Do Your Prep Work
Just like when you start looking into any big-ticket item, like a smartphone or a computer, you want to do your research into the value of your vehicle.
Generally, five factors make up your car’s value:
- Model year: Newer model year vehicles tend to get the most attention from pre-owned car dealers, which can affect your car's value.
- Make and model: Certain makes and models can have higher values and could increase your car's value.
- Condition: We’re sure you’ve taken very good care of your car, but bear in mind that the condition of your vehicle can affect its value.
- Mileage: Do you use your car for everyday city driving or for cross-country road trips? The number of miles your car has accumulated can affect its value.
- Desirability: If your car is in high demand, it could affect the value.
There are plenty of online resources that can help you estimate your car's value, such as Kelley Blue Book or Edmunds. Many dealership websites have a Value Your Trade tool as well.
Get the Work Done
The next step you’ll need to take when it comes to increasing your car's value is putting the work into it. Bring your car in for an inspection to make sure everything is in working order. A multi-point inspection should do the trick.
You should also take time to get your car detailed. This will take care of all the little exterior and interior imperfections that can affect the overall value of your vehicle. When you get those things done, make sure you ask for service documentation, since having proof of service can also help increase your car's value.
Talk It Out
Have you picked out your new car’s make and model, new or used? To help avoid confusion, don’t mention your trade-in at first. Negotiate the value of your new car first, then bring up your trade-in. This may take a bit longer; however, it’s always a good practice to take things one step at a time.
Now comes the part where you bring your car in for an inspection at the dealership and they give you a trade-in value. Remember—you don’t have to take the first offer you’re given. Feel free to shop around at different places, so you can get the best rate for your car.
