What's the Deal With Trade-ins?
What's the Deal With Trade-ins?
What's the Deal With Trade-ins?How do car dealerships determine how much to offer for a trade-in? Is there any way to ensure I'm not getting a raw deal when it comes to negotiating over the trade value?
In many cases customers hold their car in high esteem. Buying a car will be much simpler if you burst your own bubble before you come in instead of getting a slap in the face from the dealership.
Your car has been loyal to you for many miles, it has gotten you through the infant stage with your children and it has hauled everything you have ever demanded it to. Now, this dealer is offering you WHAT?
The first step is to do your own research and get a general idea of what your trade is worth to just about any dealer. There are several sites to help you with this. Kelly Blue Book is a user-friendly one. Remember; be honest with yourself about its condition. It's not new anymore and no dealer is going to rank your car in "excellent" condition (it's very rare for this to occur).
This information alone can arm you with a powerful negotiating tool and help you understand where the dealer is coming from. They get their information from the same sources you can.
Once a car is taken in on trade there's a laundry list of items a dealer must do to get it in selling condition.
It has to be thoroughly inspected. All safety equipment must function. It must meet the minimum guidelines set by the department of motor vehicles in your area. If it doesn't; they have to fix it. The car must also run quiet (no squeaks or ticks). And it gets a good tune up. In short, anything you've neglected has to be repaired at the dealer's expense before it can be resold.
The car has to be clean. Small dings are removed and scratches in the paint are thoroughly buffed out. They must detail it. This isn't the same ordinary detail you get at the carwash on the corner. The car must look and smell impeccable.
Of course there's paperwork. They have to submit paperwork on their ownership of the car, and enter it into their inventory. These processes take time, by employees, who get a paycheck.
There are other instances, like, when you're trading in a hoopty that you can't even wait to never have to see again. The dealer will wholesale the vehicle to what is typically the run-down used car lots you see scattered all over town. Often, dealerships take a financial loss on cars they cannot or will not resale on their lot.
When you're ready to make a trade; do your homework and put yourself in the dealer's shoes as much as you want them in yours.
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