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The “right” way to do a trade-in.

It is simple, but you need to follow these steps to know what sort of deal you are making.

#1.  Shop and discover what you want, what you can afford, and where you feel most comfortable in buying.  See what their return policy is.  Find out about any warranty or trade-back policies.

#2.  Find out the amount you can get outright, for immediate payment, on the item you wish to trade-in.  This is the item you no longer wish to own.  Shop around until you are satisfied that you understand the situation no matter how little the offers may be.  Now that part is done.

#3.  Determine the final item you wish to purchase.  Do your research to discover the best asking price for the item and make every effort to have a vendor who you feel most comfortable with actually do the deal with you.  Even if it costs a few bucks more, relationships and emotions have value that can’t be exactly measured.  Be sure you are at the price which totally makes it work for you.  Price is important, but not the only consideration.

#3.  From out of nowhere, pull out your trade-in and ask what the item is worth in order to make the deal.  You already know exactly what you can sell it for outright, and you also know exactly what you must pay.  If your vendor wants to over allow a bit in order to tempt you into the sale, now is the time for you to get the benefit of trading in by making the vendor give you a “liberal” trade-in. A liberal trade-in will result it you getting the new item for less.  They may or may not wish to trade, but you know exactly where you stand and when to say yes or no.  If the trade-in benefits the bottom line cost, then go forward, if not, you can decide to sell to your other bidder or not to make the trade.

One must be aware that if any mention of a trade-in is made in advance of the final asking price on a new item, there may be no way to get to the exact asking price.  If you don’t have the asking price settled, then any trade-in allowance is a mystery that you cannot later figure out and you will have more or less ruined the potential extra value of the trade-in.

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Advice to vacationers who want to buy jewelry or a diamonds when travelling

Pretend for a moment you are on a wonderful trip somewhere with your spouse or loved one.  In your busy lives, you never have enough time to do as much with one another as you would love to do, so you decide to shop together for a gift for one or both of you at your next destination.  You may have attended a great “informational” sales pitch on a cruise ship or you may be headed to one of the many destinations where shopping is “duty free” or supposedly at a large discount.  You are happy, peaceful and optimistic and have put your daily worries aside for a few hours or days.  The sky is blue and life is good.  You have turned off your warning radar and are about to become a victim.

You shop, but you find there is quite a bit of pressure to decide on the spot.  You see things you like, but you really have no way to comparison shop as you normally might do at home   You forget yourself and just wing it.  You take a chance and don’t realize what you might have done to you and your wallet until later that night or even until you get home.   Then, you read the return instructions and discover how very difficult it will be to get this purchase reversed, exchanged or adjusted.  Many find themselves in exactly this position.

You will find that had you been more aware of the pitfalls you might have bought the same items at home from a trusted source who would work out any and all kinks in the deal just to keep you happy, but now you have bought something where getting it made right will be nearly impossible.

Please, don’t become a needless victim of impulsive buying when you are not in your comfort zone.  Since it is very much like gambling when you are really uninformed, never spend more than you can afford to lose.  You can still buy a trinket or little gift that is sentimental and meaningful, but why would you buy something really costly and risky when you may have no recourse to have any issue straightened out later?