How to trade in options honda car

Three Steps To Trading in Your Used Car. The Do's and Don'ts of the Trade-In Process. You're getting ready to buy a new or used car. The car you currently drive is in good enough shape and may have some value to it. Should you sell it yourself or trade it in? Simply put, if you want the most possible money for your vehicle, you're better off selling it yourself. However, this takes time and perhaps more effort than people are willing to invest. Forty-eight percent of all car purchases in 2013 included a trade-in, according to Edmunds data. Trade-in offers are typically less than you'd get in a private-party sale because the dealership must factor in the cost to recondition the vehicle and make a profit when it resells it. The plus for car shoppers is that trading in your car can be very convenient. If you follow these tips, you can get the most for your trade-in. A freshly cleaned car may tip off the salesperson that you intend to buy that day. Skip the wash: It won't add much to the value of the car. Take your trade-in to CarMax to get a firm price in writing that's good for seven days. Ask the used-car manager to appraise your car and try to get offers from more than one dealer. Avoid spending money to repair your trade-in the dealer won't be swayed to pay more for the vehicle. A freshly cleaned car may tip off the salesperson that you intend to buy that day. Skip the wash: It won't add much to the value of the car. Take your trade-in to CarMax to get a firm price in writing that's good for seven days.

Step 1: Appraise Your Car's Trade-in Value. It is important to accurately take stock of all the car's options and to be honest about the condition level. Note that only a small percentage of cars will actually be in "outstanding" condition. Most cars that are well maintained will be in "clean" condition. When in doubt about the condition level, it's best to err on the side of caution. Step 2: Get a CarMax Estimate or a Dealership Quote. At this point, you can either take the CarMax offer or go to other dealerships to see if they'll make a better offer. In our experience, we've found that CarMax offers more for your trade-in. If you are "upside down" or "under water" on your car loan, however, you'll have to pay CarMax the difference between what you owe and what the vehicle appraised for. If you're not prepared to do that, trading in at a dealership might be a better option. Don't have a CarMax nearby? Call the used-car manager of your local dealership to set an appointment for an appraisal on your vehicle. Timing is critical here. Whereas CarMax might have at least two appraisers, most dealerships will only have one person appraising potential trade-ins.

If you show up on a Saturday afternoon, you could be waiting for a while. Try to schedule the appraisal for a weekday in the morning, when things are less hectic. Keep in mind that the trade-in price you're offered at the dealership (or CarMax, for that matter) can vary depending on a number of factors, including the car's condition level, the dealer's current inventory and how likely it is that the car will sell. There may also be special promotions around trade-ins. More about that later. If you have a CarMax appraisal, you will already have a reference point to compare the dealer's offer. If not, you may want to try to get two dealers' appraisals. Here's a good method you could try: Take your car to a dealer other than one that sells your car's brand. For example, take your Toyota Camry to a Chevrolet dealer. This way, your car won't be competing with six other Camrys on the lot. A non-Toyota dealer (which is very likely to sell used cars of other brands) may offer you more for the Camry than the Toyota dealer would.

Step 3: Negotiate or Close the Deal. If you're deciding between two dealerships with similar offers, you may want to lean toward the one at which you intend to buy your car. This gives you some leverage, since you're giving the dealership business on both the trade-in and the car purchase. The first trade-in offer at a dealership is often on the low end, so there's room to negotiate. Say something like this: "I intend on buying a car from you today, so if you can improve on the trade-in price, I'd love to give you my business." Another method is to use Edmunds TMV as a guide. Say something like this: "I've done some research on this car and it looks like the Edmunds trade-in value is slightly higher than your offer. I realize it's an average, but can you beat this price?" Sometimes this will work, sometimes it won't. But if you've solicited more than one offer, you should have some options. If you keep getting the same offers for your trade-in and none of them seem to be what you had in mind, you may have to temper your expectations. This may very well be the market value of the car, no matter what you think it should be worth. At this point, you can either bite the bullet and take what you're being offered, or try to sell the car yourself. Some people may even choose to keep the car as a daily driver, rather than pile the miles on the new car.

