By Philip Reed, Senior Consumer Advice Editor
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If you are trading in your old car to a dealer, you will probably not get as much money toward the price of a new car as you would have if you'd sold it yourself to a private party. However, trading in offers some advantages. You can solve all of your car-buying problems in one visit to the dealer. You can unload a hard-to-sell car with no newspaper ads, DMV lines or tire-kicking buyers involved. In some states, you will even pay less sales tax on a deal that involves a trade-in.
Begin the process by looking up your car's trade-in value on Edmunds.com. The Edmunds.com True Market Value® (TMV®) Used Vehicle Appraiser will also give you trade-in values. After you plug in all of the vehicle's information (mileage, options, condition and colors) you will get a specific trade-in price. This will often be slightly different from the offers you get once you are on the car lot. At a dealership the value assigned to your trade-in varies based on the time of the month, the dealer's specific inventory and the used car manager's mood, but at least TMV will give you a rough idea of what your trade-in is worth.
If it's important to you to get the maximum value for your trade-in, you should visit several dealerships and solicit bids. Tell the salesperson that the sale of a new car will be contingent on the amount he or she will give you for your trade-in. Also, tell them you are visiting several dealerships. With a little legwork, you may be able to boost the price you get for your old car by several hundred dollars or more. Remember, the extra effort you spend in getting competitive bids is far less than what it would take to advertise, show and sell the car yourself.
Source:edmunds.com
Begin the process by looking up your car's trade-in value on Edmunds.com. The Edmunds.com True Market Value® (TMV®) Used Vehicle Appraiser will also give you trade-in values. After you plug in all of the vehicle's information (mileage, options, condition and colors) you will get a specific trade-in price. This will often be slightly different from the offers you get once you are on the car lot. At a dealership the value assigned to your trade-in varies based on the time of the month, the dealer's specific inventory and the used car manager's mood, but at least TMV will give you a rough idea of what your trade-in is worth.
If it's important to you to get the maximum value for your trade-in, you should visit several dealerships and solicit bids. Tell the salesperson that the sale of a new car will be contingent on the amount he or she will give you for your trade-in. Also, tell them you are visiting several dealerships. With a little legwork, you may be able to boost the price you get for your old car by several hundred dollars or more. Remember, the extra effort you spend in getting competitive bids is far less than what it would take to advertise, show and sell the car yourself.
Source:edmunds.com
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