Knowing Your Trade-In’s Value

July 27, 2016
Posted by: admin10

Knowing Your Trade-In’s Value

It is not always advised to trade-in a car. Selling it off is considered a better option over a trade-in. But if you are still considering a trade-in over selling your vehicle, then at least you should know the worth of your car first. Trade-in at the dealership can mean two things. Either you will be offered a high trade-in value, or you have to settle in with a low one. Now, beware of both the situations as in the process, you are likely to be the one who is going to suffer the most. If the dealership is offering a high trade-in value, then you can be rest assured that they will make up for it on the value of the new car that you purchase. Then again when you are being offered a low trade-in value, then it will mean that you are getting a lower price for the new car. In either cases, you will not be benefiting from it. So, what is being suggested is simple. Just know the accurate value of the car when you are considering a trade-in.

How To Know The Trade-In’s Value

The very first step to conclude whether you are receiving a fair value for your trade-in is to find out the worth of your car. For the car owner, it is difficult to know the worth of their vehicle. They will try to keep it in good shape or get it back in good shape once they have decided to take the car for a trade-in. A fresh paint job, repairs as and when needed helps to sort of raise the value but then again these are always not supported by car dealerships too. They tend to believe that by doing all these, a car does not appear to be used and it becomes difficult to appraise the car properly.

Under such circumstances, the dealership relies on several other factors to justify the actual trade-in value of the car. There are certain things that matters to the dealer and that includes:

  •   The model age of the car
  •   The engine type of the vehicle that is to be traded-in
  •   Their current inventory

However, there are some things that the car owner needs to do themselves as well if they are to find the value of their trade-in. The most important thing that they have to do perhaps is to provide the accurate information of their trade-in vehicle. This will include the following:

    Provide the make and model of the car- This is necessary as the value of the car in the current market scenario will depend how many years old it is, how many miles it has run and if the make is at all in production or has been wiped off from the market.

    The next step will ask the car owner to offer some more accurate information about the style which is also known as the Trim Level. This will refer to the standard features of the car, how many doors the car has and the type of engine as well.

    Next comes providing information regarding the engine type, whether the car has an all-wheel drive, the engine type and more. These are the more major features and providing information of all this is crucial for judging the price correctly.

    Options are what follows next and this includes update on navigation, leather seats, automatic climate control and sunroof. Car owners need to take a note of all the options so that the valuation is correct. Or else, one may be over or under valuing the car.

The end point is that the car owner needs to keep things realistic. It is better to provide the correct facts so that knowing the trade-in’s value becomes easy and simple.

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