6 ways to boost your car s trade-in value – CBS News #trade #in #car #value


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6 ways to boost your car’s trade-in value

You’re finally in tip-top financial shape to purchase a new car, but there’s one problem: How will you get your existing set of wheels off your hands?

You don’t have the time to deal with the hassle of a private sale, and you have no desire to auction it off.

You decide a dealer trade is the best way to earn cash for your vehicle with no strings attached. Afraid of getting lowballed by the car salesman? Don’t fret. Conducting research on the trade-in process and your car’s value will equip you with the tools needed to demand top dollar for your ride.

Let’s start with this video we did last year called “How to Sell Your Car for More Money.”

How trade-in values are determined

According to CarsDirect. five factors determine the trade-in value:

  • Year. Newer models get the most attention from used-car shoppers. “When a dealership anticipates a quick sale, they are more willing to pay a higher price for it,” CD says.
  • Make and model. If the model holds value or is in high demand, the resale amount will be decent.
  • Condition. Both the exterior and interior appearance are a component of the vehicle’s appraised value.
  • Mileage. The higher the mileage, the lower the trade-in value. “Even if the vehicle’s condition is impeccable, an odometer reflecting high mileage may make a consumer less willing to purchase a car at a price acceptable to the dealership,” CD says.
  • Desirability. If your car is popular among consumers, you’re in luck.

So, make note of the mileage and condition of your car. Then, visit a site such as Kelley Blue Book to get an idea of what the trade-in value will be. Note: These sites often offer several different prices, including the trade-in value and one for private sales, so make sure you’re checking the right one.

Other sites that provide trade-in values include Edmunds. NADA Guides. CarsDirect and Black Book. Check several of them.

Edmunds says the trade-in value will be less than that for a private sale, which requires more effort on the owner’s part.

Keep in mind that values can also be different based on where you live and what’s popular in your area. So be sure to look at what similar vehicles are selling for in your community or state. Check newspaper ads and other local sources.

So now you’re prepared to negotiate a decent price. Is the offer you’re getting from the dealership fair? Scott Painter, CEO of California-based automotive search company Zag, told Bankrate :

For a resale, the average dealer is looking to make between 2 and 4 percent on a transaction. So take whatever your car’s value is and add in whatever cost it would take to refurbish the vehicle. Then, add in 2 to 4 percent, and as long as the trade-in price you’re given is in that window, it’s probably a fair deal.

Now let’s look at some ways to improve your trade-in’s value.

1. Bring the maintenance up to speed

I’m not suggesting you spend a load of cash and give the car a complete makeover. But the better the condition, the more money you’ll make. AutoTrader notes :

When it comes to making repairs to your used car, you need to determine whether or not the repairs will actually increase the value of the vehicle at resale time. Most importantly, you need to determine if you’ll be able to increase the selling price of the car enough to recoup the cost of those repairs.

2. Don’t forget about the body work

Too many dents, dings and scratches can be hard on the eye. So, suck it up and fork over the cash to have them repaired.

Said Dan Ingle of Kelley Blue Book. “Dent removal experts can be very affordable — often charging only $100 to remove several dings. You will be saving the buyer the headache of taking it to the body shop.”

“For a major dent where a panel needs to be repaired, it makes even better financial sense to fix it,” Ingle advises.

3. Provide service documentation

This information should be present on the Carfax report, if one is acquired, but don’t take any chances. “Any and all fluid changes, tire rotations, paint or body repairs, engine repairs and service and any other related maintenance documentation is important to have because it demonstrates to a dealer the care the vehicle has received during the time you owned it,” says AutoTrader .

If you didn’t keep the receipts, ask the shop you used for the documents.

4. Detail your ride

Some consumers are more interested in a visually appealing vehicle than they are with what’s under the hood. Sheronde Glover, founder and CEO of Car-Buy-Her, told Bankrate:

“Make sure your car is clean. A good detailing job might cost about $50, but it could increase your car’s value by several hundred dollars.”

Want to do it yourself? Check out AutoTrader’s comprehensive auto-detailing checklist here.

5. Negotiate the selling price separately

Don’t mention your trade-in until you’ve negotiated the purchase price of your new vehicle. Otherwise, the salesman will talk about them as a package and make the deal you’re getting a source of confusion. NewCars.com advises. “If the dealer asks if you plan on trading in your car, do not say yes or no, just say ‘Possibly, but let’s just talk about the new car price first.'”

Not satisfied with the final offer for your trade-in? Shop around at a few more dealerships, and you may be able to get more than you were initially quoted because the demand varies by location. If a vehicle identical to yours has been sitting on the lot for a month, don’t expect to get top dollar for your trade-in, Bankrate says.

What tricks have you used to boost your car’s trade-in value?

