The Trade in valuation on your car is the price offered by a car dealership, like ourselves, when trading in your car against another model. The trade in valuation is a careful assessment made by experts in the business who know the up-to-date market values.
The price is included in the finished deal and usually no cash changes hands. Here at Peter Hanley Motors, we always try to do the best deal possible for our customers and give fair market value for the trade in vehicle. The buyer drives in with the older car and drives away with the newer model. People often ask how the price of the trade-in is calculated and we are happy to give you a simple and comprehensive explanation and some tips on how to keep your cars trade in value at its optimum.
As you can imagine, there are many factors which determine the trade in price offered. These include the original value of the car, the age of the vehicle and its condition when presented at the dealership. The mileage on the clock and whether any repairs are needed also come into play when the trade in calculations are made. The motor dealer also considers what demand there might be for that particular vehicles make, model and fuel type. Ultimately, the garage needs to sell the vehicle onwards later or, if it’s a car in poor condition, use it for parts and scrap. A current NCT and tax disc will improve the negotiations. As will a full-service history and a low number of previous owners. Luxury model vehicles with desirable extras that might bring added resale value will also improve the trade in valuation. At Peter Hanley Motors, we believe in being transparent and honest in our valuations and our return customers are testament to that commitment to giving the best deal. We will talk through the financial details of any purchase in simple language, and we never close a deal that we both are not happy to shake on. It is important when considering a trade-in valuation from any motor dealer that the offered price is assessed in the context of the entire deal, including the purchase price of the new vehicle. It is not a stand alone sale.
Often people feel that they might make more money selling their car privately than they would in a part-exchange situation and sometimes, the trade in value can be a point of contention. The valuation offered by the dealers can often be less than prices listed on other sites or than the owner feels the car is worth. A motor dealer must take overheads and the margin of profit into account. Car prices are keenly assessed by the motor industry experts on a daily basis. Of course, selling privately is an option open to anyone who is upgrading their vehicle. However, a private sale can be a long and complicated matter with time-wasting non buyers sending messages, not turning up for viewings only to tyre-kick and price haggle when they do. For the most part, buyers are happy to allow the motor dealer face the rigours of a private sale and want to avoid the possibility of after sale complaints or last minute price reductions with a potential buyer. With a trade-in, you drive in with your old vehicle and out in the new, with all the paperwork done and dusted.
There are things you can do to improve the trade in valuation on your vehicle. While many factors determining the money offered are set in stone; such as age, marque, fuel type etc., there are ways to improve the deal. Give the car a good clean. At Peter Hanley Motors we have state of the art valeting facilities and can bring any car from shabby to chic. If you drive up to the forecourt in a well kept, clean smart car, it does create a good first impression. Fix cracked mirrors and obvious simple defects. If your vehicle is sporting good tyres, an up-to-date tax disc, an NCT and a full service history, the trade in price will be improved. Have all the paperwork in a handy folder and have your homework done on car prices, popularity and a realistic approach to the deal.
Remember that we at Peter Hanley Motors are always ready to discuss every aspect of the trade in valuation offered and we always give a frank, honest and fair evaluation.