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An important step in the trade-in discussion

January 18, 2011
Filed under From the Editors

Nel PascaleTell me if this doesn’t sound familiar. You’re working with a customer on a trade-in, determining what you’re willing to pay for their used unit and what they’re willing to sell it for.

They say, “I want $4,000 because I see it listed at Craigslist and eBay for at least that price!”

You say … well, exactly how does one counter that?

Barry Eisenberg, general manager of Greater Boston Motorsports, pointed out one terrific comeback earlier this week during a visit at his multibrand store.

In response to the stated question, Eisenberg asks a simple question in return, “But what did the unit sell for?”

A listing price doesn’t indicate a unit’s value as much as its selling price does. You can find that information out on eBay by doing an “advanced search” and looking under “completed listings.”

It’s a simple step, but one that could really pay off in getting a consumer to grasp the true value of their trade-in.

Comments

One Response to “An important step in the trade-in discussion”

  1. Mike Murray on January 19th, 2011 10:00 am

    Another point to make in that situation is that a trade-in is a wholesale transaction, not a retail transaction. Using craigslist to comp asking prices and Ebay to comp actual selling prices are both good practices, but using NPA Value Guide will give the true current wholesale value. Many dealers show a customer the Value Guide as a way to ease their expectations of “retail” as a trade-in value.

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