Tips For Negotiating The Best Trade-In Price For Your Old Car
Posted on: 11 August 2015
If you are tired of repairing your old car and have decided to trade it in on a newer model, then you need to know how to negotiate the best deal with the automotive dealership.
Use these tips to get the best price for your trade-in when you take it to the Toyota dealer:
Tip: Have Your Car Professionally Detailed
Just as your home has to be spotless when you put it on the market for sale, so too does a used car. If you bring your car into the dealership with your kid's cracker mess in the backseat and an inch of dirt on the outside, then the person valuing your car will immediately start to devalue it based upon the costs to bring it to a saleable condition for their used car lot or for the auction.
By having your car professionally detailed, inside and out, you can take it to the dealership and point out that it is in great condition and has been well taken care of. Additionally, you can point out that the vehicle is ready for the lot and requires no cleaning or maintenance. You should point out that this will save them money.
Tip: Get a Trade-In Value Before Negotiating the Price of Your New Vehicle
Even though you want to trade-in your vehicle, it is always a mistake to negotiate the price of your new car before settling on an agreeable price for your trade-in. The auto dealer will want to bundle the two negotiations together, and you should proactively avoid this tactic. You will get a better deal in the end if you get the best price for your used car, and then you negotiate the best price for your new vehicle.
This is important because the dealership has a different financial interest in the various vehicles sitting on their lot. For example, they may make a $5,000 profit on one car but only $1,000 on another. Knowing this, you can see where a trade-in value of $3,000 might be okay for one car but eliminate any profit for the dealership for the other.
The easiest way to accomplish splitting the negotiations is to never share with the dealership which vehicle you are planning to purchase. Go into the dealership having researched the value of your vehicle before you arrived and insist on negotiating your trade-in value before talking about a purchase. The dealership doesn't want to lose a sale, so they will be open to this if you require it.
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