TT: Trade-In Value

Trade In Tips:

Before heading off to the dealership, intending to trade “Old Faithful” in on a shiny new ride, take time to complete the following steps to save time & reduce some of the stress associated with the car-buying process:

1. Determine an estimated value of your current vehicle. Edmunds.com and KBB.com (Kelley Blue Book) are good resources for establishing a base value of what your vehicle is worth. Make sure you are realistic about the condition of your vehicle as you enter the information and remember the valuation is simply an estimate. If you want a true valuation of your vehicle based on current market value, you will need to have it appraised at a dealership.
   
2. Have the proper title documents before you go to a dealership with the objective of trading the vehicle. Also, if there is a co-owner on the title, that person will need to be available to sign the trade documents.
3. Have a current lease or loan? Call your lender to get a payoff quote. Then compare that amount to the estimated vehicle value from step one. Doing so can reduce unexpected surprises at the dealership when you owe more than the vehicle is worth. Negative equity, or being upside down as it is sometimes called, is not uncommon and can sometimes be “rolled” (included) into the financing of your new vehicle.
4. Remove all your personal items. Check under the seats, in every storage area and the glove box – twice. Then check again. You may be surprised at what you find. Most dealerships have more than enough toys, umbrellas and pairs of sunglasses that have been left behind. While you’re at it, anything that may contain your personal information, such as copies of the registration. And check the owner’s manual to ensure you didn’t write your information there.
5. Make sure your vehicle is clean. If possible, get your vehicle detailed. Remember – what you see is what you get. Make sure what the dealer is seeing is the best possible version of your vehicle.
6. Consider insurance and fuel expenses. If you already know what kind of vehicle you are interested in, you can contact your insurance agent in advance to get some estimated rates.

Original Source: Chrysler Capital's Trade-In Tips