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How To Squeeze More Money From Your Used Car
No matter how much you love your car, you'll eventually need to retire it and buy another. But, you can still squeeze a few drops of value from it before moving on. It depends on how you get rid it. Most people take their old car to a dealer when they're ready to replace it. Using it as a trade-in seems reasonable because it's a convenient way to get rid of it while simultaneously reducing the price of a new car. But, unwary car buyers can leave thousands of dollars on the negotiating table. In this article, I'll explain how to trade in your used car while maximizing its value. Then, I'll describe a few other options you should consider.
Isolated Negotiations When Trading
Before trading in your old car, you need to determine its value. You can approach used car dealers to find out how much your make and model is selling for. Otherwise, checking Kelly Blue Book (kbb.com) or Edmunds.com may be a better alternative. Once you know your car's real value, you can use it as a bargaining chip at the dealership. However, when you're talking with a salesperson, don't divulge your plans to trade your car in until you've negotiated the price of its replacement.
Dealerships always try to blend the price of a new car, your trade-in, and financing terms into the same negotiation. They do this in order to build (or preserve) their profit and keep it hidden within the numbers. Keep everything isolated. First, negotiate the price of your new car. Then, negotiate your used car's trade-in value.
Selling To Private Parties
If you're not desperate to get rid of your old car, consider selling it yourself instead of trading it in. You'll likely attract far more generous offers than what a dealership will give you. Advertise online, spread the word at local coffee shops and restaurants, and tell your friends. Selling your car privately will take longer, but it can mean hundreds of extra dollars.
Other Options
Consider selling your car to a used car dealership. Some of them specialize in fixing and selling certain types of vehicles. If your car matches their preferences, they may agree to give you more than its trade-in value. You can also donate your clunker to charity, writing its value off as a tax deduction. Depending upon your personal circumstances, this may be the most appropriate strategy to getting rid of it. Keep in mind that if your car is worth over $5,000, you'll need to have it professionally appraised to comply with the law.
As long as you've kept your used car in reasonably good condition, you'll be able to offload it in several different ways. Consider your options before jumping into a trade-in agreement. If you still prefer to trade it in, make sure you negotiate its value apart from the price of your new car.
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