Trade-Ins a Sticking Point
Survey finds many consumers think they don’t get fair value and still seek transparent and fully online process.
In terms of the overall trade-in experience at dealerships, just 9% came away with a high level of satisfaction.
Pexels/Richard Taveira
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.
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