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Dealers Paying More Money for Trade-Ins Right Now

Trade in Prices2 out of 3 new car buyers have a trade-in, and if you're one of them, you're in luck.

Trade-ins are commanding higher prices, according to a recent study by the National Automobile Dealers Association.

They're in demand due to a shortage of used cars.

NADA expects a 4% drop in used-car supplies throughout 2011, leading to a 5% to 10% price increase in used-car auction prices, which is one of the primary methods for car dealerships to acquire used vehicles.

When dealers can't get their vehicles at auction, they look elsewhere - namely trade-ins.

A lot of the price increases are due to pent-up demand.

With the economy improving, people are more able and willing to replace their old clunkers with a new car. GM and Chrysler have seen residual value gains of 15% to 20% for 2 to 5-year-old models, according to NADA.

Used Japanese, German and Korean brands have seen 10% price increases.

If you have a lease that ends soon, you can also take advantage of the situation by comparing your end-of-lease buyout price with the market price of the vehicle.

Some people are reporting price differences of several thousand dollars. It's certainly worth looking into.






3 Steps Every Car Buyer Needs to Take to Save Maximum Money

The key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:

Step 1 Get Prices From My Trusted Network

Select the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Select Vehicle to Get Local Pricing

Step 2 Get Prices From TrueCar / CarsDirect

TrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.

Step 3 Complete my Checklist

Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan

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About The Author

Gregg Fidan Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.

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