Everyone around you seems to be driving the latest van in the market. How are they doing it? Trade-In! Yes, that’s right. Trade-in, also known as part exchange, is a popular phenomenon among automobile dealers in the UK. So, if looking for a way to upgrade your trusty van, go the trade-in route for a modern, sleeker model.
Before making that leap, though, did you know that preparing your trade-in is an excellent way to boost your current van’s value? Swiss Vans understands how imperative it is to secure the best possible trade-in deal for your van. And we’re committed to guiding you through the entire process.
Getting the Gist of Your Van’s Trade-in Value
First things first, what’s a van trade-in value? Let’s say for instance you’d like to upgrade your current 2013 Ford Transit Custom 2.0TDCi van for the 2024 version. The dealership will value your van at, say £8,500. While the 2024 Ford Transit Custom may trade at £32,500 excluding VAT.
The trade-in value of your van will be what your dealership is willing to pay to buy your van. And surprisingly, it can be lower than £8,000, your van’s market value. So, the dealership would expect you to settle this difference to walk away with the brand-new 2024 Ford Transit.
What happens to your old van? Well, at this point, you don’t need to know what happens to it. All that matters is to maximise your van’s trade-in value so you can pay less for an upgrade. And that’s what we’re here to help you achieve. One thing you should know is that the dealership will always try to quote a lower value for your current van, even much lower than its actual market value.
It’s upon you to play your cards right and convince them that your van actually costs a bit more. Here’s how you do it.
How Does the Dealership Value Your Van During Part Exchange
Before we jump onto how you can maximise your trade-in value, let’s consider how dealerships appraise your van. Every dealership will assess your van based on the following factors:
How old is your workhorse van? The older it is, the less value it will hold. New vehicles will fetch a better price and this can help lower your top-up amount to drive away with your dream van.
Make and Model
Vans that sell faster will attract a better resale price. If you own a Ford Transit, the UK’s most popular van, it’s more likely to get you a better appraisal. On the other hand, less popular vans such as Nissan NV200 or Vauxhall Vivaro will tend to fetch a lower trade-in value.
Just like private buyers would judge a vehicle’s value by its exterior and interior cosmetics, the dealerships also do the same. The presence of exterior or interior damages, mechanical faults, or missing parts will lower the vehicle’s value. Even if you’re not planning on doing a trade-in, it’s imperative to keep your van in superb condition. Otherwise, no one would want to buy a vehicle in an ugly state at a higher price.
The higher the odometer reading, the lower the value of your van. In general, if your van’s mileage is higher than the annual average for its manufacture year, then it’ll most likely fetch a lower price.
How organised is your van’s service history record? Do you do service and maintenance every time it’s due? If your van has a strong maintenance history, it can help you earn some extra points and push the resale value by up to 20% during a trade-in. Generally, a well-maintained vehicle assures the dealership that nothing’s likely to go wrong when they buy your van.
How to Maximize the Trade-in Value of Your Van
Now that you know what dealerships check for when appraising your van, let’s look at what you can do to improve your van’s trade-in value.
Time your Van Trade-in
Getting the best trade-in value isn’t just about ensuring the vehicle is in its best condition. It also demands a bit of shrewdness. Instead of going to a dealership at any time, consider doing so during certain times of the year. For instance, if you have a convertible, it’s more likely to fetch a better price during the summer months when it’s in high demand.
Dealerships may be willing to increase their offer during Spring or early Summer if they know your van is highly likely to get a buyer faster.
Know your Van’s Market Value
Before approaching a dealership with a trade-in proposal, ensure you’re aware of your van’s current value. Get an accurate evaluation from an unbiased appraiser or through online vehicle appraisal tools. Knowing the vehicle’s value upfront gives you negotiation confidence and a realistic expectation.
Use Swiss Vans’ unbiased vehicle appraisal service by contacting us today. We have a team of experienced appraisers ready to help you understand your van’s worth.
Keep the Van Clean
Who said that the cleanliness of your van wouldn’t hurt its trade-in value? Even though it’s easy to overlook this issue, dealerships may show concern for other things when they’re presented with a dirty van. A clean van simply means that it’s well taken care of, both mechanically and cosmetically. And that is highly likely to fetch a better price.
Maintain and Service The Van Regularly
A well-maintained vehicle will always attract the fascination of onlookers and potential buyers. The same goes when considering a trade-in. Regularly service the vehicle, replace the oil on time, do tyre rotation, and cleaning. That’s not all, ensure you keep proof of maintenance through well-maintained service records. This goes a long way in strengthening your bargaining power when negotiating with the dealership.
Always Do Minor Repairs
Don’t leave repairs unattended, no matter how minor they may look. Inspect the van for minor scratches, dents, and other little cosmetic factors and have them fixed before a trade-in. Remember, dealerships are very keen when doing valuation. They’ll spot these minor repairs and deduct the costs from the trade-in value of your van.
However, Swiss Vans advises owners to weigh the cost of these repairs and the overall effect they’ll have on the trade-in value. If a repair will add little or no value to the trade-in price, perhaps it’s wise to let it slide.
Consider Offers From Different Dealerships
Don’t take an offer from the first dealership as your final. Swiss Vans advises you to shop around and compare trade-in quotes from different dealerships. If possible, use the offer from one dealership to try and sway another’s decision. You might be surprised that some dealerships may be ready to match the offer from a competitor.
Separate Trade-in Value from Your Desired Van’s Price
Another secret tip that always does the magic is to never bring the price of your desired van into the negotiations of your trade-in van. Dealerships are after making profits. One way they achieve this is by giving you a higher trade-in value and then increasing the price of your dream van. This high figure neutralizes your trade-in value, leaving you with a higher price to pay.
First, negotiate the price of the new van and ensure the deal is put in writing before offering to trade in your van. The trade-in should come later as a separate transaction, therefore increasing the chances of landing a good deal on both transactions.
Trade-In A Van with Outstanding Finance At Swiss Vans
Perhaps your current van is on finance, but the need to upgrade has become so evident. Can you still trade-in for an improved van make and model? Well, several issues need to be considered before determining the possibility of the trade-in.
Based on the type of finance option your van is on, it’s worth remembering that you assume full ownership until you settle the final payment. That means that you’ll need to make a settlement lump sum to terminate your existing agreement. This will then free you from finance and be ready for the trade-in.
At Swiss Vans, we’re prepared to settle your outstanding finance balance on your current van. So, don’t be afraid to approach us with a trade-in request if you haven’t cleared your finances. This amount can then be transferred to your new finance option with us once you finalise your agreement with us.
How Do You Benefit from a Trade-in?
Van trade-ins offer numerous perks that elevate your van ownership journey. Instead of going through the complexities of finding a private buyer, trade-in gives you convenience. You can seamlessly upgrade from your old van to a modern, sleek version without the hassles of advertising to find a buyer.
At Swiss Vans, we’re committed to helping you go through the trade-in process seamlessly. Our process is transparent, with incentives and favourable financing terms to enhance your van purchase experience. Contact us today and let us guide you to ownership of a technologically advanced and modern van.