How to Exchange an Old Car?
Chandigarh-based Abhimanyu Tripathi wants to sell his 2-year old Hyundai Grand i10 as he plans to upgrade to a bigger car this festive season. The problem, however, is that Abhimanyu is not able to find a buyer for his old car. “I have consulted a number of local dealers in the last couple of months but I am not satisfied with the prices they are quoting for my used car,” says the 35-year old banking professional.
The problem faced by Abhimanyu is not unique as many among us face similar issues at one or another point in time. Most of us want to upgrade to a new car but find it difficult to sell the older one. Not only it is difficult to find a genuine buyer in the market today who offers a good value for your used car, but the process is also very time-consuming in nature. Now given the harsh realities of deadlines we all work in, it becomes very difficult to devote so much time, energy, and efforts to sell the car on your own.
Realizing this problem, many automakers today have come up with an exchange facility. This convenience allows you to exchange your old car while purchasing the new one. The value of the old car will be deducted from the price of the new vehicle while you make the final payment to the dealership. What is even more convenient that you can exchange the used car of any brand while availing this exchange facility – be it Maruti, Hyundai, Ford, or others. It is definitely a plus point when it comes to saving time and effort.
The process of exchanging an old car to purchase a new one is quite a simple process. Following are the recommended steps that you should follow once you decide to exchange your car at new or old used car dealerships:
A little bit of prior homework which provides you a fair estimate of your used car value could prove to be very beneficial while you negotiate with the dealership on price. Getting the price estimate of your old car’s value is very simple. Go to the used car valuation and on the upper right side of the web-page, you will find a price calculator. Fill in the basic details related to your car, e.g., model name, year, city, km driven, etc. Once you enter the details, you will get a fair estimate of the value of your used car. This estimate will help you to effectively discuss the deal while sending a clear signal to the dealership executive that you are nothing but an informed buyer.
Most of the dealerships have their own impaneled jury for assessing the value of the car. Both cosmetic and mechanical factors are taken into consideration when your car is evaluated for its price. If you have installed accessories such as a leather seat, branded music system, a rearview camera, etc., the value of all these components will be added to the price of your car.
The state where your car is registered is also an important consideration when it comes to the price determination of your used car. In the case of interstate registration, expect the price to be curtailed by around Rs 15,000 to Rs 20,000. Similarly, not having a valid insurance certificate also takes the valuation of your car down by a few notches. Once this whole assessment is done, the dealership will quote a price for your used car.
The quoted price of your old car will be deducted from the price of the new car you have decided to purchase and the rest of the balance you need to pay to the dealership according to the agreed terms and conditions. Even if you have a pending loan on your used car, you can sell it provided you get a no-objection certificate from the financing agency.
Further, you can go for the financing opportunity in new car even as you exchange the old car. You can arrange a loan from banks/NBFCs on your own or take the help of the dealership in this regard. Value Dilemma
It must be noted that exchanging the car is a very convenient process; however, you won’t be able to get the best price for your used car. If you want to maximize the value, selling your used car will definitely be a more feasible option as it has greater potential to fetch you more money. On the flip side though selling the car will take more time and effort than the exchange process.
Sell your car at CarDekho
If you want the best of both worlds, i.e., getting the speed and convenience of the exchange offer and the high value of a private sale, we recommend you to sell your car at CarDekho. The car-buying portal will provide you with the best value for your used car and you will be able to sell your car in just a single visit. What’s more, Cardekho provides you the facility of free RC transfer and loan closure assistance which makes the process even better for prospective sellers.
Also Read:- Selling Your Old Car: Top 5 Things to be Careful About
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