Edmunds estimates that 40% of all car shoppers in 2018 will have trade ins. If you are planning to trade in your vehicle, you may be wondering how to get the most money for your trade in. Here are a few tips to get you started.
Get more than one offer.
A quick way to get several car value estimates is to apply online. There are tons of websites that provide fast and free car values. Check out:
We also recommend getting in person valuations. In person valuations are more exact and specific to your vehicle. It’s always easier to appraise a vehicle’s value in person.
Avoid last minute repairs, unless they are recalls.
One big mistake that we see people make is putting money into their car right before trading it in. Car Dealerships can repair mechanical and cosmetic damage for less money than most people. The money that you spend touching up paint, getting new tires, or even having a tune up may increase your car value, but it won’t increase it enough to offset your expense. It’s best to just give your car a quick wash and vacuum and trade it in as is.
The only exception to getting car repairs done prior to trading in, is when they are free. Vehicle recalls are paid for by the dealership, so you should definitely take advantage of them.
Don’t file small insurance claims.
Any time you file an insurance claim on your vehicle, a report is created. These vehicle reports do not differentiate between fender benders and major car crashes. If you plan to trade your vehicle in, you should consider paying for these small fixes out of pocket. It could make you money in the long run.
Plan for the future.
Now that you’ve traded in your car, it’s time to start thinking about your next trade in. Plan for the future by taking good care of your new vehicle. Keep receipts, get routine check ups, and clean your car on a regular basis. These little things add up over time, and will exponentially increase the value of your vehicle.