What's the most reliable way to estimate the trade-in value of a vehicle? There are so many websites, and I've been given a range of anything from $4500-5500, and retail around $6600 but how do I know if that's anything close to what I can actually expect?

And if I'm paying MSRP for my new MINI, does that give me any sort of leverage to demand a reasonable trade-in value? I'd be more than happy with $4500 but really don't want that much less for it, and I can't seem to get it sold myself.

 

Check around autotrader, for the car your planning on trading in, with very similar options. Their prices will tell you how much they are being sold for, take a few thousand off that number, and thats what you can expect for trade-in value.

 

Okay, I think I should be okay then, based on that.

 

If you've already got the MINI enroute, and you haven't discussed a trade-in value with the dealer, you are IMO, at a disadvantage. Unless you're willing to walk with your trade-in, they can go low, knowing that the deal is already done in your mind and you'll take what they offer. Decide on a price at which you won't sell (trade in) below, name that price, and be prepared to walk. No leverage from buying at MSRP - virtually everyone buys at MSRP.

 

I could walk if I had to. I wouldn't WANT to have to, but if they tried to lowball me badly, I would.

Even though my MINI is enroute, does it behoove me to go up there and work this stuff out before it gets here? Or should I just wait? I'm starting to realize that the way I went about this was completely backwards and whacko.

But I'd be willing to start over if I had to, honestly.

 

Sell it on Auto Trader!

Yes you will have a little hassle....fielding phone calls and showing the car but you will sell it for much more than you will get in trade and then you can buy bling!

Or..........take it to a dealer out of town and spend a few hours working a deal on a similar car on their lot......that will tell you how much!

 

I'd say go in now. No benefit to waiting. If they really lowball you, then you know what you have to do. If they make a reasonable offer, then you don't go in to pick up your car distracted by the unknown variable of the trade-in. They could still change it at the last minute, but it's more info than you have now.
(Note, that I've never bought a new car, nor traded a car in, so take my advice for what it's worth!)

 

My mini dealer gave me a low offer on my 2001 Audi TT (11K). So I sold it for 2,600 over what they offered on the private market.

Their offer was 1500 below KBB for dealer trade in.

I have heard good things about Car Max giving very close to KBB figures, you don't have to buy a car from them, they will buy yours.

 

The truth is, the dealer doesn't really want your car anyway. You didn't say what year/make/model it is, but if the values you're looking at are in the $4500-6600 range, then it's obviously old enough that the dealer won't keep it on the lot - they'll just wholesale it off to some smaller "we tote the note"-type place.

Really, either a private sale or selling it to CarMax would probably be easier and get you a better price.

Scott

 

WHOA ... this is NOT true. This is PRIVATE sale ... far different than trade-in and you have NO IDEA as to how much the cars are being sold for.

If you think your trade-in is worth $6K, no dealer will most likely want it. They are going to resell at wholesale auctions immediately. Its dead weight on their lots.

The ONLY way to know is to find out the going wholesale sales for your vehicle in your region for the last several weeks. Good luck in finding that out without having dealer access

Others are on the right track. Take the car to Carmax, get the appraisal. Go back to the dealer and ask for the trade. if its less that CARMAX, sell the car to carmax or try to sell it yourself.

 

Try Edmunds.com for a good appraisal estimate. Kelly Blue book is usually too high. just my 2c's

 

carmax