Keeping your vehicle up to date is an expensive project, yet, there are several ways to make it somewhat more frugal. One of them is to trade-in your car in order to make up for a part of the price. How much will you be able to redeem in this way depends on the value of your car, more precisely, on its value to the company you’re turning it in. Fortunately for you, there’s no reason to leave this up to chance when there are so many ways in which you can actively boost your car’s trade-in value. Here are five of them that you might want to consider.
Before we even start talking about boosting the trade-in value, you first need to understand what this value is determined by, in the first place. Here, you have five major characteristics that are usually used to determine the price. We’re, of course, talking about the year, the model the condition, the mileage, and desirability. The first thing that comes to one’s mind is the fact that the condition is the only thing you can actually affect. Still, it’s more than enough to make all the difference in the world.
Most people decide to bring a mechanic along, yet, a place or an individual that allows a trade-in probably already has a mechanic on a retainer. Nevertheless, the first impression that they make on your vehicle will probably be based on its body, which is where your work needs to start. Dents, scratches, and dings need to go away. Sure, some repairs don’t yield a positive ROI, yet, the cost of covering these is fairly major and, as such, might be considered both affordable (under $100). Of course, this only holds true in a situation where the vehicle isn’t in a ruinous state but you only have several scratches and dents to mend.
Boosting the trade-in value is all about the ROI. It’s not that hard to boost the value of your vehicle by $1,000 if you’re willing to invest $1,500 in restoration. After all, what car dealership wouldn’t accept this kind of a deal? Still, it isn’t that hard to understand why this is not a smart thing to do from your standpoint. One of the ways to cut costs on your repairs is to buy parts on your own. Third-party mechanics are known for overpricing parts they had to acquire and having to supply you with a bill isn’t a 100 percent guarantee. You never know if they have a deal with the part shop, where they have a discount that you aren’t aware of. Instead, ask for a list of parts and go on a shopping spree on your own.
Earlier on, we talked about the ROI and the assessment of price, however, this is not as simple as it may sound. No matter how knowledgeable you are with cars or how good of a mechanic your friend is, the thing is that both of you are biased. On the other hand, the place where you go for a trade-in is always ready to deflate the price in order to secure a better deal for themselves. Therefore, what you need in an independent, local auto mechanic. The reason why we put an emphasis on the world local is due to the fact that taking your car for an inspection halfway across the country adds to the overhead you’re facing. In this way, you’ll get an honest advice on the topic of whether it’s worth investing in this repair or not.
Another thing worth keeping in mind is the fact that people most of the time tend to focus on details since this is a low investment that can seriously tip the estimate your way. Personal car detailing is fairly cheap service (when compared to other upgrades) but it can be made even cheaper if you decide to do the personalization on your own. Keep in mind, that this requires a completely different set of skills that you might lack. As for the tires, you don’t have to get the new ones prior to completing the trade-in (again with the ROI) but it would be smart to
The last thing you need to keep in mind is that the car you’re trying to trade-in isn’t the only thing that’s out for an inspection. This is why you can’t afford to look desperate. The key to keeping a leverage in a negotiation lies in your ability to persuade the other party that they need you more than you need them. The fact that you’re at the dealership already works against you, yet, keep in mind that they’re not the only ones who accept a trade-in and that you have other options. You might also want to remind them of this fact if the situation arises.
At the end of the day, it’s all a game of effort and ROI. What you’re trying to do is get the best money’s worth out of your old car in order to make the next purchase lighter on your budget. In this struggle, the above-listed five methods may be incredibly useful.