02. TRADE IN
TRADING IN YOUR CURRENT VEHICLE
| Are you going to trade your present vehicle in and apply it towards the down payment of your new vehicle? Do your homework in this area also. Go to Kelly Blue Book and honestly answer the questions about the condition of your current vehicle. I always believe that my car, my house, or anything I own is the “best and the most well taken care of object on the earth.” Lose this mindset and have real expectations so you are not disappointed. Take the “personal factor” out of the equation so you can make the best deal possible. The dealership is going to offer you the lowest price possible on your trade-in so you have decisions to make. Do you sell your car privately or do you take the, “no hassle lower price” for it at the dealership. There are pros and cons to both concepts. |
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If you sell your car privately through the local paper or a website you take several chances and risks. You still must find out how much the vehicle is worth through (websites and newspapers) You will be leaving yourself open to liability if you allow strangers to drive the vehicle. Do they have insurance and how much is needed? You should contact your insurance company and speak to a representative for guidance. Also, who are the people that are coming to your home? Are they honest people? You have read news stories about people being robbed or worse when they are selling a vehicle. There are definite risks.
If you decide to trade your current vehicle for a partial down payment on a new or pre owned vehicle you can expect to get considerably less for it than if you sell it privately. The upside is that you simply hand over the keys and the dealership does all or most of the paperwork. There are pitfalls that I will tell you about later but generally this is the easier way to sell your current vehicle. After you have done your homework on websites like Edmonds or Kelley Blue Book you will have a realistic idea about how much your current vehicle is worth. You can then go to the dealership with this knowledge, which will give you the power to get the highest dollar for your trade in.
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