Determining a Trade-In Value
There are a number of reliable sources you can use when trying to determine a fair trade-in value, and luckily many of these resources are now available online. One of the best known is the Kelley Blue Book. Kelley Blue Books is an appraisal resource that provides market prices for almost all makes and models in varying conditions. It also provides the retail value, trade-in value and private party value to help you determine what to expect when either selling your automobile or buying a new or used car. You can conveniently access Kelley Blue Book values online through sites.
Other appraisal services include the Edmund’s, NADA’s, Orange Book, Black Book and Galves Auto Price List. It is important to acknowledge that the values quoted by these sources are not set in stone. Each used car is unique, and the same goes for its expected trade-in value. In the end, your car will be evaluated on a number of factors before a trade-in value is determined.
Evaluating a Trade-In Value
Your trade-in value is based on several factors, and different dealers may offer you very different prices. The best way to begin understanding how dealers will determine your trade-in is to put yourself in their position. In order to make a profit on your car, the dealer won’t pay more than what they think they can recover in the resell. There are several good online resources to determine resell value of used cars.
In addition, inventory is important. In other words, if your car is scarce on the lot, you could get a higher trade-in value. However, if the dealer already has similar models on hand or your model is in low demand, your auto trade-in may garner less than anticipated.
During the auto trade-in process, dealers look at the body, interior and working quality of the car before determining a trade-in value. Certain factors such as body damage, old components or even the smell of smoke in the interior can greatly reduce the trade-in value. Knowing that, there are several steps you can take to improve your potential trade-in value.
Improving Your Trade-In Value
There are many things you can do to improve your car’s trade-in value. Most importantly, you will want to make sure your car is well maintained. Be sure to wash your car before you go to the dealer and that your interior is clean and odor-free. Also make any necessary minor repairs such as cosmetically repairing small dents and scratches. On the other hand, major fixes might cost you more than they’re worth. For example, only paint your car if necessary as this may reduce the trade-in value.
And finally, don’t let your emotional attachment to your car stand in the way of your trade-in. Though your car may have many priceless memories, those memories do not factor into the value of your car.