You may be able to make timing work to your advantage. Target the end of the month, when the dealer may be more willing to give you an attractive offer, or look for special promotions, such as when the dealership may offer extra cash as part of a trade-in event that's meant to beef up the used-car inventory. Keep negotiations for the new car and your trade-in separate. The trade-in amount should be written in the contract as a credit against the purchase price of the car. In some states, you only pay sales tax on the difference between the new car and the trade-in. This means that on top of what you receive for your trade-in, you are paying less sales tax on your new car. This tax advantage is a net savings for you and could make you decide that trading in is worth it. Common Trade-in Mistakes. Bringing a freshly cleaned car: A former car salesman told us that there's no better way to spot a person who will be buying a car that day than to look for someone who arrives with a sparkling-clean car. You might be thinking, "Don't you want the car to be clean so it can make a good impression?" The truth is, a little bit of dirt won't change the value of the car. That's not to say that you should bring in a car with a bunch of fast food bags and soda cans strewn about, but don't feel the need to have the car detailed beforehand. This way, you can play your cards close to the vest about whether you really intend to buy that day. Repairing the car: People sometimes try to fix dents on their cars or throw on a new set of tires, thinking it will substantially add to the value of their trade-in. This seldom works. The dealer can usually fix flaws and put on new tires for substantially less than you can. Overestimating the value: People tend to get sentimentally attached to their cars and often think they're worth more than they actually are.

They look for the car's highest value on an appraisal site and treat it as though it were set in stone. The truth is that appraisals are averages, meaning some people are offered less and others more. Rather than fighting over the car's value, your efforts might be better spent on negotiating the price of your new car. Hiding information: Some shoppers fib about a trade-in offer they've received in the hopes that the dealer might try to beat the imaginary offer. This rarely works. An experienced appraiser will either see right through the inflated offer or call the bluff by asking to see the estimate in writing. If your offer is for real, display it proudly. This is where the CarMax in-writing offer comes in handy. Also, some shoppers wait until the last minute to mention that they have a trade-in as part of the car-buying deal. This is one of the top Car Buying Myths out there. It's best to be up front about the trade-in from the very beginning. If you follow these steps and sidestep the common pitfalls, the trade-in process will run smoothly. The key is to know what your car is worth, shop around and be realistic about the offers you get.

As a senior consumer advice editor, Ron helps shoppers navigate car-buying. He has plenty of firsthand knowledge since he buys and sells the cars in the Edmunds long-term test fleet. Twitter. Trade-In Options for Your Used Car. Trade-In Alternatives That Provide Convenience and a Fair Price. 07122011 (updated 04082014) - By Philip Reed. Trading in an old car was once the Achilles' heel of car buying, exposing owners to lowball offers and complicated negotiations. But happily, the process now can be more lucrative and user-friendly. From up-front price quotes to guaranteed trade-in values to car-buying consultants who handle the entire transaction via the Web, dealers are providing smoother transitions between your old car and your new one. Shoppers love the convenience of trading in, since it completes all auto-related chores in one dealership visit. They avoid the headache of selling their old car and, as a bonus, the dealer handles all the DMV paperwork.

And in some states, trading in can provide a break in sales tax. Our article, "What New Car Fees Should You Pay?" explains this in more detail. But what if you were offered less than you expected for your car? Your best bet is to sell it yourself, but that takes time and perhaps more effort than you had in mind. Here are a few alternatives to trading in your used car at the dealership. Before you begin exploring trade-in alternatives, you should have a baseline figure on what your car is worth. A good starting point to assess that worth is to use the Edmunds used-car appraisal tool. Also, check online classified ads and find cars comparable to the one you want to trade in. This helps establish your car's current value. Remember that trade-in prices are lower than private-party and dealer retail prices. Here's a round-up of trade-in alternatives for consumers. We ranked them in alphabetical order: AutoTrader's Instant Trade-In Offer: Long known for used-car classifieds, the AutoTrader Web site now offers to appraise your trade-in, give you an up-front price and connect you with dealers.

Input a few details about the car and then a few minutes later, you'll get an e-mail with an estimated value. The site lists dealers who will either give you a check for your car or a value for trading it in on a new car. Restrictions apply, but it does present a stated price that might give you a greater sense of confidence before you go to a dealership. Make sure you honestly answer the questions about the car's condition level, because the offer is subject to change when the participating dealership sees the car. While it is nice to get an instant offer, the "instant" part only applies to the e-mail you get: It actually takes longer at the dealership than a typical trade-in appraisal. This is because the dealership will conduct its usual inspection and then has to input its findings in the AutoTrader tool to verify the figures. AutoNation Direct: AutoNation Direct is the online arm of AutoNation, the country's largest auto dealership chain. One of its car-buying consultants will appraise your car based on your description of its condition and other factors, such as mileage, and give you an up-front price. This removes the negotiating that car buyers dread. The entire transaction can be concluded at the car buyer's home or office, including the trade-in. Here's more about AutoNation Direct's pricing system. It's important to understand that AutoNation Direct isn't trying to distinguish itself by offering the best trade-in prices, says Simon Smith, its national sales director.

