Fine-tune your negotiation skills
Here are 5 tips to help you get the most out of your trade-in:
1. Detail Your Car – a clean car gives off the impression you took care of the vehicle. It doesn’t hurt to pay for professional detailing, but you can do it yourself too – wash and wax the exterior, and wipe down and vacuum the interior. Once you’re finished make sure you clean out all of your things and neatly organize your glove compartment.
2. Unbundle The Deal – Refuse to discuss your trade-in (or extended warranties, financing, etc) before you have agreed to a purchase price on the vehicle you’re buying.
3. Know What Your Vehicle is Worth – www.nadaguides.com, www.kbb.com and www.edmunds.com will all give you an estimate of what your car is worth. Know that trade-in value will always be less than what you could sell the car for yourself – dealer’s need to make a profit.
4. Always Let The Dealer Make The First Offer – You’ve heard it before but whoever names a price first loses. Don’t say what you want for your trade-in until after they make an offer. Use your research to back up your counteroffer.
5. Consider Where You’ll Trade-In The Vehicle – Consider trading your vehicle in at a dealer that sells the same make as your car or if the vehicle is in good condition and low-mileage take it to a dealer that specializes in used cars. Those dealers will probably have access to more buyers.