ALT-1 How to get the most out of your Car Trade
Five Steps to Getting the Most Out of Your Car Trade
You wouldn't take a test before hitting the books. Neither should you trade in your car unless you do your homework by following these tips to get the most out of your car trade:
1. Know your vehicle's wholesale trade-in value.
Consult used-vehicle pricing websites, such as NADA Guides (www.nadaguides.com) to determine your vehicle's wholesale value. These websites provide crucial data about the actual wholesale (not retail) trade-in value of your vehicle. Input your specific vehicle information as accurately as possible to obtain a legitimate quote. The vehicle's age, condition, mileage and options are critical elements in determining the current wholesale trade-in value. Print the information to take with you to the dealership to support your asking price.
2. Get your vehicle in tip-top condition.
Complete any necessary repairs, but determine whether the cost of the repair will actually be returned to you in the trade-in allowance before proceeding. Take any uncompleted repair estimates with you to the dealership to aid in the negotiation process.
Thoroughly wash and wax the exterior.
Remove cosmetic dents and dings where possible. Repair window chips, scratches and blemishes. Replace the windshield if it has a major defect such as a large crack or loose molding.
Completely clean the engine compartment with a degreaser or steam cleaner. Battery terminals can be scrubbed with a mixture of water and baking soda.
Remove all clutter from the interior and thoroughly vacuum. Remove worn or dirty floor mats and purchase inexpensive replacements.
Wipe down all vinyl or leather surfaces and apply a dressing specifically formulated for the material. Wash all inner window surfaces and mirrors with glass cleaner. Eliminate odors with fresh "new car smell" deodorizers.
Remove items from the trunk area and vacuum. Make sure the spare tire and jack are in their proper compartments.
If tires are in obvious poor condition, replace them with four new economy tires. Otherwise, scrub the existing tires and apply a protecting agent.
3. Negotiate the new car purchase and trade-in allowance separately.
Dealers may try to mask or manipulate the numbers by combining these two transactions into one. Be firm and complete the new car deal first, then move on to the trade-in discussion. This will ensure your complete understanding and agreement of how much you are paying for the new car and how much you are being paid for the trade-in before you sign on the dotted line.
4. Visit more than one dealership to obtain several offers before making a final decision.
This not only hones your negotiation skills, but will give you valuable information to take to the final bargaining table. Document each offer or better yet, ask the dealership to provide you with a copy of their respective trade-in proposal.
5. Maintain control throughout the process.
This is probably the most important tip to consider to ensure a favorable outcome. At any time during the negotiation you reach a stalemate, don't be afraid to get up and start walking towards the door. This is the last thing the dealer wants to happen and he or she will most likely do what it takes to eventually complete the deal, so execute this maneuver to your advantage when appropriate.
If you have the conviction and determination to follow these basic guidelines, your careful preparation will reward you not only with a feeling of empowerment and success - but above all, the maximum dollar for your trade in.
