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Check out these tips before you sell your car.

Buying a New Car? Explore Your Trade-In Options | CarMax

Ready to trade in your good ol’ ride for a new one? We know it can be hard to say goodbye but consider this: your pre-loved pal could be worth more than you think. Before you sell, it’s important for you to explore your options to get the appraisal offer and experience you deserve, and we can help you get started.

We surveyed over 1300 car sellers in 2019, and there are a few things you should know before handing over your keys. As you might expect, most people choose where to sell their car based on the amount they’re offered. Of people polled, 88% took the highest offer they received, but 39% of sellers received only one offer for the vehicle – so are they really getting the best price?

Buying a New Car? Explore Your Trade-In Options | CarMax
Buying a New Car? Explore Your Trade-In Options | CarMax

It can be tempting to pick up your new, shiny car and trade in your old wheels all in one stop. While this can feel hassle-free, it may not help you get the best experience. Our research shows that many people don’t really think of getting an additional offer outside of the new car dealership. However, taking the extra step to get an additional offer could be the thing that helps you come out on top.

It’s important to know that dealerships can make a lot off of trade-ins. According to nerdwallet.com, a dealer can make as much as $4,000 on a trade in, compared to about a 7% markup on a new car. When you trade in your vehicle at the dealership, they have some wiggle room to move their profit between your trade-in, new car price, and financing terms. Because of this, they may increase your trade-in value as you negotiate but be on the lookout that the price or financing terms of your new car don’t change. Having another offer to compare will help you feel more confident to negotiate your best price and avoid any pitfalls or dealership tactics.

Buying a New Car? Explore Your Trade-In Options | CarMax

Getting an early appraisal offer will also help you during your shopping experience. Since most people finance their cars and pay a down payment, not knowing how much you’re getting for your old vehicle can make it really tough to know how much to spend on your new vehicle.

Buying a New Car? Explore Your Trade-In Options | CarMax
Buying a New Car? Explore Your Trade-In Options | CarMax

With online estimates being an easily accessible resource, people often feel ready to negotiate at the dealership. Of people polled, 94% take the time to research their vehicles value online. But getting an estimate may not give you the answer you need. We aren’t all pro car buyers, so evaluating things like features can be a hard thing to estimate accurately.

Buying a New Car? Explore Your Trade-In Options | CarMax
Buying a New Car? Explore Your Trade-In Options | CarMax

Many appraisal websites can only give you an estimate or a range of your car’s value, and that could pose a problem. If your car is worth $15k to $20k, then a difference in $5K is a lot to lose out on. With multiple condition choices and methods to selling, it can be hard to pinpoint a fair offer.

All in all, there’s no substitute for getting a hard offer, in-hand. And by the way, we can give you a real offer, in writing when you come into the store.

Buying a New Car? Explore Your Trade-In Options | CarMax
Buying a New Car? Explore Your Trade-In Options | CarMax

We want you to get the best offer you can get. To do this, consider buying a new car and selling your old one separately.

Buying a New Car? Explore Your Trade-In Options | CarMax
Buying a New Car? Explore Your Trade-In Options | CarMax

We can help by giving you a free, custom offer, good for 7 days, so you can take some time to shop around. We don’t negotiate on our offers; it’s a firm offer you can rely on based on the experience of our car buying experts who have appraised over 30 million cars. Stop in to get a quick, customized offer in-hand so you know where you stand.

Looking to learn more? Check out this related article:

How to Sell Your Car | CarMax

How to Sell Your Car

How you sell your used car is up to you. But at CarMax, we’ll give you a same-day written offer for your car — and you don’t have to buy a car from us. Here are tips and pointers for getting a real offer for your car from CarMax.

Ready to start selling? Click here.