A vehicle trade-in is often the easiest and most convenient way to get rid of a used car and buy a different one. Why go through the headache of having to sell your vehicle privately when a trade-in offers a far more straightforward process? More dealerships are taking steps to ensure this process is transparent and quick. Not sure what happens during a vehicle trade in? Here’s a quick look into the process.
Before a trade in
You can facilitate the process of a trade-in by ensuring you have all the required documentation such as the vehicle registration papers, maintenance and repair records and any other accessories such as spare keys. Also make sure your car is clean, neat and that you have made any cosmetic repairs necessary.
During a trade-in
The manager of the dealership or a salesperson will conduct a complete visual inspection of your vehicle to assess its condition. They will check the tyres, bodywork and whether the brakes and other mechanical aspects are in good working order. Sometimes they may ask for a quick test drive to establish this.
Other checks involve running the vehicle’s VIN (vehicle identification number) through the vehicle history database to look at its records.
How an offer is made
Once the inspection process is over, it is time for the dealership to make you an offer for your vehicle. This offer is dependent on a number of factors that can include: the going price for used cars similar to yours, whether the dealership already has similar vehicles on its books, the overall condition of your vehicle and whether any repairs need to be made before it is buyer-ready.
You are welcome to ask any questions you may have on how they have established their offer price. Sometimes it is possible to negotiate a trade-in offer. Knowing how much your car is worth gives you a strong negotiation standpoint.
Should you consider trading in your used vehicle? Here are a few advantages you might like to bear in mind:
- A dealer takes care of the entire transaction saving you time and from running around.
- As a dealership is established and bound by certain laws, there is less risk of you being swindled out of cash, while this is more of a risk in a private sale.
- The fast and efficient process of a trade-in means you can sell your car in a matter of hours. In a private sale, advertising, screening buyers and transferring ownership can all take up precious time and cost money.
Want to know if a trade-in is the right option for you? Speak to one of our vehicle finance specialists at Simply Finance. Contact us for all your vehicle finance needs.