Question: I’m in the market for a new car. What’s the best way to trade in my current vehicle?

Expert: Jim Shorkey III of the Jim Shorkey Auto Group

The trade process at most dealerships has never been easier than it is right now. This is largely driven by the fact that we have an efficient market. Efficient markets are often described as a market where buyers and sellers have similar knowledge. Thanks to the internet, consumers can get real-time vehicle value data through a host of websites.

In most instances, dealers use these very same tools: KBB, Edmunds, TrueCar, Cargurus, Manheim and more. They allow for an informed consumer and transparent dealer to quickly agree to a fair trade-in value.

For consumers, it is recommended that you appraise your vehicle online prior to taking it to a dealer for an appraisal. Just make sure that you do your best to accurately describe any cosmetic, mechanical and maintenance requirements. These items will be assessed by any purchasing dealer.

A consumer can go directly to any of the valuation companies listed above. Another option is the dealer’s website. Most dealers have vehicle valuation tools embedded into their website. These tools are managed by credible third parties. Communicating with a dealer directly through their website can streamline the online to in-store transition.

Here are some steps to follow:

1) Do your homework and work to understand the price range you can expect for your vehicle. The sites listed above — KBB, TrueCar, Edmunds, NADA, CarGurus — are a few good options, but certainly not the only options.

2) Once you find a dealer or dealers that you would like to transact with, schedule an appointment to have your vehicle evaluated. Make sure to bring your registration and insurance card.

3) Wash your car and make the interior as presentable as possible. Little details can have an impact on what a dealer is willing to offer for your vehicle.

4) Take an active role with the appraiser at the dealership. Give them any pertinent details and maintenance records that may make your vehicle more attractive to the dealership.

5) Assuming you and the dealer can agree to a fair deal, enjoy your new ride!

Jim Shorkey Auto Group: jimshorkey.com, 12 locations in the Pittsburgh area

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