How To Trade In Your Car in the Philippines
Updated on July 26 2024
If you want a quick sale, a trade in is your best option
Whether you're shopping for an upgrade or just want to dispose of a current vehicle, selling or trading in are your two main options. Selling a car yourself is pretty open to personal preferences, so let's focus on how to trade in your car in the Philippines.
What is a car trade in?
Traditionally, a trade uses something old (in this case, your car) as portion of the payment for something new (a new car from the casa). However, a car trade in nowadays can also mean selling your car in exchange for straight payment.
Where can I trade in my car?
The casa or official manufacturer dealerships are top of mind when it comes to trading, usually you go here if you intend to purchase a brand new car from the same place. The used car will act as downpayment and a buyer covers the rest via auto loan or financing.
Your second option is used car sellers. Aside from the possibility of trading in toward another used or repossessed car, you may also opt to receive a cash payment for your old unit instead.
Here at Automart.Ph, we have our very own Sell My Car service. We sell your car while you wait and you may also use it to trade in for a high-quality used or repossessed car from our stock.
Should I trade in my car?
The pros and cons of trade ins are simple.
The main benefit of trading in your car is that it is easy and fast. There are always car dealers and used car lots waiting to buy your old car. Compared to waiting for private buyers to approach, it is much quicker to simply drive your car to the dealer for a trade in. Usually, they will take care of the necessary paperwork as well.
The big con? You will likely get a lower price for your car than if you sold it yourself. Don't be shocked to find out your trade in appraisal price is not what you imagined–these dealers and lots are still businesses after all
How do I trade in my car?
1. Research your car's value
It is best to have an idea of your car's value before getting it appraised. This may help you if the final offer is open to negotiation, it may also help you decide on trading in versus selling outright. This can be as simple as searching for the same year and model units online, and seeing how they are priced.
Remember: late model cars are the most preferred for trades, and cars past a certain age may not even qualify.
2. Prepare your car properly
Do not give the appraiser any opportunity to lower their offer or "baratin ka." Get a proper carwash on the day itself to make the exterior and interior as presentable as possible.
If possible, have any small scratches, dings, and obvious visual issues repaired if budget and time allows. These simple steps can easily add thousands to your appraisal.
3. Make sure to have all necessary documents
This is easy to forget–make sure to have all the relevant paperwork (OR/CR, deed of sale, etc.) prepared as any missing documents will harm your car's value or cause outright rejection.
An important note: if your car is under financing, don't start gathering your loan papers. Assume balance or "pasalo" is not accepted for trade in by majority of buyers, if at all.
4. Get several appraisals
Do you plan to go new after? Head to the casa and save the hassle. However official dealers will often give the lowest appraisal value.
Used car lots will likely offer more but can vary in their offers–so don't settle for the first trade in price you hear. Used car sellers may also offer cash on the spot, or after a successful sale–make sure to find out what value you can get via either approach.
5. Accept the best offer
It's quite likely that you will receive several different offers for your car. From there, it's just a matter of choosing the best price!
Buying your next car
Automart.Ph provides the same deal for our thousands of high-quality used and repossessed cars: the lowest possible and fixed price. No markup, walang patong. Once you've sold you car via trade in, head over to https://automart.ph or you may also contact us at 0927-887-6400 for more information or to set up an appointment.