We speak to dozens of prestige car owners each week, and a common question is “how do I get the best trade-in price for my car?”
At Summon, we provide an alternative to a dealer trade-in, but sometimes people need the speed of a trade-in as compared to a private sale process which can take a few weeks.
As almost everyone knows, whether your car is an Audi, Porsche, Mercedes, BMW or Goggomobil, selling it to a dealer as a trade-in or at a wholesale price usually comes with a significant discount off the “private sale” price of the car.
But, what is the best way to minimise this discount, and get the best possible trade-in price?
First, let’s start by explaining a typical trade-in process, and the journey your prized car will take from your driveway to the garage of the next owner. Let’s imagine you are selling a Range Rover Sport;
There are various combinations of this journey, depending on if the dealership is part of a larger group, whether the wholesaler purchases it directly from you at trade-in, etc.
At each stage in the process, the buying dealer, wholesaler and selling dealer incur expenses such as financing the car purchase, real estate costs, insurance costs not to mention Government fees (some of which are passed onto the buyer).
It’s no wonder a dealer trade-in price can be 15% - 20% less than a private sale value of the car. It’s generally not because the Audi dealership are making a huge profit on your trade-in, moreso that it’s an inefficient process with many steps and expenses.
The best way to maximise your trade-in value (aside from driving a hard bargain!) is to consider how to reduce the number of steps. For example;
Alternatively, if you are not in a hurry to sell or buy, consider selling your car privately, and skipping steps 1 through 4!
Summon can help you to sell your car privately, maximising the value of your car and saving you any of the hassle. Enquire for a free valuation of your car here.
To get started, all you need to do is tell us a little about your car. We will then let you know our valuation (a recommended listing price) for the car, along with a no-obligation quote from Summon for our concierge services.