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8 easy ways to boost your car s value. #cars #for #sale #cheap


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8 easy ways to boost your car’s value

STORY HIGHLIGHTS

  • Minor fix-ups can increase value of your car
  • You can negotiate an extra $300 to $500 just for having it properly cleaned

New York (Cnnmoney.Com) — If you’re getting ready to sell your car, you may not think minor fix-ups are worth doing now — the new owner could spend the time and money instead of you — but that layer of dirt on your car, the stains on the seat and that burned out taillight send potential buyers the message that you didn’t properly care for your car.

That could cost you money.

You could probably negotiate an extra $300 to $500 if it’s properly cleaned, said Alec Gutierrez, manager of vehicle valuation for Kelly Blue Book.

According to Lauren Fix, an auto care expert and spokeswoman for the Car Care Council, the value of a mid-range car can be increased by $2,000 or more when selling it privately by just sprucing it up and making minor, easy repairs.

Here are eight easy fixes to spruce up your car so it will sell for hundreds — or thousands — more.

1. Wax on, wax off

Got a faded paint job? Don’t spend a fortune getting a new one. Break out the wax and polish your way to adding value to your car.

If your car’s paint has become so faded you no longer remember what it used to look like, try opening the door and looking inside the door frame, suggested Tim Miller, founder of Surf City Garage car care products.

The area inside the door frame rarely gets exposed to sunlight and harsh chemicals so it will be close to the car’s original color.

Keep in mind that all the waxing and polishing in the world may never get it completely back to that color and shine, but at least it gives you something to work towards.

Keeping it shiny: When washing your car, experts advise against using household detergents, like dish soap. To preserve your car’s finish, use products that were created for the purpose.

2. Bright lights

Nothing says worn out beater like dingy headlights. There are a number of headlight cleaning products on the market that can make those plastic headlight covers bright and clear in a matter of minutes. And many of these products really do work, said Lauren Fix of the Car Care Council.

If you’ve tried window cleaners before to no avail, they failed because they weren’t made for this job.

3. Shiny wheels

Shiny wheels look new and can add to your vehicle’s luster and potential value.

So, take the time to get in there and clean out dirt, dust and grime from the wheels. Also, swab a tire shine product on the tire sidewalls to make them look new, too.

4. Inside jobs

Pull out those removable floor mats. If they’re cleanable, clean them. If they’ve got big holes in them or stains that only a flame thrower will obliterate, you’re just going to have to buy new ones.

Fortunately, a new set of floor mats shouldn’t cost you that much. A set of attractive rubber mats at your local auto parts store should cost you only about $20 to $30, said Kelley Blue Book’s Alec Gutierrez.

Once that’s done, clean the rest of the interior. Clean and treat the leather, if there is any, and vacuum and clean the carpeting.

Except for glass cleaner on the windows, don’t use household cleaners in your car, warns Lauren Fix, an automotive expert who represents the Car Care Council. The materials inside your car are different from the stuff used to make the furniture and and carpets in your home. Buy cleaners that are made for the job.

5. Get your papers in order

Sure, you say you’ve had your car maintained regularly and the battery is practically brand new, but can you prove it? This is why you should keep a folder of maintenance and repair records on your car.

Besides providing evidence, an orderly folder packed with repair and maintenance records shows you really cared about your car and that’s what a potential owner wants to know.

Also, get a vehicle history report from CarFax or Experian and present it with the car. Among other things, these records will show the vehicle’s ownership history.

6. Make easy fixes

If your car has a burned out headlight or taillight, replace it. If, at some point in your car’s life, some miscreant popped the chrome badge off the grill, you should replace that, too, just so long as the replacement doesn’t cost a lot.

Also, make sure there are no warning lights — a.k.a. idiot lights — glowing on the dashboard. If the windshield washer fluid low warning is on, top it off. If the check engine light is on, have it checked. It could be something simple and inexpensive to fix. (If it’s not, you can either have it fixed or divulge the ugly truth to potential buyers.)

You may be tempted to just let the next guy worry about these things, but leaving anything unrepaired brings your care as an owner into question.

Remember, the damage to the car’s value is beyond just the cost of the light bulb.

7. Consider paying the pros

If your car’s worth more than $40,000 or so, it may be worth paying professional auto detailers to clean and polish it thoroughly. ( Detailing just means cleaning obsessively. )

With a car like this, the difference between super-clean and dirty could be thousands of dollars, so it will be worth paying to have the work done right, said Lauren Fix of the Car Care Council.

8. Don’t have a scratch-and-dent sale

Don’t think a dent isn’t worth fixing, it is.

While it probably isn’t worth investing in serious body work, some simple scratches and parking lot dings can be repaired without incurring huge bills.

Many minor paint scratches and scuffs can be polished out. For dents, there are reputable firms that specialize in dent removal, said Kelley Blue Book’s Alec Gutierrez.

Be careful, though, not to resort to shoddy bodywork that could actually reduce the car’s value.

If you’re going to get a poor job done, you’re better off disclosing the car needs some body work, Gutierrez said.