Do you provide the VIN# of trade-in to dealership or hold off and initially just give them year, trim, and miles of the car?
I was reading online and it said if I provide the VIN# of my SUV that’s towards the end of it’s lease, if it’s the same manufacturer they can look up the exact “residual value” of the SUV by the VIN# and that can impact on what amount they actually offer me…is this accurate?
Should I just tell dealerships that I do not want to provide the VIN# until they are at least able to provide me with what their highest trade-in offer is?
I get that the VIN helps verify options, accident history, and gives them a more accurate trade-in number. But my concern is that if it’s the same manufacturer as my lease (Hyundai dealer for a Hyundai lease), they can use the VIN to look up my exact residual value and buyout price.
If they see my lease buyout is $21K, they may just offer me that amount instead of what my car is actually worth in the market. I’ve heard from others that getting a trade-in value first—before giving the VIN—helps avoid this situation.
Wouldn’t it make sense to get their trade-in range first and only provide the VIN once I know their offer is competitive?
You should know your payoff and approximate equity (if any) before even engaging with the dealer. Most would advise you make them separate transactions (different dealers).
I agree, knowing your payoff amount and potential equity ahead of time is key. I’ve already checked my buyout, so I know exactly what I owe on the car.
I also like the idea of keeping the transactions separate and getting quotes from different dealers. I just want to make sure that when negotiating my trade-in, I’m getting the best possible offer and not having the dealer just match my buyout price if my car is worth more.
That’s why I’m thinking of holding off on providing the VIN until they commit to a trade-in offer. Have you found that dealers adjust their offers once they see the buyout price?
I appreciate the different perspectives, and I’m not set in stone on this, I’m just trying to understand the best approach to maximize trade-in value.
I absolutely plan to provide the VIN before finalizing a trade-in, but my concern is that if I give it too soon, the dealer may just match my lease buyout instead of offering what the car is actually worth.
I agree that getting quotes from online sources like Carvana and CarMax first makes sense, and I’m doing that. I just want to make sure I’m negotiating from the strongest position possible.
I’ve had dealers say “good for you” when they see the payoff!! Who cares if they know the pay off you can say no to their offer. Both parties are acting in their best interest regardless.
That’s a good point. I guess my concern is just making sure I’m not giving away leverage too early. But at the end of the day, I agree, both sides are looking out for their best interests, and I can always walk away if the numbers don’t work.
Do you think it’s worth keeping the “new lease discussion” separate from the “trade-in value” discussion? Meaning trying to get the best possible new lease deal first (e.g. lowest selling price/cap cost, best money factor value, applied incentives, etc.) and then discuss the trade-in value after. Ty.
