So you have made up your mind about buying the car you saw recently and the dealer has offered you an awesome deal for trading in your vehicle too. But before you sign the papers and get the deal done, you might want to consider a few tips to make sure that you are getting a good deal. With years of experience on their side, dealerships know how to get the better end of the deal. We are not saying that all dealerships are short changing you. There are definitely good guys out there, but you have to make sure that you are not landing in trouble down the line, financial or otherwise. So, here are a few tips on trading in your vehicle.
Check the value of your car
Your schedule might be really tight and you really want your new car at your doorstep. Unfortunately, the only way to know the true value of your car is to take it around to different places and see what people are willing to offer. Yes, there are places online that will help you do this but those are just estimations. When you are on the road, you get the real deal. You will have actual prices people will pay for the car, so make sure your dealer offers you something very close.
Don’t stick with the dealer
As you must have realised by now, the dealer of your new car is not going to offer you the top dollar for your old car. The best way to actually get some is to ditch your dealer and go somewhere else. The whole point of trading in your vehicle is getting some cash that you can use to get your new car. Now, whether you get this money from your dealer or somewhere else, should not really matter.
Clean it up, fix it, but don’t go overboard
A nice clean car sans your bumper stickers will fetch you good value. But going overboard like doing up the interiors or going in for a complete wash or wax polish just before the sale might put off the valuator. Similarly, fixing broken tail lights or door handles is a good idea but trying to sort an engine issue is unnecessary. Declaring major repairs to the valuator would not put your car in bad light but also does not increase the valuation anyways. You will end up spending more anyways.
Tell the truth
If your car has given you problems in the past, don’t try to hide them. Similarly, if you have been a regular at the body shop for purposes of periodic maintenance alone, don’t try to hide that too. Either ways, the truth can be found out easily these days and hiding the truth leaves you in bad light. Also, if you have been ill-advised about taking out accessories or genuine parts post the evaluation, take our word for it, it is not just worth it.
Keep a tab on tax advantage
Most states in the US allow owners’ tax benefits when they trade in their cars. If you are planning to buy a new car, the difference in taxes to be paid with or without the trade in can be quite high. Do factor in the difference in taxes before you decide to go with a dealer or trade your car independently.
We hope this tips on trading in your vehicle have been useful. Do feel free to ask us any questions you might have.