When you’re ready to get a new vehicle, you have to think about lots of things. Among the major questions to ask yourself is if you can improve the value of your vehicle and make more money from it when you trade it in at the dealership or sell it privately.
While you may get more money by selling your vehicle privately, trading your vehicle into a dealership is usually simpler if you still owe money on it. Here are a few things you can do to boost the value of your vehicle and, hopefully, get more compensation for your trade.
4 Ways to Boost the Value of Your Trade-In
To improve the value of your trade-in, here are four things you need to do.
- Start doing your research. To begin with, conduct research to determine what your vehicle is worth. Research it on Kelley Blue Book and Edmunds to find the sale value to private parties and dealerships. You’ll likely get less at the dealership than if you sell your vehicle on your own, but these sites can give you an idea of what would be fair.
- Eliminate mechanical issues. If your vehicle has any warning lights illuminated on the dashboard, address them before you go to the dealership. Do the oil change that’s past due, fill your tires with the correct amount of air and take care of any minor damage. If you take your vehicle to the dealership with major problems, the dealership may not want to accept the trade-in or may opt to offer very little for it.
- Clean up your vehicle. It’s amazing what vacuuming and washing your vehicle can do for it. A vehicle that appears to be well-maintained is likely to trade in for a higher value than one that looks or smells dirty. Keep all your receipts for cleaning and maintenance, so you can prove that your vehicle is and was cared for.
- Time your trade-in right. Finally, recognize that certain times of the year are better for trading in your vehicle than others. Try to trade in your vehicle at times when its vehicle type is in high demand. For example, if you have a convertible, trading it in during the spring makes sense since people love driving convertibles in the summer months. Your vehicle will be in more demand and command a better price.
These are a few things to do before you try to trade in your vehicle. Just a few adjustments could lead to a better trade-in offer.