1 February 2019 ·

Understanding the Trade-In Process for Your Car | Phil Gilbert Hyundai

Understanding the Trade-In Process for Your Car

For many of us, the process of buying a new car doesn’t involve just choosing and purchasing your next vehicle, but also getting rid of your current one. There are two main options when it comes to doing this - selling it privately or trading it in at the dealer. The dealership where you are purchasing your new car can offer you a price for your old car which will be taken off the price of the new car. The final price you pay is called the changeover price. The dealer then becomes the owner of your old car while you buy your new car at a discounted rate.

What Does the Dealer Value My Old Car?

There are a wide range of factors that determine what kind of price a dealership might offer you for your old car. However, it’s typically based on the market value of your car (i.e. how much it is likely to sell for in an open market).

The trade in value of your car may also depend on factors such as:

●     The popularity of the make and model

●     How many similar cars the dealer already has

●     The age and condition of the vehicle when you bring it in

Before taking in your old car to trade in, it's a good idea to wash it. If you have finance on your old car, bring a letter from the lender to confirm how much is still owed on the vehicle. If your car is old or in poor condition, confirm it can be included in the changeover price ahead of time.

Trade In vs Selling Privately

Whichever way you decide to sell your old car, there are benefits and downsides. If you choose to sell privately, you may get a larger price than your dealer is willing to pay, but you may have to wait a while before you find a buyer. This can be costly if you have to buy a new car before you’ve sold your old one.

It's also inconvenient if you need the money from the sale to go towards your new car or if the buyer wants your old car before you’ve gotten your new car, leaving you without transport.

Benefits of Trading In

If you choose to trade in, you know precisely where you stand financially when you agree on the trade-in price. Trading in also means:

●     A fast and simple transaction

●     No hassles with disposing of your old car

●     No advertising costs and dealing with tyre-kickers

●     No need to repair or spruce up your car to attract private buyers

Discussing trade in prices with dealers can sometimes get confusing, especially when other discounts are also being discussed. Avoid this confusion by asking for the changeover price. That way, you’ll know how much you have to pay to leave your old car and drive away in the new one.

Hyundai Car Dealership in Sydney

Looking to trade in your old car for a Hyundai? At Phil Gilbert Hyundai, we have a wide range of new and used Hyundais at our Hyundai dealership. With two locations in Croydon and Lidcombe, we offer convenience as well as expert advice, servicing and financing. Visit our Hyundai showroom today to discover your next Hyundai car. Contact us today and call (02) 9735 8400 for more information.