Possible Car Trade-in Ripoff

Jerry from Toronto, Ontario, Canada submitted this question about trading in a car. I posted this in the Car Dealer Horror Story section only because of the importance of being aware and vigilant during the entire car buying process...

"I am trading in my car for a new one. We agreed on a $3600.00 trade-in value for my car but then noticed only the amount of $3493.00 on the agreement. Is there a fee I have to pay for trade-in?"

My response...
I'm not aware of a "car trade-in fee" but its possible that a car dealer might try to nick you with one...or they thought you wouldn't notice the lesser price...or they discovered something about the car after they gave you that price. Either way; you should find out and make them stick to the previously agreed upon price. You should know that you will give up a lot of money by trading in your car instead of taking a little time to sell it yourself. Car dealers are in business to make money so you won't get anywhere near what your car would be worth if you sell it yourself. Sure it will take you half a day or more to prepare it for selling, but then it could put an extra thousand dollars cash in your pocket too.

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