The main benefit is what Smith calls a "protected buying experience" that is free from negotiating pressure. While Edmunds. com hasn't itself used the AutoNation Direct trade-in process, many car shoppers give the service high marks. CarMax: This used-car superstore has more than 100 outlets in 27 states and promises, "We'll buy your car even if you don't buy ours." Edmunds has used this service many times when selling long-term test cars and we've often been pleasantly surprised at the high prices CarMax has offered. Sometimes the used-car chain offers us less than we expected, but it at least gives us a guaranteed back-up plan and we can decide whether it is worth our time to try and improve on the offer. As one CarMax salesman once told us, "Our checks don't bounce." Inspection takes about 30 minutes and the trade-in offer is good for seven days. Some customers have found that the best way to dispose of their old cars is to negotiate a deal for a new car elsewhere, then sell their old one to CarMax, where the prices are typically better than at a traditional dealership. Another effective method is to get the CarMax estimate and list the vehicle for about $1,000 over the CarMax offer in a free online classified. If the vehicle doesn't sell in six days, you can take it back to CarMax and sell it there before the offer expires.

Factory Trade-In Programs: These alternatives are really for a future trade-in, not the current one. If you buy a new Subaru or Tesla, the car comes with a guaranteed trade-in price. For example, Subaru's Guaranteed Trade-In Program states how much a Subaru dealer will give you for the car when you bring it back later as a trade-in. For some, this removes the doubt about the impact of depreciation. The buyers can, in a sense, see into the future and know what their new car will be worth as a trade-in. This trade-in price is available for six years. If you finance your Model S electric vehicle purchase with Tesla (admittedly, a small pool of people), the company guarantees that the car will have "the top residual value of any high-volume premium sedan brand (Audi, BMW, Mercedes or Lexus)" after three years of ownership. Buyers will get a "resale value guarantee" letter shortly after they purchase the vehicle, according to Tesla. The method to calculate the value and to cash in the offer is somewhat complicated and is outlined on the Tesla Web site. How to Trade in Your Car and Lease New. Think “trade in” and your mind probably equates that action with purchasing a new car. Although the majority of trade ins are for a purchase — new or used — you can also trade in your vehicle toward a new car lease.

Just as a trade in can function as a down payment for a purchase, the equity in your car can reduce your monthly lease payments. Certainly, there are some relevant points you should consider before you offer your current vehicle as a down payment for a new car lease. There are two matters to clear up first about new car leasing before we examine this subject further. First, leasing is not the same as car renting. Leasing is based on the vehicle’s value when you sign the contract it estimates the vehicle’s residual value at contract end. The most significant factor here is depreciation, representing the declining value of new cars over two, three or four or more years. Car renting is typically a short-term business contract between you and a car rental company. You agree to borrow a car for a certain amount of days or weeks and then you return it. The rental rate is based largely on the rental company’s daily rate, insurance surcharges and mileage overage fees. Second, with a lease you never own the vehicle, unless you opt to purchase it as stipulated in the contract. There are two types of car leases available: closed-end and open-end leases. A closed-end lease is also known as a “walkaway lease,” a contractual agreement that is settled when the lease term ends. In other words, a customer may return the vehicle to the dealership, sign paperwork and then walk away. There may be additional expenditures disclosed, such as wear and tear and mileage overage costs, but the contract ends once all obligations are satisfied. With an open-end lease, also known as a “finance lease,” you will face a balloon payment at lease end.

For instance, this means that you either must come up with the funds to make the payment or you will need to finance the vehicle. As you might guess, the overwhelming choice is for the lease option that lets you walk away — a closed-end lease. Approximately 11 percent of people pay cash for a new car, according to CNW Market Research. Another 70 percent finance their new vehicles, and the rest choose to lease. Leasing has grown in significance in recent years as the price of new cars continues to rise. That $42,000 sport coupe you have your eye on would cost you dearly to purchase. If you put 20 percent down ($8,400), you are looking at financing $33,600. Finance that amount for five years at 4 percent interest and you will be facing payments of about $619 per month. Not too many people can afford a big down payment and high monthly payments, let alone the insurance, taxes and tags that would drive up the final cost. With leasing, the amount you would pay per month is based on what the car’s projected worth is at the end of the lease.

