclined to provide a favorable valuation.”
Get It Inspected
A good dealership will want to inspect your car or truck when you trade it in. They will send it to their mechanics and put it up on a lift. The dealership needs to estimate how much it will have to invest in repairs before it can resell your vehicle.
When you get your car or truck inspected ahead of time, you will know what to expect. You won’t be surprised if, if the dealership says you need new tires or an engine repair.
This doesn’t mean you should try to fix everything.
“People sometimes try to fix dents on their cars or throw on a new set of tires, thinking it will significantly add to the value of their trade-in. This seldom works. The dealer can usually fix flaws and put on new tires for substantially less than you can,” wrote Ronald Montoya in an Edmunds article.
Again, the benefit of having an inspection done before you get to the dealership is information. It is not intended to create a to-do list of things to fix.
Wash Your Trade-In
When you ask a dealership to accept your truck or car as a trade-in, you are essentially asking them to buy it. If you were going to sell a vehicle private party, wouldn’t you wash it? Vacuum the interior? Make sure it doesn’t smell like your Labrador Retriever?
“Want to sell your car quickly for a price that’ll leave you feeling satisfied? Giving it a thorough cleaning—inside and out—can translate into hundreds more dollars in your pocket,” wrote Jeff S. Bartlett for Consumer Reports.
“Dealers like clean cars because there’s little they need to do to get them ready for sale. And buyers gravitate to them because they like the idea of driving off in a car that looks like it has been well-maintained.”
Have A Price In Mind
Lastly, you should do a bit of research. Try to decide how much your truck or car is worth as a trade-in. To do this get estimates from websites like:
Remember there can be a significant difference between the private party value and trade-in value of your truck or car. In this context, you want to have an idea of its trade-in value, understanding that a dealership will need to invest some money for repairs, etc., and that the dealership will also need to make a reasonable profit when they resell your trade-in.
Pick A Good Dealership
It can be very hard to get a real trade-in offer from a car dealership that negotiates on price. This is because you never really know if they are giving you a good price for your trade-in or simply jacking up the price of the vehicle you want to buy in order to “show you” more for your trade.
Instead, consider working with a dealership that offers a good price to everyone. Then, when they value your trade-in, you know it a real offer.