Before trading in your current vehicle at the local dealership, it’s a good idea to do a little research to see what a fair value is. With this information in hand, you can leave the dealership feeling confident that you got a fair deal, or you can shop around if their offer isn’t matching your vehicle’s current value. We break down how to determine an appropriate trade-in value for your vehicle below.
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How to Determine Your Vehicle’s Trade-In Value
Find the Blue Book Value
One of the most-used tools for finding an accurate trade-in value is looking up the Kelly Blue Book value. The Kelly Blue Book Value is an estimate of your vehicle’s current worth in the auto market. Other companies, including Edmunds, have their own fair market price calculators. Keep in mind that a posted fair market value does not factor in your vehicle’s current condition. Lack of maintenance, stains, rips in upholstery and other damage could result in a lower than fair market price value. Trade-in value will be lower than the fair market price, since the dealership needs to make a profit on the sale. The difference between the trade-in value and fair market price is often worth it for car shoppers who are not interested in attempting to sell their vehicle themselves.
Use a Trade-In Calculator Tool
Many dealerships, including Coast to Coast Motors, have online trade-in calculators that allow vehicle owners to input their data and instantly see their vehicle’s trade-in value. We like these tools best because they are quick and easy to use. You can find the trade-in calculator tool at Coast to Coast Motors linked under the Finance tab on our homepage.
Visit A Dealership
Finally, you can visit your local dealership. A team member can take a look at your vehicle and let you know how much they could give you to trade-in your car at their dealership. This should be the last step after doing some of your own online research. Most vehicle owners prefer trading in their vehicle at the dealership they plan on buying their next car from so the trade-in value can come right off the final purchase price of a new or used vehicle.