That same $42,000 sport coupe might drop in value to $26,000 after three years, representing its residual value. Thus, your lease would be based on the $16,000 remaining, not the vehicle’s full purchase price. Without other costs considered, you are looking at a lease payment of $472 per month, which is about $147 lower than the monthly payments in the financing example. Car lease deals vary, with some arrangements requiring no money down and as much as several thousand dollars required before you sign and drive. Even with most no money down leases, you will usually be required to make at least the first monthly payment before you leave the showroom. Now let’s say you have a car you want to trade in and use its value (equity) as a down payment. That’s understandable, especially if a $472 per month lease payment is still a stretch. To get a new car dealer’s perspective, CARFAX turned to Rob Lombard, owner of Lombard Ford, Inc., in Barkhamsted, Conn., to get his take on trading in the car you currently own outright and using its equity as a down payment for a lease. Lombard says the first matter any reputable dealer should address is to qualify the customer for the lease, which means verifying whether or not a lease is a good option for the buyer. “If a customer comes in and says that he puts 50,000 miles per year on the vehicle, the likelihood is that person cannot afford the monthly payment,” says Lombard. Lease payments are based, in part, on the amount of miles per year a lessee plans to drive.

The higher the mileage limit, the more the customer will pay each month. Moreover, if a customer underestimates his or her mileage, an overcharge will be assessed at the end of the lease for each additional mile driven. Therefore, it is critical to make an accurate mileage estimate. When asked about down payments, Lombard remarks, “We try to talk people out of large down payments as they do nothing on leases, but camouflage the real cost of driving that car.” Still, if customers want to trade their vehicle in for a lease, no dealer, including Lombard, is likely to refuse them. Further, customers should do their homework and know the value of their car and negotiate with the dealer just as they would if they were financing. Leasing a car allows consumers to get behind the wheel of a newer and more expensive vehicle than what they might be able to obtain through financing. Lombard warns that consumers should read the fine print prior to signing a lease contract, to ensure that they are aware of all costs related to the transaction. 32 thoughts on &ldquoHow to Trade in Your Car and Lease New&rdquo Can I use my trade in as a down payment? Can I trade in my jaguar 2002 for a used car or a new lease. My lease will be up August 2017. I would like to continue to lease.

My question is, will I need to put another down payment on the new car I’ll be leasing? We are currently leasing a 2015 Rav 4 and would like to switch to a new Tacoma, we paid $3000.00 down at the time of the lease signing, will we need a down payment on the Tacoma? If you want lowered payments then, yeah. We just turned in our 2014 Cr-V for a 2017 HR-V. But I don’t like it, can I turn it in on a new Jeep lease! What would that involve? I want to trade my 98 cutlass in for a use car. I have a 2015 Kia Optima with less than 8900 miles but I am upside down in the vehicle….would it be possible for me to lease…thx. I also have a 2014 vehichle I have that I’m upside down with and too was wondering if this is possible to trade in for lease. I too have the same question have they reply to you. I owe a small amount above what my truck is worth I’d like to lease an ecomical car what would you advise ? I would like to trade my car in if that possible.

Can I trade in my 2003 grand Marquis. I want to trade my 1999 ford explorer for a newer car. want to trade my 2004 truck 4 wheel drive f-150 x-cab its black. I have a 2008 Honda Civic EX with 93,000 miles. However, Honda just put in a brand new motor, a brand new clutch, and I just got a brand new ac. I want to trade it in to purchase something else but I want my payments relatively low. I don’t want to lease and my credit is very good. Options with no money down? I leased a 2016 Santa Fe in Dec 2016 now have 1300 miles on it don’t like it realize I wanted a all 4 drive car this is a 2 wheel is there some way other than paying it off to trade it for other car? I have a car on finance can I get a lease? I am trying to figure out if there is a formula for how much each $1000 in trade-in value reduces a lease payment? I’m thinking of leasing. what happens after the lease is over, and you want a new car. do you have to put another down payment or what?

