Common Trade-In Mistakes
Negotiating a price for your trade in can be stressful- in fact I have created an entire online course dedicated to helping you get the MOST money for your trade in. There is so much you as the customer can do to increase your trade in value and negotiate like a pro! Remember, when you're trading in- YOU have to be a salesperson for your car.
So here are 3 of the biggest trade in negotiating mistakes I see people make.
1- Don't devalue your own trade
At the beginning of the car buying process even before you start officially negotiating, a salesperson may ask you questions about your current car/potential trade-in. Obviously, if you are there looking at a new car- something about your current car isn’t working out anymore. But just keep in mind that just like you miranda rights, anything you say can and will be held against you in the court of law.. Or I mean at the negotiating table. So if your salesperson asks you why you are trading in- don’t devalue your trade! Blabbing on and on about the gas mileage or lack of technology in your current vehicle gives the salesperson ammo when it comes time to discuss trade in prices. They might say something like “Kelly its like you said, gas prices are high and this car just isn’t fuel efficient- it might be hard to sell!”
I am not endorsing lying about your reasons for trading in but instead just making sure you are talking your car up! Saying something like “Oh this has been such a good car for us- we just are ready to move onto something new!”
2-Don’t overshare
Another mistake people make is oversharing the history of their trade- this kind of goes off my first point but remember you don’t have to disclose every little detail about your trade. Salespeople are trained to walk around your trade- they may inspect the car and customers always feel a need to justify every small dent or ding. So if they ask you a direct question, I believe honesty is the best policy but don't just overshare to fill the silence.
3- Don’t pretend you don't know what your trade is worth
Finally, if a salesperson asks you what you are hoping to get for your trade DON’T say “I am not sure, I just wanna see what your manager says” SPOILER ALERT: you won't be happy with the number. Please remember that part of the dealership business model is to buy trades for as little money as possible. So do your research on your car value ahead of time and be upfront! Say, “Well based on the market and the research I know my trade is worth $22,000. I have an offer from Carmax for $21,000 but since I am hoping to buy here Id rather give you all the option- if you can get my closer to the $22k number I am ready to do this today.” BOOM! Not only will this technique save you time on the back and forth but you will also come off as well researched and prepared!
Good luck out there and if you want more information about how to get the very most for your trade here is a link to my Trade-In Course.
