All You Need to Know About Trading In Your Car
If you're in the market for a new car (whether it's because your current one is a clunker or you just want or need an upgrade) the good news is that trade-ins are common, and the process is fairly fast. Before you take your car in, it's a good idea to do your homework. And by homework, we mean: listen to us.
Here are some tips to know to help you trade in your car:
You can either trade the car privately or you can trade it into a new car dealership. When going through a dealership, you would typically take part in a ‘trade-in’, where your old vehicle is switched in for a new model. This option may be more convenient since the buying and selling process are all done in one place (less hassle, more time for Netflix). As well, you can rake in tax savings when opting to go the dealership route. The value of the trade-in is deducted from the selling price of the new car that you’re buying, which reduces the taxable amount that needs to be paid on the new vehicle.
To help you get a fair price for your used vehicle, it’s a good idea to study the market before placing your car on sale. This way, you can get a better idea of how much your car should be worth. Check out Canadian Black Book, which is considered an industry benchmark for providing market values for vehicles. It never hurts to know a little more about what you could be potentially trading in for.
Make sure your car is in the best possible condition to be sold. Take some time to clean the floors and trunk of the car, as well as removing any dirt, dust, and debris from the interior surfaces. Visible damages such as cracked windows, dented parts, and worn out tires are all things that require immediate attention prior to trading.
Be realistic about the car you’re selling. Have an accurate account of the make, model, mileage, and condition that your vehicle is in – there’s no point in misleading the buyer or dealer when they’ll see the real condition of the car eventually. As well, don’t expect to be able to sell your car for the price that you bought it – top prices are only given for cars in perfect condition.