I have a 2015 Audi A3 with 1 more year left on the lease. The car has 33,400 miles. My work commute has gotten longer as we recently relocated our facilities. I’m looking to get a more fuel efficient car and don’t mind leasing or buying. I want to get the new Chevy Volt. I have several friends who drive a Volt and have nothing but great things to say not to mention the amount of gas money saved. Can I trade in my Audi to Chevy? What sort of penalties can I expect? Roughly 35$ per 1000. If I trade in a car and have $12000 equity in the car and only want to use part of that as a down payment for a lease. Do I get cash back for the difference? 2013 veloster 25k mi. Want to buy or lease a Honda CR-V. My name is Emily I want to trade my 1998 dodge intrepid es for a used car. I have a 2008 Nissan Altima SL 4door 74300 miles I still own 8400, want to trade in for a 2014 _ 2015 SUV 7 passenger, with no money down,. Is this realistic and double, with out going broke.

I have a 2016 Saraha Jeep & leased in June of this year. I put 8300 as a Down Payment so I could get a low monthly paymently. Can I now turn that in an lease a Grand Limited? Also would I have to put more money down? How do they determine the credit score & where do they get it? I have good credit but it only came in at 690? Thank You. Can you trade in 2 cars for one car to lease. Let’s say i down $5,000 on a lease. Will it go towards the car at the end of my lease if i decide to buy it? I have a VW Jetta & low mileage, I am financing it I want to turn it in and get a small SUV. I believe everything wrote was very logical. But, think about this, what if you were to create a killer. headline?

I mean, I don’t wish to tell you how to run our. blog, but what if you added something that mawkes. people want more? I mean How to Trade in Your Car and. Lease New – Automotive News And Advice is a little vanilla. Yoou ought to glance at Yahoo’s home page and see how. they write news headlines to geet viewers interested. You might try adding a video or a related pic or two to get readers interested about what you’ve got to. say. In my opinion, it would make your blog a little livelier. Leave a Reply Cancel reply. Recent Comments.

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The 2017 Mazda CX-5 and 2017 Honda CR-V are class leaders, but each caters to different types of buyers. Let's see which group you fit into. We've spent the last year with our 2016 Honda Pilot Touring -- and now it's time to give it back. Here's what we thought. How to trade in options honda car 5760 Dixie Highway Directions Fairfield , OH 45014. Shop By Model. Featured Vehicles. Financing. Parts. Service & Parts Hours. Our Dealership. Contact Us. Access your saved cars on any device. Receive Price Alert emails when price changes, new offers become available or a vehicle is sold.

Enter your registered email address to request a password reset link. Access your saved cars on any device. Receive Price Alert emails when price changes, new offers become available or a vehicle is sold. Access your saved cars on any device. Receive Price Alert emails when price changes, new offers become available or a vehicle is sold. It is a great idea to begin thinking about your options well in advance of. Here are the options to choose from: This option is convenient and the best of all, you get to drive off in a brand new Honda! Contact us to hear about the latest models and discuss your options. And by returning it here, you are subject to a $300 return incentive! Contact us two months prior to the expiration of your lease to discuss the steps involved and help arrange an inspection. Having an inspection completed in advance of returning your vehicle gives you time to fix any needed repairs. All keys to leased vehicle Owner's manual Maintenance records Vehicle Return Receipt and Odometer Disclosure Statement Vehicle Inspection Report Receipts for completed repairs, if any. Honda vehicles hold their value very well.

If you have taken good care of your Honda, you could be in an equity position relative to the residual you owe the lessor. If so, let us purchase your Honda for the residual value and apply the equity toward the lease or purchase of a new vehicle. This equity coupled with our $300 return incentive and current lease and purchase offers from Performance Honda means you could get into a new vehicle with a lower payment! Your lease will conclude at the end of the term when you turn it into us. You will need to schedule a free vehicle inspection during the last two months of your lease. Having an inspection completed in advance of returning your vehicle gives you time to fix any needed repairs. You will be responsible for any outstanding payments, excess wear and use, excess mileage, and any other end-of-term obligations specified in your lease agreement. We will make it simple for you - just contact or visit us and we can take care of arranging the inspection and any necessary paperwork. All keys to leased vehicle Owner's manual Maintenance records Vehicle Return Receipt and Odometer Disclosure Statement Vehicle Inspection Report Receipts for completed repairs, if any. How to trade in options honda car Important Information About Airbag Recalls MORE. Motorcycles, ATVs, Scooters, SxS. Honda Aircraft Company. Generators, Mowers & Power Products. MOBILITY.

