Since the beginning of the pandemic in March of 2020, used car prices have seen a 40% increase. You can get an online quote from a number of different sources to find out how much your car is worth at any given moment.
You can find out its trade-in value or an estimate of what you can get by selling it outright.
Are you buying a new car? Wouldn’t it be great to reduce your down payment or monthly payments with cash from your old car? Keep reading to find out how you may be able to profit from your old vehicle by boosting its value.
Take Care of Known Problems
If there are some small, easy-to-fix issues, be sure to take care of those before you try to sell or trade in your car. If there’s a warning light on the dash, for example, that will raise a red flag. Resolve it by having it reset at the dealership.
Also, check to see if the car has any current recalls. If so, have it addressed at your local dealer.
Do Your Research
Look at the Kelly Blue Book price or Edmunds to find out the current sale value of the car but take into consideration the current condition of your car.
Remember also, that the trade-in value will be less due to the need for the dealer for a margin of profit. They will consequently offer you less money.
Make Your Car Look Good
When you present your car for trade-in, you want it to look clean and well-maintained. Don’t take all of your personal belongings out of the car just yet, though. That will signal that you’re ready to get rid of the car now and that will give the buyer or dealer the upper hand.
Present receipts and maintenance records to show that the car has been well-maintained.
Negotiate Separately
When you are buying a new car, negotiate that deal separately from your trade-in. The dealer may try to inflate the price of the new car to make up for the value of your trade-in.
If you negotiate the deals separately, you’re more likely to get the best price for the new car and the best trade-in value possible.
Buying a New Car
When you’re buying a new car, don’t let the excitement cause you to overlook the potential profit from your old car. Shop around and do some research on your options. Work to get the best price or trade-in value so your monthly payment for the new car will be more manageable.
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