What to do With ‘Ole Bessie? Trading in an automobile can be a very emotional experience, particularly if you have had “‘Ole Bessie” for awhile. Owners often place sentimental value on their vehicle that is higher than the vehicle is actually worth, which makes it difficult when it comes to trading it in for a new vehicle.
Here are some tips and advice for trading in your used car:
First, you want to take Bessie for a full checkup. Make sure she’s running well, is clean inside and out, and has no major dents, dings, paint scratches or rust. The better she looks and runs, the higher your potential trade-in value when negotiating with the auto dealer.
Second, review other Bessies that are the same age, make, and model as yours. Comparing the retail vs. wholesale price of other vehicles similar to yours will help you ask for the right amount of money for your vehicle when the time comes.
Next, go online and review the Kelley Blue Book value of your vehicle at www.kbb.com. This is a great, reliable resource to help you understand fully what your vehicle is worth, and will help you walk into the dealership with confidence.
Finally, consider selling Bessie outright or on consignment. The trade-in value of most used vehicles is much less than you could expect compared to if you tried to sell it yourself before going to the dealership. You will likely end up with more cash in your pocket, which will give you a larger down-payment for the new vehicle you intend to buy.
You may even decide to keep Bessie, depending on how much it will cost to ready her for selling. Good, reliable Bessies are difficult to come by, and keeping them is often your best line financial line of defense.
If trading Bessie in is truly your only option, then review your options, make sure your Bessie is in the best shape she can be, and ensure that your trade in is going to net you the best financial results in the purchase of your new vehicle.