If you’ve ever traded-in your used car with a dealer, then chances are you could be at least $4,000 out of pocket.
It should hardly come as a surprise that trading-in your car with a dealership doesn’t makes the best financial sense – so why are so many car owners still falling into this dealership trap?
1. You’re too excited about your new car
Most car buyers are too fixated on their new car to worry about their trade-in price, and often don’t realise how far below market value they are being offered for their car.
2. You think you’re getting a good deal
Even if you think you’re getting a good trade-in price, this is usually at the expense of a higher finance rate or purchase price on your new car – so either way you’re still out of pocket.
3. You can’t afford your new car without a trade-in
In many cases, being able to afford the deposit or securing finance for your new car depends on trading-in your old car, so many owners feel obliged to accept their trade-in offer.
4. You don’t want the hassle of trying to sell privately
Sometimes it’s a case of ‘better the devil you know’ with many car owners preferring to trade-in their car at a dealer rather than going through the hassle of trying to sell a car privately.
5. You didn’t know there was a better option
With HelloCars, we can give you an online valuation in 60 seconds and guarantee that you’ll be paid at least $1,000 more for your car than a dealer. Once your car is HelloCars Certified we can pick it up and pay you right away. Find out how much your car is really worth.