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Jeffrey Lupient on Having a Plan Before Trading-in Your Car

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Jeffrey Lupient car sales
Car trade in plan

There comes a point in a car owner’s life when they have to let go of their car, for one reason or another. If you’re like me, you’ve probably developed a deep attachment to your car, and letting it go is the last thing on your mind. This is Jeffrey Lupient, and today, let’s talk about trading in your car at the dealership.

I love my car and I wouldn’t trade it for anything in the world. Truth be told, I only buy a new car when the old one has breathed its final breath. But for a lot of people, including my friends and family, changing their car every few years is part of their lifestyle. Throughout my years in the business, I’ve seen all the different reasons to do so; some trade in their vehicles because they want a more cost-effective way to travel, and some decided to be more eco-friendly, preferring to commute, walk, or bike to get from point A to point B. Some just decided that driving and traffic was simply too stressful and wanted to eliminate a few stress triggers in their lives. Whatever your reason is, it’s always prudent to have a plan before you do the trade-in.

Before anything else, here are a few things that you might consider doing first:

Know the trade-in value of your car

There are sites on the Internet that you can check to give you an estimated value of your car. Get the base figure, as dictated by the market, before talking to a dealer. Also, shop around a few dealerships. Trade-in values for a certain vehicle may differ from one dealer to the next so it’s best to have several figures on hand for comparison.

Negotiate

Negotiate with the dealer. Usually, dealerships give a low trade-in value but that doesn’t mean you have to accept it right away. There is always room for negotiations. At our chain of dealerships, I’m proud to say that we offer competitive prices for trade-ins. This is why customers always come back to us.

It won’t hurt if you mention how much one dealer is offering you for your car. It could get you the price that you want.

Now that you’ve got the price that you want, what do you plan to do with the money?

Keep an eye on your finances

If you’re trading in without the intention of getting a new car, you should have a plan with regard to what to do with the money. Without a plan, this money could go as quickly as it came. There is always the temptation of getting something that you fancy but don’t necessarily, or spending it any way you want. It’s very tempting to spend the money this way, especially if you’ve been scrimping on leisure and luxury lately.

It’s actually good to spend on yourself once in awhile. In fact, I recommend it. But make sure you have enough left for your savings or emergency funds. If you traded in your car without a specific financial need, it’s best to save most of it for a rainy day. By all means, go out and treat yourself. You deserve it! But don’t forget about the future, too!

If you’d like to add your own insights on this topic, please feel free to contact me through this page. This is Jeffrey Lupient, and I look forward to seeing you again here!

 

Jeffrey Lupient’s Blog

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Good day, fellow car enthusiasts! This is Jeffrey Lupient. I wish to personally welcome you to my blog. If you’ve been on my landing page, you may have already read that the purpose of this website is to provide you with tips and information about buying and selling cars, visiting dealerships, and everything in-between.

On this page, we will focus on those tips and information. I would like to inform everyone that should you have questions regarding buying a car, from your first car, a second or third car, models, types, and such, please feel free to let me know. I welcome all car sales and dealership-related questions as they give me an idea of what specific topics consumers may not know a lot about. It also gives me the opportunity to answer those questions through well-written and researched posts, if the question merits a full post.

For this first post, I’d like to talk about the basic steps that you need to do before heading to the dealership to buy a car.

Note: Jeffrey Lupient shares tips based on his own experiences and personal knowledge about car sales. He has been in the automotive retail industry for several decades; having started at the early age of 15 when he worked for the family’s chain of dealerships. The reader is advised to use their own discretion regarding the posts shared on this blog.

Four Things You Need to Do Before Buying a Car

Basically, there are four things you need to do before heading to the dealership; research your options, compute costs, allocate a budget, and get financing. When you take care of all these things prior to your car purchase, the whole transaction at the dealership could run more smoothly and you could drive off in the car that you want on the same day without trouble.

For the research part, there are two things that you need to determine: the car that you want, and your car financing options. You must already know what you want by the time you step through the doors of the dealership so you won’t be swayed into getting something that wasn’t your first or ideal choice.

Check out the model and specs to make sure that it will serve its purpose; family car, second car for carpooling, or whatever purpose you have in mind. Next, check the standard retail price so you’ll have an idea of how much the vehicle costs. If it’s not within your budget range, you might want to look for another model or brand. Don’t stop the search until you find one that’s ideal, purpose and finance-wise.

It would be best if you already have a car loan on hand. This way, you won’t have to look for funding at the last minute. If you have a specific dealership in mind, you may want to talk to them about their financing options before your actual car purchase. (You can do this over the phone or online.)

Before you apply for a loan however, it is recommended that you already compute for your monthly budget, taking into account the additional expenses that you will have work into your budget once the car is in your possession. This includes loan payments, fuel allowance, maintenance and repairs, and car insurance.

After you’ve done your research, you’ve determined the budget that you need, and you’ve obtained a car loan, you’re now fully equipped to make your purchase!

If you need more information about this post, please feel free to contact me, Jeffrey Lupient, through this site.