How to Trade for a New Car

Video Transcript

CATHY DROZ: The truth is most people do trade-in their present vehicle for a brand new car. So in this next clip, we're going to show you how to negotiate that trade-in with what you're buying now. BILL ZERVAKOS: Well, the most important thing about negotiation is having a base to negotiate from. So let's go walk through the deal here. Well, Kelly Blue Book is a great way to get started. So what we'll do is we're going to look for Lincoln, so we go to that, we put in our zip code, we get to the type of car that we want so we'll know what's going around the area. So I had a Lincoln, so I had a 2000 Lincoln LS. So I click through here. And I go to the year 2000. First thing you'll notice, you're coming up with three values. You have a trade-in value. You have a private party value, and a suggested retail value, pretty much self-explanatory. So trade-in value, for example, when you punch it in, you have a V8 or V6 and now you've got some choices to make here. Put your mileage in 70,000. And if it has anything other--most of the standards will come up. But mine had a multi-disk player, had a sport package, premium sound system, and premium wheels. Those were the things. Now, I'm going to come up with the condition. Naturally, my car is in excellent condition. I think it's excellent. Truth is it's probably good. So, you go there and that'll actually give you a description of it. And the next thing you know after you wait, you come up with some pricing, excellent condition $8,150, good $7,557, $7,575, and Fair $6,580. In this next clip, we're going to talk about your trade-in in more detail.

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