So, it's finally time for a new set of wheels. You’ve done your research on the new car which will fit your needs and those of your family. Now it's time to trade in your old vehicle as part of the deal. You know that selling your car privately will probably net you more cash, but in the bustle of family life you simply haven’t got the time or energy to sell it yourself - so you opt for selling it to the dealer. The only trouble is, dealers are notoriously good at wriggling out of paying what you want for your car - it's their job to maximize profit by paying the least they can. How can you get the best out of the situation and make sure you get a fair price for your old car before driving away in your new one?
Know The Bottom Line Value Of Your Vehicle
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Knowledge is power, and never more so than in a situation where you need to use your negotiation skills. Do your homework before going into the dealer so that you know exactly what your car is worth. A site like Parkers can help you research what a car in that make, model, mileage and condition is likely to be worth - either as a private sale or a trade-in. If there are fairly minor scratches to the paintwork or chips in the alloys, it may be worth paying a small amount to get them repaired, as dealers will use small flaws to knock money off the price they are willing to give you.
Pick Your Dealer And Your Moment
Timing is everything, and just like every other areas of life, there are trends in second-hand car buying that will affect the price you can press the dealer on. During the summer months, convertibles are more likely to sell, whereas during the winter, people tend to think more of purchasing compact crossovers, so time it right and you’re more likely to be able to capitalise. Find a reputable local dealer like Jay’s Motor Company to evaluate your trade in, and be aware of wider trends in the auto market - for example, around plate change times, there are likely to be lots of ex-demo models coming onto the second hand market, while company fleets tend to be upgraded in a new financial year with the ex-fleet cars being sold on second hand. All of this affects what price you’ll be able to fetch for your own car - supply and demand.
Trade In And Purchase Separately
Many people opt to trade in their old car and purchase a new one at the same time, but each transaction should be done separately for maximum value. Start with the trade in element and not the purchase, especially if you have quite a desirable car to sell. Trying to trade in when you already have your sights set on a car to buy puts you in a weaker position - and the dealer knows this. They are likely to start off by offering you less just to test your reaction to it - so make sure you’ve negotiated the buying price before you show that you want to purchase.
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