When buying a new or used car, almost everyone has a car to sell at the same time. While you can often get more money selling a car privately, the easiest way to convert your old car into money toward your new car at the right time is to trade in or part-exchange.
However, you can still influence what you are offered as a trade-in when you come to buy from a dealer.
Think ahead
If you’re into playing a long game, the best way to improve the value of your car is to look after it over its whole time in your ownership. Hand wash your car regularly and when you do so, check for any damage. If there is any, get it fixed. It’s usually a lot more cost effective to get dings and scrapes repaired than it is for the dealer to take the repair cost into account when they value your car.
The same goes for servicing. Make sure you get your car serviced on time. If you’ve owned your current car from new, then some franchised retailers will not be able to put trade-ins into their official approved used car scheme if the servicing hasn’t been done on time. The impact of this is that they’ll offer you a lower trade-in price.
Always check that everything’s working as it should too. If there are any warning lights on the dashboard get them fixed.
Be realistic
Before you even talk to a dealer about the value of your car, have a realistic idea about what it’s worth. It’s a good idea to have a backstop fee in mind, so try We Buy Any Car – or any of the other multitude of similar services. That way you’ll know what it’s worth as a minimum.
It’s also worth looking at identical models (at the same age and with the same mileage) advertised online to get an idea for what your car could fetch. But remember, if you’re looking at a car being sold at a dealer, this isn’t what they’ll offer it will also have their margin added in.
One of the most common reasons for a car sale to fall down is a disagreement over the part-exchange valuation. Remember, dealers want to sell you a new car so they’ll do their best to offer a good price for your trade-in, but they’re running a business so they’ll be realists rather than optimists.
Clean up
Before you take your car to the showroom to be valued, make sure it’s clean. Sparkling clean. That means a good wash and polish on the outside and a full tidy on the inside. Don’t forget to vacuum the inside too. Presenting a clean, tidy car will mean you are offered the best price possible.
Remember the paperwork
Many cars now have a digital service history which a dealer can look up, but if you’ve kept your receipts (and you should have done) proving what work has been done and when, then put them in a folder and take them along.
Don’t forget you’ll also need your V5C, or registration certificate, too. Missing paperwork will lower the value of your car.
Be nice
Don’t be aggressive with the salesperson when they value your car. Make it clear that you’ve done your research, but you’re realistic. If you’re friendly with the dealer they’re likely to be as kind as possible on a valuation of your car.
Final tip
Remember the dealer will have only so much margin to play with. If you are offered a very good trade-in price, that may be at the expense of a good discount on the car you’re buying. Equally, you may get a great discount but a less attractive part-exchange valuation.
Keep they whole deal in mind when negotiating your trade-in valuation.
For more in our Showroom Secrets series see:
Keyword: Showroom secrets: How get the most for your trade-in