Before trading in your current vehicle, it is important to check the estimated value of your trade-in. You can get an estimate using the following tool:
Maximizing Your Trade-In’s Value
If you choose to work with a dealer, negotiate down to the best price for your new vehicle before you discuss the value of your trade-in. By keeping these two issues separate, you know exactly what you are paying for one vehicle and getting in trade for the other. Although it may not seem like it from your perspective, the dealer is actually making a lot of money off used vehicles. In addition, using your vehicle as a trade-in makes the deal more complicated. In addition to the normal calculations, there are several different things to be figured in to negotiate the monthly payment, value of the trade-in, and down payment. No matter what, sometimes the only option is to trade in a vehicle.
- Conduct research to determine an appropriate amount to accept.
- If any money is owed on the vehicle being traded, make sure you have accurate payoff information from your lending agency.
- Clean out your vehicle as good as possible. If it is very dirty, you might consider having it detailed, which can be done for as little as $65.
- Have your oil and oil filter changed.
- Have your engine steam cleaned.
- You will have to be the one who sells the vehicle to the dealer. They will want to give you the lowest price possible so it will be your responsibility to negotiate to get what you know is fair.
In order to receive the most out of your trade-in bring with you to the dealership your old vehicle appraisal and a list of any recent major repairs done. If you owe more on the vehicle than what it is even worth, trading it in is probably not a good option.