Trade In and Trade Up
Once the snow clears and spring sets in, car owners may consider trading in their current vehicle for a newer, better one. If you’re one of those drivers, now is the time to start your research.
Some would say the easy or “fun” part is choosing what car you’d like to get into. If the car you’re driving now holds some value, you will have to figure out the difference between that amount, any down payment you have, and the balance.
Running the numbers
There are three main components to trading in your used car for a newer one, according to Edmunds.com:
- Find out your car’s trade-in value: You can do some research online at various sites, through Kelly Blue Book, for example. This will give you a starting point for knowing what your car is worth.
- Get a dealership quote: Take the quote process offline and get your car inspected in person. This may take some time, and if you have any records of how you’ve maintained your car, bring them with you. You may want to go to more than one dealership so you have more information.
- Negotiate the final deal: When you’re ready to buy, it’s time to use your shrewd negotiating skills. If you’re comfortable with one of the quotes you received, do business there. If you intend to buy your car from one dealership, you can try to use that as leverage to get a better trade-in value.
Remember to spruce up your car before having it inspected. Make sure it’s clean and any minor issues are corrected.
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