Getting the Best Value
for Your Used Car
Personally, I hate dickering with the sales guy when trying to
get the best value for my car's trade-in. They can be pushy, even rude, and
have often been the cause of car-buying headaches. Even worse, though, is
trying to sell the car myself. Dealing with the advertising, phone calls,
showing off the car, and putting up with ignorant people trying to get your
car for next to nothing hardly seems worth it.
However, by being prepared there are ways that you can help
combat the know-it-all salesperson and the local con artist to be sure that
you get what your car is worth when trading it in or selling it on your own:
Know your car's value - Do you even know what your car
is worth or do you let the car dealership tell you what they'll be willing to
pay and leave it at that? Knowledge can be a powerful tool in getting the most
value out of your car. Websites such as
Kelley Blue Book can give you a
close approximation of your car's worth. Kelley's will supply you with a car's
Trade-In value (what you should expect to get from a dealership), Private
Party Value (what you can expect to get if selling it yourself), and Suggested
Retail Value (what a dealership would likely get when reselling your car).
With this information in-hand, you can head-off any low-ball
offers immediately. If a dealership isn't willing to give you the full
trade-in value of your car, be prepared to go somewhere else. Just be careful
that they don't attempt to add in part of your trade-in somewhere else in the
car sale. This practice is known as a 'rollover' and should be avoided at all
costs.
Clean it up! - It's amazing what a simple wash, wax,
and vacuuming can do for a car's appearance. A filthy car that is full of
cigarette butts and McDonald's wrappers isn't appealing to anyone. Take the
time to clean your car cleaned up. In some cases, it may be worth it to have
your car professionally detailed to enhance its appeal to prospective buyers.
Fix it up! - Any minor repairs that need to be done
will automatically be subtracted off of the sales price in a buyers mind, and
often the repair costs will be mentally deducted at the highest possible
costs. For example, a prospective buyer may want to deduct $20 because of a
brake light being out -- a simple $2 fix!
Make any small repairs that you can easily do yourself or have
done reasonably by someone else. Buyers will pay much more for a car if
everything is in working order.
Also, you should be knowledgeable about ANY problems
with your car. It may be a good idea to have your car thoroughly inspected by
a licensed mechanic so that you are aware of just what may be wrong with your
car and, more importantly, what isn't wrong. This can be worth it's weight in
gold in case someone tries to bamboozle you into believing that your
flux-capacitor needs replaced and you should deduct $1000 off of the price of
the car. Have the car report handy so that you can show any would-be buyers.
Point out upgrades - If you have made any major
improvements to the car be sure to include a portion of the cost in the new
sales price. Be sure to point out any upgrades that increase the value of the
car: tires and rims, paint, custom stereo, etc. to justify your inflated sales
price.
Negotiate - Don't be afraid to negotiate on the
trade-in value or the sales price of your car. If you receive an offer that
you know is unfair be sure to point out your researched Blue Book price, point
out your upgrades, recent repairs, etc. You may have to be a little flexible
on your sales price but you don't have to lose your shirt in the process.
Just remember, every extra dollar you are able to get out of
the buyer is an extra dollar earned. Even if it takes an extra hour at the car
dealership to get an extra $100 out of your trade-in, that is $100 in only an
hour! How many of us actually make $100 an hour?!?
