Nobody likes to leave any money on the table, so determining the correct value of your car, truck, or van becomes critically important when it comes to sitting down at the negotiating table. Needless to say, a great many factors go into that final figure, but understanding the basics of car valuation will give you a strong notion of what you might expect when trying to figure out the value of your trade-in vehicle. While we all attach an emotional value to our cars and trucks, forged over years of driving it through all types of conditions, trying to determine the trade in value of those memories depends on a host of factors.
How to Determine the Trade-In Value of Your Vehicle
When purchasing a new vehicle, you have an option to trade in your used vehicle or sell it on your own. According to industry experts, 48 percent of all 2013 car purchases involved a vehicle trade-in as part of the deal. This comes down to a personal choice to determine the best option for you.
Car Appraisal Tools
For generations, would-be car buyers have turned to vehicle appraisal tools like Kelley Blue Book. The rise of online shopping has led to a myriad of other comparable appraisal tools. Additionally, parsing through other car advertisements can provide information regarding the trade-in value of similarly used vehicles.
Check with Your Dealer
Bringing your vehicle in for its trade-in value allows you the opportunity to get a full account of what the dealer is willing to subtract from the sticker price of your new car or truck. The on-site sales manager can conduct a trade evaluation of your vehicle, which when compared with your prior research, makes making a buying decision easier because you have all the information you need at the tip of your fingertips.
Take Your Time to Get the Offer You Want
As they say, patience is a virtue, and those willing to exercise the patience to understand the full trade in value of your old vehicle before you ever leaves the house to go shopping for your new car or truck. Understanding the parameters on which auto dealerships base their trade-in offer for your old vehicle allows you an intelligent and accurate representation of what you will need to budget to pick your up new vehicle while garnering the most possible money for your old vehicle.