10 Tips to Prepare Your Car For Trade-In
10 Tips to Prepare Your Car For Trade-In
Posted on November 18, 2024
The holiday season is approaching, and a new vehicle is calling your name… so why not trade your car in? Trade-ins can be more convenient and offer benefits than selling your vehicle privately. We know you want a fair price on your car, and we’re here to help you get it.
To avoid losing dollars on your trade-in price, we have some tips and tricks to help you get a fair market trade-in price from our dealership. Read below for ten tips on preparing your car for trade-in with our team at West Edmonton Mall Toyota.
Tips to Prepare Your Car For Trade-In
#2: Have Your Car’s Documentation
#4: Learn How Car Trade-Ins Work
#8: Check Your Insurance For Major Repairs
Interested in selling us your vehicle? Start the vehicle appraisal process here.
Tips to Prepare Your Car For Trade-In
Tip #1: Know Your Car’s Value
You need to be as educated as possible when selling or trading in your vehicle. Don’t go through with a trade without knowing the resale value of your vehicle and doing your research!
How To Check Your Car’s Value
We recommend using online price value estimators to find estimated minimum prices for your make and model.
Here are some recommendations:
You will need to supply the following information to get accurate estimates:
- Vehicle Year
- Make and Model
- Odometer Reading
- Vehicle Identification Number (VIN)
Tip #2: Have Your Car’s Documentation
Documentation can make or break a good trade-in value! We recommend keeping any maintenance documents, oil change receipts, vehicle owner’s guide, etc., with you to bring to the dealership. These documents can show that you take good care of your vehicle and that maintenance schedules have been followed.
Have Your VIN On-Hand
VIN stands for Vehicle Identification Number and should be included in the provided documentation. You can typically find your VIN engraved on a metal plate on the driver’s side of your vehicle (bottom of the door or dashboard) or your pink slip.
Photo from DamagedCars.com
Watch "How to Find Your VIN Number" from DamagedCars.com here.
Tip #3: Learn How Car Trade-Ins Work
When you offer a vehicle in for a trade, the dealership will assess the car’s value and apply that value towards the purchase of a new vehicle. This is a great and convenient way to upgrade your vehicle!
Multiple factors will affect the car’s resale or trade-in value (see below for Tip #4). But what happens if you want to trade in a car that you owe money on?
Financed Car Trade-Ins
Dealerships will run a lien search to see how much money is owed on the car. A car lien, according to the Government of Canada, is “a lender’s claim for repayment that they register against a car or other type of motor vehicle.”
If the trade-in value for your vehicle is higher than the loan balance, you’ll receive credit towards the new one! However, if the loan balance (lien) is higher than the car’s trade-in value, then you’ll need to pay the difference. This can mean higher monthly payments or an increased cost upfront.
Tip #4: Know Car Value Factors
Let's continue with our tips to prepare your car for trade-in. Multiple factors can affect your car’s trade-in value, and staying informed is key.
Popular car makes and models are more likely to be resold and will be more likely to be desired by a dealership. General vehicle upkeep, such as eating, drinking, or smoking in the car, can also influence resale value. If your vehicle has been exposed to smoke regularly, it’s less likely to resell well.
Moreover, mileage is one of the most important car value factors. If your car is over 100,000km, its value reduces. This means that vehicles used for extensive travel or long commutes can have lower resale values than vehicles driven less often.
These factors will affect the dollar value offered to you by the dealership.
Tip #5: Engine Lights are a No-No
So you have your ducks (and documents) in a row… what’s next? If your vehicle has any service or engine lights on, we recommend sorting that out as soon as possible. Having no obvious service issues makes your vehicle more appealing for a trade!
If you have a high mileage vehicle, it’s quite common for check engine lights to turn on due to faulty oxygen sensors.
To identify why your engine light is on, we have two recommendations.
Book a Service Appointment
If you’re due for your service maintenance appointment, you can have our technicians take a look at the source of the check engine light at the same time. Book your service appointment with our team here.
Get a Code Reader
You can use a code reader if you’re on a tight budget or want to try your hand yourself. A code reader is a tool that allows you to read, display, and clear codes on your vehicle. It can also help you diagnose what the engine light is telling you. Once you know the issue, you can make minor repairs yourself or communicate it with our service team.
Tip #6: Make Minor Repairs
Does your car have minor dents and scratches? See if they can be buffed out. Is your headlamp broken? A simple bulb replacement can solve that. Do you have a dirty air filter? You can easily replace it yourself or have it done during a service appointment.
We also recommend double-checking that you have all the original items with the car. For example, if you removed a headrest or lost your gas cap along the way, these will need to be replaced.
Bonus: dealerships love it if you have both sets of keys! Keys can be expensive to remake, so bring both sets of keys to sweeten your trade-in deal.
Tip #7: Check Your Tires
As you’re doing minor repairs on your vehicle, take the chance to examine the state of your car’s tires.
If you take a car with worn-out tires to a dealership to trade in, the dealership will have to replace the tires before selling them to another customer. Therefore, they will deduct that cost from your trade-in value. However, if your tires are in good shape and still have good wear, that additional cost may not be needed.
Bonus: make your tires look good on the day with a tire shine! Toyota Genuine Tire Dressing adds a visible gloss to your tire sidewalls and makes a good impression. (Available for purchase through our Parts Centre)
Tip #8: Check Insurance Coverage For Major Repairs
If your car has more serious issues, we recommend addressing those before trading in your vehicle. For example, if you have a cracked windshield, we suggest checking your insurance coverage before considering a replacement. While you may have to pay a small deductible, it’s often worth it as you get it replaced under insurance coverage.
If your car has any major issues, such as the following, we recommend getting it checked out by a technician.
Major Issues To Consider Repairing
- Transmission break-down
- Grinding brakes
- Malfunctioning sensors
- Sputtering engine
- Choppy driving and steering
- Loud noises
- Leaking fluids
- Punctured or worn tires
- Cracked or broken windows
Tip #9: Clean Your Car
Now that your car is in good shape and you have all the documentation you need, it’s time to clean your car! Depending on the state of your vehicle, you might not need a professional detail service, but you should still clean it yourself to ensure you get the best trade-in offer possible.
Give it A Good Wash
Vacuum the interior, wipe down any surfaces, and have the exterior of your car washed. Stains, smells and overly dirty vehicles don’t make good first impressions and will reduce your car’s trade-in value. Toyota sells the Toyota Touch Kit, which includes high-quality cleaning and detailing products you can use in the comfort of your driveway.
Too busy to do a deep clean? You can invest in a detailing service from our team to get your vehicle inspection ready!
Remove Personal Belongings
We recommend removing trash from the vehicle (check those side doors and hidden compartments) and having an empty trunk. Having a lot of personal items can hamper the car inspection process and lead to a lower trade-in value.
Tip #10: Pump Up Your Car’s Mojo
While pumping your car’s tires is also important, we’re talking about boosting the perceived value of your vehicle during a trade-in offer. Don’t bad-mouth or talk down on your car!
If you talk about how badly your car runs or how much you hate it, why would a dealership want to buy it? While you should be honest about any issues with it, you should avoid trash-talking and devaluing your car during the trade-in process.
Think to yourself: will this car be an easy sell to others? Why do you need or want a new vehicle? And why should this dealership go through with this trade?
Trade-In with West Edmonton Mall Toyota
Did you enjoy our tips to prepare your car for trade-in? If you’re looking to sell your vehicle, you’re in the right place! We have hundreds of new and pre-owned vehicles ready to be purchased and would be happy to assess your vehicle for a trade-in.
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