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Let us help you find the right parts for your exact car. Explore Used Cars for Sale. Browse listings, dealers or get advice. Research New Car Models. Start with Bodystyle. 2018 Hyundai Sonata. It's not a full redesign, but this quiet, comfortable sedan has significantly improved in looks, interior feel and driving dynamics. Read more. Washington, D. C., Bureau Chief. 2018 Chevrolet Equinox. The redesigned Equinox is less distinctive than its predecessor, but it arrives with definite refinement. Read more. A full redesign transforms the once semi-nice Volvo XC60 into a full-blown luxury SUV able to go head to head with class heavyweights.

Read more. Apart from a frustrating touchpad control system, the redesigned 2018 LS sedan is a quantum leap into the 21st century. Read more. Honda Lease Trade-In & Return Center In Marysville, OH. If you are coming up on the end of your lease on a car or truck, you may soon have to return it to a dealership. If you turn it in here at Honda Marysville, you will receive a $300 return incentive! What Are Your Options as Your Lease Reaches Expiration? It's a great idea to begin thinking about your options well in advance of the expiration of your lease - especially if you have a year or less. Our professionals here at Honda Marysville can help explain the various options and which one would be best for your situation. Here are the options to choose from: 1) Return your leased vehicle and buy or lease a new vehicle. This option is convenient and best of all you get to drive off in a brand new vehicle. What you will need when you return your leased vehicle: All keys to leased vehicle Owner's manual Maintenance records Vehicle Return Receipt and Odometer Disclosure Statement Vehicle Inspection Report Receipts for completed repairs, if any To submit a request to be contacted about your lease, click here.

2) "Trade-In" your leased vehicle early - prior to the end of the lease term. Leased vehicles hold their value very well. If you have taken good care of your vehicle, you could be in an equity position relative to the residual you owe the lessor. If so, let us purchase your leased vehicle for the residual value and apply the equity toward the lease or purchase of a new vehicle. This equity coupled with our $300 return incentive and current lease and purchase offers means you could get into a new vehicle with a lower payment! Call us today at (888) 639-8830 to see if your vehicle might qualify for an early "Trade-In". To estimate the value of your vehicle today, click here. To submit a request to be contacted about your lease, click here. 3) Return your leased vehicle to us even if you did not lease it from us. Your lease will conclude at the end of the term when you turn it into us. You will need to schedule a free vehicle inspection during the last two months of your lease. Having an inspection completed in advance of returning your vehicle gives you time to make any needed repairs. You will be responsible for any outstanding payments, excess wear and use, excess mileage, and any other end-of-term obligations specified in your lease agreement. We will make it simple for you - just contact us or visit our Marysville, OH Honda dealership and we can take care of arranging the inspection and any necessary paperwork.

What you will need when you return your leased vehicle: All keys to leased vehicle Owner's manual Maintenance records Vehicle Return Receipt and Odometer Disclosure Statement Vehicle Inspection Report Receipts for completed repairs, if any. To submit a request to be contacted about your lease, click here. 4) Purchase your leased vehicle. Let's face it - you probably love your leased vehicle. Buying your vehicle is a fantastic way to continue to benefit from its reliability and high resale value. If you decide to buy your vehicle, there is no need to have it inspected since there are no charges to worry about. We offer low financing rates and extended protection plans to lessees who wish to purchase a leased vehicle. Contact Honda Marysville if you would like to discuss this option and we would be happy to process the paperwork on your behalf. Car Buying Tips Everything you need to know about buying a new car. Fast Facts. 45.7% of new car purchases involved a trade-in.* * According to JD Power & Associates. Trade-In. Out with the old&mdashin with the awesome. Watch our video to find out what's right for you. Okay, so you have an idea of what new car you want and how you are going to pay for it (I hope!

). Sounds like all you have to do is test drive it and sign at the bottom line. Well, I hate to sound like a nag, but what are you going to do with your current set of wheels? Yeah, you're going to have to do something about that old rust-bucket. The good news is that there are two methods of parlaying the equity of your current car towards your new one &mdash selling and trading in. Let's get one thing straight. Selling your car to a private buyer can net you hundreds if not thousands of dollars over trading it in. When you trade your car into the dealership you are only receiving wholesale value, because the dealer has to incur costs to prep the car for sale, keep it on the lot, etc. If you have the time and patience, selling your car yourself is a worthwhile venture. Individual buyers won't dock for dents and scratches as much as the dealer will. Our friends at Cars. com can help you Sell It Yourself by advertising your trade in on their listings, which are browsed by thousands upon thousands of used car shoppers every day. If you aren't concerned about keeping more money in your pocket, or if you're too busy to deal with the sell-it-yourself process, you can trade in your car to your new car dealer. Note that you'll likely get a better trade-in price for your car if you're trading it in to a dealer that sells that make.

