A time will come when you know it’s time to give up your old motor. You may have seen something else you like, your family situation may have outgrown your current car, or you may be paying a small fortune in repairs. Whatever the reason for selling, you have a number of options ahead of you. For example:
- Sell privately, though as the wait for a buyer can be time-consuming, you may be stuck with your current motor before you can buy something new.
- Use a website such as WeBuyAnyCar.com, though it’s unlikely you are going to get anywhere near the car’s value when selling.
- Part-exchange, negotiating a fair deal with a garage or dealer when purchasing your car.
In our opinion, the part-exchange option is by far the easiest and quickest way of getting rid of your old car. But how can you get value for money from the dealer? While you should still get more for your car than the aforementioned car-buying website, you won’t always get what you expect from a private sale. However, the following tips are near-essential if you want to get the best price.
1. Know how much your car is worth
It’s difficult to find out exactly how much your car is worth, but you can get a rough estimate. By doing a little research online or at car dealerships, you can find similar cars to yours in both age and model, giving you an understanding of the pricing you should be looking at. Alternatively, use an online valuation tool to help you figure out a trade-in price.
2. Add value to your car
There are many ways to add value to a car, including adding the latest safety tech and modifications. However, you don’t want to spend too much if you are looking to part-exchange your car imminently. Instead, look for ways you can easily boost the value at less cost. This includes making minor repairs such as fixing dents and scratches. You should also clean your car thoroughly, or use a professional valet service to make your car sparkle and shine.
3. Go to a specialist car dealer
If you’re looking for the same type of car as your current model, go to a specialist car dealer. Say you own a Merc (lucky you), and you’re interested in the New smart fortwo, your old Merc can be put to use on the lot in the used-car section. Exchanging a car of another type means the dealer has to go through the hassle of selling it elsewhere, and that might detrimentally affect the price they offer you. Of course, by visiting the specialist dealer, you are also working with people who understand the true value of your car so you are likely to get more during the exchange.
4. Negotiate with the dealer
If you have done your research, you will be in a strong position when you negotiate a deal. This will give the dealer less footing should they seek to undervalue your car when you’re discussing the part-exchange. They will still try to haggle with you, but stand firm, and show them proof of your research, such as quotes from other dealers or the results of the online valuation tool. If you get to a stalemate, be prepared to walk away. The dealer may offer you less for the car because they have struggled to shift similar models, so you may still get the deal you are after at a similar car dealership elsewhere.
It’s unlikely you will ever get top whack for your old car (even after depreciation), so you need to be prepared for some disappointment. However, our tips should help you get better value for money when you’re trying to secure a deal.