Trade-Ins a Sticking Point

Consumers’ frustration over what they get for trade-ins appears to be building, according to a recent survey by a car sales platform.

The DealNow poll found a scant 10% considered the compensation they received from dealerships for their old cars to be fair, while 40% believed they got a fair price by selling theirs independently.

The stark finding is all the more pertinent today, when many consumers are upside down on their trade-ins’ loans.

In terms of the overall trade-in experience at dealerships, just 9% came away with a high level of satisfaction, said DealNow, which found that about 40% felt “somewhat” satisfied.

DealNow said its findings also showed that both dealership and third-party vehicle transactions are still lacking the full digital processes it said many consumers seek today.

“Consumers are wanting a full digital retail experience; however, the responses from this survey highlight how far the current dealership and third-party sites are from meeting the expectation,” said DealNow CEO Brad Parker in a press release on the survey.