Trading-In your car is often the most convenient method to sell your used car, which means you don’t have to waste countless hours in taking pictures of your car, posting advertisements, talking to people on the internet or on the phone, giving strangers test drives and getting shocked at their low ball offers. Selling your car can take quite a while especially if it's not a particularly popular model.
Here are 7 negotiation tips to get better trade-in value for your car.
7) Research the Market
The most important thing to do before you decide to sell or upgrade your car is to know the market. Knowledge of your car's actual market value will come in handy when you are negotiating. IBB provides you with the most accurate Trade-In as well as Retail Prices in the Indian car market. You can use this information to negotiate effectively and get a better deal on your car.
6) Pay Attention to Detail
A clean car is always better, make sure your car is tidy inside-out, especially the interior. A good detailing job can take years off your vehicle and will help you get a better deal, although it’s important to note that it is much more effective when you are selling the car yourself. When a dealer sees a clean car without any of your stuff in it, they assume you are in a hurry to seal the deal, which can actually hurt your case.
5) Maintain Service Records
It could be helpful if you carry all the service records of your car with you. A car with a well-documented service history is always sought after and it will give you an edge during a negotiation.
4) Don't Fall For Trade-in Discounts
Many Indian dealerships offer massive discounts on their new cars when you Trade-In your old car for it. Though these offers can sweeten the pot, it is important to not settle for a low price for your Trade-In just for the discounts. Most dealers can afford these discounts as they help convince the customer into accepting a much lower price for their used car. Remember to negotiate both the cars separately, as doing it at the same time can get confusing really fast.
It's also important while buying a car to look at the overall price as well as the ownership costs, rather than just focusing on the monthly payments or EMIs. Don't let the dealer talk you into upgrading to a car or variant because he thinks you can afford the EMI. Stick to what you came in there for and don't let them up-sell.
3) Be Patient and Look Around
You don't have to sell your car at the first dealership you pulled into! When you are Trading-In, try to get a quote from every dealer, who has the car you are looking to buy. The dealership experience can also help you decide between the cars, if you’re confused between a few models. It's also important to be patient during a negotiation. If you’re in a hurry the salesman will understand that and use that against you.
2) Be Realistic
Sometimes you don't get the price you were looking for. You have to consider that Trading-In your car almost always pays less than selling it yourself. These Trade-In cars are usually auctioned wholesale or sold to other used car dealers who resolve all the major issues with the car and sell it for a much higher price than what you got. It is important to understand how the market works and what you can expect to get out of the deal.
If you went to multiple dealerships but no one offered you the price you wanted, it could be because you overestimated the value of your car. A car can be a very personal object, as well as a big expense. It's natural to desire a lot of money when you part with your car, but it seldom works out. Know your car's actual market value so that you know a good deal when you see one.
1) Be Prepared To Walk Away
If you are not happy with the deal, don't go through it. Don't get pressurized into accepting a bad deal. Remember that it’s your car and you can sell it wherever you want to. If you are unable find a good price when trading-in, other options can always be used for selling your car. You can try to sell it yourself or sell it to a used car dealer.
It is important to not let emotions, for the car you want, cloud your judgment. Since you are planning to buy a car from them, use that to your advantage during negotiations. Don't fall in love with the car on the first place and even if you do, don't let the salesman know it. Always be prepared to walk away when the deal goes south and let the dealership know that they can't pull a fast one on you.