How to Determine the Value of Your Trade

How to Determine the Value of Your Trade

There will come a time when you need to part ways with your current vehicle and use it to get a new one. Trading in your vehicle is a great way to reduce the cost of a new vehicle purchase. In order to make the most out of your next car buying experience, though, it’s always a good idea to know what your current car is worth. After all, knowing this will help you determine exactly what you can afford and how much additional money you may need to put down. So how exactly do you determine what your vehicle is worth?

Do some research.

The very first thing you will need to do is research your vehicle. Many websites, such as Kelley Blue Book, will help give you an estimate of what your car is worth. This site allows you to choose the make, model, and year, as well as a variety of features and specs. You can also determine what type of shape the car is in, and it will give you an estimate based on the information you enter. Keep in mind that they do use your location, so you will get an accurate estimate based on cars in your area. Once you know what you can expect from your car, you can use that to negotiate the best trade-in price at a dealership.

In addition to trade-in sites, consider perusing some sales websites too and see if anyone else is selling a car like yours. If so, check out the prices and compare it to your own vehicle. Obviously, most people on these sites ask way higher than what they’ll get, but this can give you an idea. If you want, you can even put your own car on one of these sites too and see who makes an offer. If you notice similarities in the offer you receive, you will have a general idea of what you can expect to get for it.

Visit the dealership directly.

If you want to be entirely certain what you’ll get for your old car, bring it to your local dealership. Many dealerships will offer you a free estimate on your car so you can see what it is worth. Make sure that you have this done at different dealerships in your area. Then, you can use the information you receive to determine where you get the most value for your trade.

Choose the right time.

Most people don’t realize that timing can affect the value. For example, if you bring a convertible to trade in during the middle of winter, chances are you’ll get a lower value than if you wait until the weather gets nicer. After all, most people don’t prefer to drive convertibles in the winter, so dealerships will have a hard time getting rid of the inventory. The harder it is for the dealership to move, the lower price they’ll give you.

Give it a makeover.

If there are certain areas of your car that could use a makeover, consider doing this. Obviously, you may not want to put a ton of money into the car, but doing some minor updates can help improve the overall value. For example, fixing a broken windshield, having the interior detailed, and even fixing minor chips and dents can make a big difference on the price you get for your trade in. Take a good look at the interior and exterior of your vehicle and make note of what could be improved. Then, get an estimate on the improvements. If it will be a minimal cost, you may just want to do it.

Provide your records.

Everyone is afraid of getting a lemon, but if you provide your records to show that you regularly maintained the vehicle and that it’s in tip-top shape, you could help yourself get a better deal out of the car. If you can’t find any information, reach out to your mechanic or service facility and see if they can provide any records for you.

Choose Island Car Credit

If you’re interested in finding out the value of your own used car, head down to Island Car Credit today. Our team will be happy to assess your vehicle and give you a trade-in offer. We can also help you apply for financing too so that you can drive away in a brand new car, truck, or SUV today. So if you’re in the Nanaimo, Duncan, or Victoria area, visit our dealership at 2525 Bowen Road in Nanaimo, contact us online, or call us at 800.536.0583.