We all love our cars, but eventually, there comes a time when we want or need something new. We take a trip down to the dealership and pick out the perfect car that’s within our budget, and then the moment of truth comes when the dealer starts the appraisal on our trade in.
If you’re like most people, your trade-in is going to be the biggest part of the down payment you put toward your new vehicle. So here are a few things you should know about how the trade in process works.
An Appraisal is An Opinion
There is no specific scientific formula or secret book that can tell you exactly what your car is worth. Dealers know what they can sell a car for, and what price level is too high. The biggest mistake that most people make is assuming that the buying process and trade in process are the same things. In reality, these are two different phases of your day when you go to the dealership and you should think of them as such.
You Love Your Car, but the Dealer Has to Sell it.
Our cars hold a lot of sentimental value. There are great memories associated with trade-ins, from family vacations to graduations, or weddings, our cars are a big part of our lives. When it comes time to trade in though, the dealer has the be a realist about what they can sell your vehicle for. If there are dents, scratches, chips, rust spots or anything else that could lower the value, expect to get less than what you thought.
Your trade-in is going to be the biggest part of your down payment when going to buy a new car. Keep it in good shape, and you’ll get the fair market value for it. Right now at Reedman-Toll Chevrolet, you can even get a bit more. They’re offering an additional $1000 on top of fair market value for any trade. Check them out today.