TradePending TV

Can we retire the debate over “single price offer” vs. “trade-in range”?

What’s better? Giving your customers a range for a trade-in or a firm single price offer? 

Getting somebody a value on their trade-in is one of most important steps in a car buyer’s journey, and there are two schools of thought on what that value should be.

Should people get a range?Or is getting a single price better?

A single price can be good because the person has some degree of certainty about a number, but there are a couple of downsides.

To get that single number, you’ve got to ask a lot more questions. More questions = more time = more people abandon the process. You get fewer leads. 

A single number also locks you into one number. If the consumer doesn’t like the number, they typically opt to not trust you (the dealer), instead of the tool that gave it, no matter how “trusted” it really is.

The range has pros and cons too. It’s easier to give a range, which means the consumer typically only needs to provide a few basic details. Consumers complete the process in just a few seconds vs. minutes. This creates a ton more first party leads.

A range also doesn’t box anyone into a price, which lets your team better control the conversation. But that person looking for a firm price may bounce somewhere else to get it.

So what’s better, the range or the single price? YOU NEED BOTH! And the reason you need both is to meet your customers where they are in the buying process.

Those that are at the very beginning and want the quick hit of information, the range is perfect for them.

Those that are deeper in the cycle and willing to invest more time to get a firm offer, that single price is perfect for them.

And the great news, surprise, TradePending does both. That’s a HUGE difference between us and everybody else, and the way those two products interact with each is pretty slick. 

If you haven’t seen how to get your customers both a range and single price from one solution, it’s time to reach out to us.