Blog

Latest Industry News

January 9, 2014

How do you Know if you are Getting the Right Trade-In Amount for your Vehicle?

It can be hard to know if you are getting the proper value from your trade-in vehicle. There are hundreds of variables to consider when trying to determine the value of your particular vehicle. Being educated and asking the right questions can help to make sure you are getting what you deserve.

Check the sale prices of your trade-in model. While most dealer sale prices will be considerably higher than what the trade in value will be, look for consistency. Does the dealer you are working with tend to price their cars lower than their competitors? If so, they probably pay a lower trade in rate in order to clear the lower prices. Make note of your findings and prepare to present them to your dealer.

Use the web as a tool to calculate trade-in value. The web is a great source to find out the trade-in value of any vehicle. There are several online calculators that will give a dollar estimate based on several factors you select. These factors include vehicle make and model, vehicle condition, amount of miles on the vehicle, and vehicle features. Print out or email your results for reference.

Call several dealers and get more than one offer. If you feel as though the offer one dealer has given you seems slim, simply call another. Inquire about the trade-in value of your current vehicle and mention the new model you plan on buying. State to the dealer that you are “motivated to buy.” If you find that this dealers offer is similar to your current offer, try one more. Upon getting similar results, it is probably safe that you are getting a considerably fair price. Working with several dealers, however, will entice one to make a move in your favor.

Ask your dealer to show you where they came up with the proposed trade-in value. Asking the dealer this question can clear things up and put you both on the same page. The market value in your area for your particular vehicle might be lacking. Moreover, your vehicles’ mileage may greatly determine the value of the vehicle. You may find there are many factors that you have not considered. Once you have the dealers side of the story, it is easier to evaluate the offer.

Once you have gathered information from several different sources, come up with a number that sits somewhere in the middle of all the prices you have come up with. Present this to your dealer along with all the research you have done. This will prove to your dealer that you are prepared and knowledgeable. With this information in hand you are more than likely to get a fair trade-in value for your vehicle.

Back to top