Steps to Maximize Your Car’s Trade-In Worth

Many people prefer trading in vehicles rather than selling them privately because the process is simple and stress-free. The dealership assesses your vehicle and provides a trade-in value that you can use as a down payment on another vehicle on the lot. There’s no need to advertise or meet several prospective buyers, and the dealership handles all the paperwork. You’ll also pay less sales tax, as your trade-in value reduces the price of your new vehicle. However, as cars depreciate quickly, you may get less for trading in than selling privately, as dealerships sell your car at a profit.

Car dealerships base the trade-in value on the market price of your vehicle’s make, model, age, and mileage. However, several other factors can impact how much the dealership will give you when you trade your vehicle in. Understanding these factors can help you prepare your vehicle to maximize its worth when you negotiate your trade-in.

Clean Your Car

Cleaning your car before you take it to the dealership helps it make a positive first impression. The time you take removing any trash from the interior and trunk, vacuuming the floor and upholstery, and washing the exterior could boost your trade-in value by hundreds of dollars, according to Kelley Blue Book. If your budget allows, you could further increase your valuation by detailing your vehicle so it’s ready to sell.

Perform Minor Repairs

When dealership employees inspect your vehicle to value it, they’re trying to determine two things: how much they can sell it for and what they’ll need to do to make it ready for customers. If your car needs repairs before the dealership sells it, they’ll deduct the price of these jobs from your valuation. It’s often more cost-effective to attend to minor repairs, such as little paintwork scratches and cracked mirrors, before trading in your vehicle.

Check for Recalls

Before you make any repairs, it’s worth checking the National Highway Traffic Safety Administration’s database of safety issues and recalls. If the automaker has issued any recalls on your vehicle, you can get the fault repaired for free. Resolving any recall issues can boost the price of your trade-in without eating into your final valuation.

Offer Maintenance Records and Receipts

Maintenance records show whether you’ve taken care of your vehicle. If you can prove mechanics serviced your vehicle regularly, the dealership is likely to offer you more for your trade-in. That’s because they can purchase your vehicle confident that you attended to any minor problems before they became major issues, which might cost the dealership money. The dealership’s sales team can also use the maintenance records as a selling point to entice prospective new owners. Receipts for repairs that show you took care of mechanical issues and a car history report can also be helpful.

Include the Owners Manual

Your vehicle’s owners manual is a valuable resource that can help whoever buys your car diagnose issues and stick to the recommended service schedule. Keeping the owners manual in the glove compartment will mean it’s close to hand when you come to trade in. Vehicles sold with their owners manuals typically have better trade-in values than comparable models that don’t have this document.

Research Your Vehicle’s Value

Knowing your vehicle’s value gives you some negotiating power. When you know what your vehicle’s worth, you can feel confident you won’t get low-balled. You can use our online calculator, which considers Kelley Blue Book values, to see an estimate of your vehicle’s value before you visit us. Consider how your vehicle might compare with others of the same make and model. If you drive infrequently and your vehicle’s paint and body are in good condition, you might expect a trade-in valuation that’s higher than the average. We encourage you to negotiate to maximize your trade-in.

Promote Your Vehicle’s Selling Points

You know your vehicle better than anybody, so don’t be afraid to advocate for it at the dealership. Highlighting its selling points makes sure the appraiser doesn’t miss any detail that might increase your trade-in valuation. For example, your vehicle could have low mileage because you take the streetcar to the office and keep your vehicle garaged at home. This habit may also have helped you protect the car’s paint and avoid dents and scratches. You can also mention any aftermarket additions, such as a CD player or off-road tires, that could further add value.

Get the Timing Right

Trade-in values fluctuate throughout the year. Understanding the market and trading in your vehicle when it’s in demand is an easy way to maximize what you can get. For example, people love driving convertibles in the summer sun. Dealerships may offer more for your convertible in late spring or early summer, when they’re confident they can sell your vehicle quickly. Buyer demand for all vehicles is usually higher in the first half of the year, according to Bankrate, so January to June can also be good months to get a better trade-in value.

Other timing considerations are more relevant to your specific vehicle. You may get more if you trade it in while it still has a valid warranty that the dealership can pass on to the next owner. Trading in your vehicle before it gets too many miles on it can also increase its value. The lower the mileage the better, but trade-in values drop dramatically once cars clock up 100,000 miles.

Get a Great Trade-In Deal at Eskridge Lexus of Oklahoma City

If you’re ready to trade in your vehicle for a new set of wheels, come and see the friendly team at Eskridge Lexus of Oklahoma City. We pride ourselves on our fair appraisals that always give customers a great deal. Make an appointment to browse our quality range of new cars and used vehicles and chat with the sales team about the trade-in process. We’re open from 8 a.m. to 7:30 p.m. on weekdays and 9 a.m. to 6 p.m. every Saturday for your convenience.

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