(CNN/Meredith) – Shopping for a new car this year?
About 40% of people who are will be looking to trade in a vehicle, that’s according to data from Edmunds. So how do you make sure you're getting the most for your old vehicle?
Edmunds recommends you start by getting more than one offer. First, get an online appraisal at Edmunds or another website. Then, get trade-in quotes from several dealerships.
All of this will give you a better understanding of your vehicle's actual value. And keep an eye on the timing of your trade-in.
You'll want to do it before you renew your registration. And if you lease, trade it in before your upcoming payment.
But hold off on replacing tires, or doing repairs. Chances are you're not going to get a better trade-in value by taking care of those issues yourself.
And check your insurance claims, if you had any accidents it will most likely drop the value of the vehicle.
And make sure you have all your service records and receipts.
Dealerships will see you as a responsible car owner, and those owners tend to have well-maintained vehicles, which are usually more valuable.
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