Are you considering selling your car or trading it in? Is it better to sell a car or trade it? Knowing what your vehicle is worth beforehand is a great first step to take in this process—but how do the dealerships establish your final offer? Read on to identify how dealers determine the actual value of your trade-in model!
Check the Condition of the Car
Regular vehicle maintenance contributes to proper working conditions and a car’s high resale value. Dealers check the interior and exterior car conditions. They also check its mechanical operations. The better condition your vehicle is in, the better chances you have at receiving a higher final offer.
You can also consider repainting it. Neutral colors, such as grey and white, are preferable as they appeal to a broader audience. This also helps elevate value if your model has scratches on its exterior.
Vehicle Appreciation and Depreciation
Typically, cars depreciate by approximately 19 percent during their first year and continue to depreciate at a slower level for the next five years. This is something dealerships take into account when valuing your trade-in model. However, desirability also plays a key role.
Some models will fetch a higher resale value if they’re in high demand, possibly getting you more cash towards your next model than expected!
Car Pricing Estimates
You can also employ online car value estimator guides such as ones found on dealerships’ websites to get a competitive estimate. These generate results in a matter of seconds and are free to use! These tools take into account key factors like the make and model of the car as well as its age, condition, and more.
Car dealerships also employ in-person appraisal resources to determine your car’s worth. After completing your online assessment, they’ll perform a thorough inspection of your model and compare it with your online report.
Find Your Trade-In Value Today!
With the information provided in this article, you can prepare for the trade-in process and make it a success. Start by utilizing online tools and schedule an in-person inspection at your favorite dealership today!