Tips on trading in a financed car
You may get less for your car than you would do selling privately because the dealer will need to be able to make money from the vehicle trade in too.
And if you want to trade in your car in order to make your next, then you may be restricted by which dealer has a car you would like to buy. So, armed with the pros and cons, if you want to proceed and trade-in your car here are the nine steps you can follow to get the best price for your car.
If you have debt on the car you would like to trade in, review whether the value of the car is above or below the outstanding loan value. Give one of our team a call and we can talk through the options for dealing with your outstanding debt as well as helping you work out your car loan finance options for your next purchase.
Car dealers have new stock coming in at the start of the year so trading in at the end of the year when they are keen to make a sale and move older car stock could be to your advantage. Give it a good clean inside and out, and remove any personal clutter that could get in the way of someone reviewing its condition effectively.
Try and do this a day or two before you actually take it into a dealership, to avoid it looking like you are desperate for a same day sale. If your car does need repairs you could get a quote from a reputable mechanic for the cost of the work, and keep it in your back pocket so that any price reduction based on the repairs required can be confirmed as realistic. Get your maintenance records in order and pull together all your paperwork on the car. A car that has been well looked after is going to be easier for a dealer to sell, so be prepared to demonstrate how well you have looked after yours.
Car dealerships often have only one person who is skilled in appraising the value of trade in vehicles. Ask for written quotes or estimates so that you have something to show to your preferred dealer when you enter negotiations. Remember because you are trading in, you need to sell your car where you will buy your new one. Try and negotiate the best deal that you can on both - what you get for your current car can make a big difference to your purchase price. Our focus is on getting it right for you: Looking for payments that fit your budget?
Protecting your home and family with the right insurance policies Insurance Insurance Car insurance Life and protection insurance Home insurance Pet insurance Help with insurance Travel insurance Budget planner. Best ways to sell your car Planning to sell your car? Choosing the best way to sell your car Can I sell my car with outstanding finance? Can I part-exchange my car with outstanding finance Best time to sell your car Your next step Choosing the best way to sell your car?
Your first step Before you do anything else, find out the value of your car. Read our guide to Find out more about how to sell your car privately. Check out our guide on when people are looking to buy a car. Read our guide on How to dispose of an old car. Find out How to prepare your car for sale so you maximise its value. Did you find this guide helpful? Thank you for your feedback. Related guides Car tax bands explained How to sell your car privately Your rights if something is wrong with your car.
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