Whether you’re trying to start a business, grow it, or just keep it going through a rough patch, you’re probably looking for any means possible of generating revenue. However, have you considered other ways of generating assets for your business other than simply making more money? Trading vehicles around might be something you can do to help your business out, whether it’s getting the most you can from a personal passenger vehicle to help support your fledgling endeavor or tactics you can employ across an entire fleet of company vehicles. Knowing five tips for trading cars as business assets can prove very useful.
5 Tips For Trading Cars As Business Assets
- Know Both Sides: You need to know several things to make this work. First, you need to know what vehicles you have to offer as trade-ins or just as trades. Second, you also need to know what specific vehicles you are looking for. Third, have some understanding of market values so you can make the numbers match up in any transaction, even if no actual cash is involved.
- Fix Things Up: Repairing dings can go a long way in making your trade vehicles look great. Also, get any minor mechanical issues dealt with as much as possible. Savvy traders are going to do more than kick the tires on anything you have available to trade. They might even have mechanics look things over before they commit to a deal, so don’t give them anything to find.
- Stage Your Vehicles: Clean your cars, too. Get any junk out of the way. Wash, wax, and vacuum the various surfaces. Cleaning the engine can make a great impression so potential traders pop the hood but don’t see grease and grime. Take lots of pictures, and have great write-ups of vehicle condition assembled. For that matter, get VIN reports and maintenance records together as part of your sales pitch.
- Negotiate: Be willing to look for any trade that works out well for both parties involved, even if it’s not exactly what you were initially looking for. Flexibility and creativity are often crucial to negotiating a fair deal, and you have to balance your needs with what they are looking for. Mutual give and take are likely to happen, and never get emotional about it.
- Be Ready to Walk: Not every negotiation winds up resulting in a trade. While any round of negotiations needs to be given enough time for both sides to present their best offer, you also need to be open to realizing when a deal either won’t happen or just isn’t worth it. Know when it’s time to walk away and look elsewhere.
Tap Into A National Market
Trading vehicles around might be something that you start looking into locally, but you can actually do it regionally and even nationally. The availability of car hauling services isn’t just for dealerships and auctions. Private consumers and businesses can use them, too. In doing so, you can have your current vehicles taken anywhere that you need them, and you can also have vehicles that you trade for brought to you. Doing so means you don’t have to drive them yourself or deal with the time, gas, and wear and tear on the vehicles.
The further in advance, you can schedule such services, the more quotes you can get for them. That lets you save the most money, and it gives you the most options for different services. Most car haulers can pick them up in quite a few different places, so long as their trucks can get in and out without getting stuck. Dropping off vehicles is just as easy and convenient, and they will get as close to customers as they can to make things simple for all parties involved. You can even choose enclosed trucks for security and peace of mind.
Keep Up With The Maintenance
Keeping up with the maintenance schedule of any vehicle is crucial to your success. This applies to keeping up the value and condition of cars you intend to trade as much as making the most of passenger vehicles that you get your hands on. The potential advantages include:
- Avoid Breakdowns: When car parts aren’t cared for, they’ll fail. Chances are better than not that this will happen while someone is using the vehicle, and that could result in a collision or accident your business can’t afford.
- Lower Repair Costs: Prevention simply costs less than repairs do. Car parts last longer when they’re well-maintained.
- Preserve Resale Value: The overall condition of your vehicle factor significantly into market value. Even if you trade for them, you want them to be worth something as long as you own them in case you ever need to sell them, trade them again, or tap into their value as assets for loan collateral. The condition matters, both inside and out.
- Reliability and Reputation: Your employees will know firsthand how well your vehicles are cared for, and that will set a subtle yet significant standard they should uphold themselves to in your business. Your customers are likely to notice that, too.
Do these things to maintain all vehicles, no matter how long you intend to keep them or not.
Consider The Potential Savings
You can often use these tips to trade up your company vehicles for more business assets, but it might also be worth looking into trading down. Your current vehicles might just be what someone else wants or needs, and you might do just as well with vehicles of lower market value if they still serve your company in the roles and functions that you need them for. The used vehicle market might be cooling down faster than new vehicle prices as supply chains are restored and the worst of the pandemic fades away. Think about taking advantage of that.
