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 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!