Ever Wonder How You Could Get More For Your Trade In?
Great Lakes Honda is here to ensure you get the proper trade appraisal and trade in value for your vehicle. We understand how important trade value is when considering purchasing a new vehicle. If you'd like a free trade appraisal please click here to fill out a quick form.
Let’s Get Educated! This series of tips is brought to you by our General Sales Manager, Benjamin Cedolia. Ben’s been in the car business for 10 years and wants to make sure every customer is educated on the trade-in process for dealerships. He’ll be addressing some of the common misconceptions as well as sharing some insider knowledge about the process of trading in a vehicle!
Here is a list of things you can do to ensure you're receiving a fair value for your trade:
Tip #1: Be Realistic.
There are many factors that come into play when assessing the value of your trade-in. Things such as, low mileage, extended warranty and accessories can add value to your trade, while things like average resale value on your vehicle, accidents, claims or high mileage can diminish value. Honda is known for its high resale value and therefore, regardless of what you originally paid for the vehicle; it will automatically be worth more once the time comes to trade it in.
There are many different makes and models of vehicles that unfortunately lose their resale value fairly quickly. It’s best to get yourself familiar with those brands and to educate yourself beforehand so you’re able to avoid losing a large chunk of your investment after a very short period of time. This too will minimize the likelihood of “negative equity” (or the amount of it at least) if you’re looking for a new vehicle before you’ve finished paying off your current one.
Tip #2: Do Your Research.
Make sure to look online and compare your vehicle's year, make and model with others that are similar. Some things you may consider comparing are whether it’s a coupe vs. sedan, trim level/features and mileage is important too when setting a fair value. Great online comparison tools can be found either on: Autotrader or Canadian Blackbook. There are many other websites you could use for research, but keep in mind most dealerships will also be using the two mentioned when assessing your trade. (This is what we will do with you in the room when discussing fair appraisal pricing)
Tip #3: Ask questions.
This is one of the most important tips to remember when negotiating a price for your trade. Make sure that when discussing a value for your trade, the dealership you're buying your new car from isn't just "showing" you more money for your trade on paper. Discuss, in-depth what plans to happen to the discount on your new vehicle if you want to see more value for the one you're trading in. Ask the right questions about promotions the National company may offer that you might miss out on because you prefer to see a higher value for your trade.
Asking questions like “are you still able to offer me that amount for my trade even if I don’t buy a new car from you today?” or in the very least “do you mind printing that offer so I can take it home, have a look at it & do my own research?” will ensure you’re receiving fair treatment and no “funny business” is happening in the background. If the business answers “no” to both of these questions or tries to steer the conversation elsewhere, it’s best to take a step back and explore your options or at the very least take some time to ensure you’re not being pressured into making the wrong decision for you in the long run. If they aren't willing to hand over the documents to take home with you, it's likely the deal is "too good to be true".
Tip #4: Be Transparent.
Be transparent and upfront with any accidents, glass claims or other things (such as a paint job) that may have happened while you've owned your vehicle. Each dealership will run a CarProof on your trade in & it's best to know those things upfront when assessing the value. Many dealerships will ask you standard questions when assessing your trade, such as "has this vehicle been involved in an accident?" to ensure they're putting a fair value to your trade. The best practise is to disclose as much information as possible to ensure both you and the dealer are being honest and realistic when assigning a value to the trade.
Tip #5: Bring it here.
Bring it here to Great Lakes Honda and have our professional trade appraisal manager with over 10 years of experience have a look at the condition of your vehicle and perform a walk around in order to assess the exterior and interior. He will also walk through an online appraisal with you to discuss average selling prices of your vehicle.
Great Lakes Honda focuses on being HONEST & TRANSPARENT when it comes to discussing fair trade in value. We won't show you a higher trade value just to take away money elsewhere in the deal. We walk through the selling process with you each step of the way and SHOW YOU why, where and how we're coming up with our appraisal value. Our General Sales Manager will take the time to sit down and explain the reasons as well as the offer with you personally. We're not here to pressure you to make a decision because out of the blue we've "found a buyer" for your car, so this deal won't last long. We're here to work FOR you to ensure you make the right decision about your new car purchase AND receive a fair trade value on the vehicle you're no longer driving.
Give us a chance to prove to you how doing business honestly will leave you feeling much more confident with your purchase and less pressured or rushed into making a decision.