25 Mistakes to Avoid When You Sell Your Vehicle

Accepting a Last-Minute Trade-In Devaluation

In most car-buying transactions, you go to a dealer, agree to a contract based in part on their appraisal of your trade-in, and then you continue to use your old car while waiting for delivery of your new car. Since something could happen to your old car during this time, most contracts allow the dealer to do a second appraisal when you return to pick up your new vehicle. This is reasonable.

Unfortunately, some dealers use this provision to arbitrarily lower the price, often significantly, just as you are psyched to take delivery of your new car. If nothing has happened to your trade-in since the first appraisal and the dealership insists on reducing its original offer, you should be able and willing to walk away. Make sure the contract allows this without imposing fees or penalties on you.