The minute you saw the Chevy Cruze in Indianapolis on display, you already know it’s only one of the few compact cars you can imagine yourself driving. An iconic American brand, boasting refined design both inside and outside with adequate space and remarkable safety features; it’s truly a smart choice.
You look at your current ride, and you see a workhorse running on its last tour of duty. As your existing auto loan is nearly over, it’s time to trade in your vehicle for that pretty Chevy.
But you can’t just barge into the dealership with old reliable and demand for a favorable deal. You must prepare yourself first for the negotiation, because you can’t go to war without any arms. As you’re planning to use your vehicle to secure a more affordable loan, do what’s necessary to make the most out of it.
Appraise Your Vehicle
First things first: valuate your current vehicle. Other than letting the dealer estimate its value, you must have an idea yourself how much your car is worth.
Get As Many Quotes as Possible
Leveraging the competition is always a clever move. Not all dealers are willing to work with you, and others might even low-ball you to buy your vehicle below what it’s worth. Also, the loans are likewise different; some offer low interest rates, while others are less inclined to make a reasonable offer.
Auto loans are usually negotiable; so shopping around is easily the best way to research the market and discover competitive deals you can use as a bargaining chip.
Decide Whether to Spruce it Up or Not
The industry is divided on this one; some experts say it’s sensible to fix any car damage and get it cleaned up before trading in, but others believe it doesn’t make much difference. Either way, you’d be taking a risk because there’s no consensus which action could really help pay dividends. Trust your gut feeling instead.
Trading in is a smart way to dispose your old ride and buy a new replacement at a lower price. Do your part to leverage your trade-in vehicle and secure a fair price for your loan.