In other words, you'll likely get more money for your Volvo from a Volvo dealer than if you traded it in to a Nissan dealer. One important note: manufacturers will sometimes offer incentives on your trade-in, including extra cash, so do some research to see if any of those apply to your set of wheels. Don't Turn Upside Down. A common mistake people make is trading in their car while being upside down with their payments. Being upside down means that you owe more money on your current car than it's worth. If your car is worth $8,000 and you owe $12,000, you are upside down by $4,000. Trying to buy a new car while being upside down on your current car is a terrible, terrible mistake. If you are upside down $4,000 and the car you want is $20,000, you are adding $4,000 to your loan. This will make you even more upside down in your new car &ndash leading to a never-ending downward spiral of debt. It makes more sense to get caught up on your payments so that you're at least on level ground (and preferably far ahead) before you buy a new car. The Upside Down Exception. The only time that you can get away with trading in your car while you're upside down is when the new car that you wish to buy offers significant cash rebates that completely offset the amount you're upside down. For example, if you're upside down $1,500 and the new car has a $2,000 rebate, you come out $500 on the plus side.

Whether you decide to sell your car on your own or trade it in, make sure that your car is in the best shape possible. If you're a smoker, grab the Febreze, and start airing your car out. Make sure that it is totally clean &mdash inside and out. Perhaps spending a little to get it detailed would help as well, first impressions count! Finding the Value of Your Used Car. Many sellers estimate the value of their used car with Black Book. Black Book is used by banks, car wholesalers, and dealers it's the authoritative wholesale guide. The Black Book numbers are taken directly from wholesale auctions nationwide and the data is updated daily. So for the most up to date appraisal of your trade-in, we suggest you use the Black Book Appraisal Guide. As you use the Appraisal Guide, be completely honest when estimating the condition of your car. There is nothing more embarrassing than negotiating a trade-in price and having the dealer point out that you've misrepresented the vehicle's condition. Make sure to take the printed Black Book appraisal form with you to the dealership (along with the Internet Price Quote). That tells the dealer you've done your homework and makes negotiation a breeze.

THIS IS THE MOST IMPORTANT PART. Once you are at the dealership ready to buy your new car, DO NOT mention that you intend to trade your car in to the dealer until you have finished negotiating the new car price. This way, there's no confusion and you can negotiate both your best price for the new car and the best deal for the trade-in separately. If the dealer asks if you plan on trading in your car, do not say yes or no, just say &ldquoPossibly, but let's just talk about the new car price first.&rdquo How you want to approach the trade-innew car purchase: Conclude what the cost of the new car is. Conclude what the trade-in value is worth. Calculate the difference between the new car and the trade-in price. Add any rebatesincentives and down payment cash. Once you've found the difference, you can map out your monthly payments. How the dealer makes money off of your trade-in: The dealer is looking to make a profit at every turn during the car buying experience. Know that he wants to buy your trade-in at the lowest price he can (wholesale) and then sell it for a mark-up. If you don't have a clue what the value of your trade-in is before you visit the dealer, you will not get a fair price for it. Keep in mind, however, that there are legitimate costs involved for the dealer in buying your trade-in. They have to fix any significant cosmetic or mechanical problems as well as replace certain parts before reselling your car to a used car buyer. They also needs to pay commission to the used-car salesperson and pay rent on the used-car sales lot. In addition, they have to pay to advertise the car, and have money tied up in it until it is sold.

NOTE: If you owe money on your car and you wish to trade it in, know that you won't get much of a return. If you owe $8,000 on your current car and the dealer gives you $9,000, you'll only be able to apply $1,000 to your new car down payment. TIP: Do your homework first and get a used car valuation from Black Book. Take the printouts of your trade-in valuations to the dealer. If you have any questions with the negotiation you can refer to your paperwork for help. BOTTOM LINE: In order to get the best value for your trade-in, sell it to a private buyer. If you don't have the time to do that, get several quotes&mdashboth online and through used car dealers. Trading your car in to the dealer is the easiest way, but not the most cost-effective. Getting the maximum value for your car will help take the sting off of the price of your new car. A member of the Cars. com family. NewCars. com® is a registered trademark. © Copyright 1995 - 2017.

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