Resale Value of Your Car
Key Takeaways
Trade-in value is what a dealer offers for your car, often close to auction value, and can be applied toward another vehicle purchase.
Factors like year, make, model, mileage, trim level, and condition play a big role in determining your car’s value.
Private-party sales usually yield more than dealer trade-ins, while certified pre-owned prices are the highest on the market.
Improving your car’s condition before trading in — fixing dents, touching up paint, and cleaning thoroughly — can help you get a better offer.
If you’re looking to save on a used car, trading in your vehicle can help. Trade-in value is the price a dealer would offer for your car, which can go towards the cost of purchasing another car they have in stock. It is usually close to how much the vehicle would sell for at an auction. However, dealers can offer a higher amount if the vehicle is more desirable.
There are many simple online tools for determining how much your car is worth. These can help decide on whether to sell or trade-in your vehicle. But an online car valuation calculator just estimates the true worth of your car; knowing what affects its value can help you prepare in advance and get the best deal.
Determining the Appraised Value of Your Vehicle
Car appraisal tools use algorithms that take several factors into account. Pricing information from dealer transactions and other market sources is considered. A given appraisal tool can account for depreciation costs for a specific vehicle as well.
Also important are the year, make, and model of the vehicle. The trim level is factored in while its mileage is also used to determine an estimate for a trade-in value. Higher-mileage vehicles generally have lower value because they tend to have more wear and are less likely to last as long as cars with low mileage. But this all depends on the make or model, because cars today last much longer; car value calculators factor in a variety of data into their algorithms to give you a rough estimate of your vehicle’s worth.
Vehicle condition is another major factor. Edmunds’ tool rates a vehicle’s condition on five levels. For most sellers, the options “clean”, “average”, and “rough” are the most likely ones used. However, condition levels range from “outstanding” to “damaged”.
Trade-in Options
If you’re looking for a trade-in value from a dealer, you’ll get the lowest estimate. Other trade-in options, such as private-party transactions, tend to offer higher estimates. Used car shoppers can receive an average of what they might pay through the dealer-retail option. But the certified used number is the highest price you’ll see when looking for a certified pre-owned vehicle.
Selling a Car
There are several ways to go about selling a car. The one that works best for you depends on several things. The factor you have the most control over is its condition, which should be carefully considered before trading it in. The better the vehicle’s condition, the more you are likely to get for it.
To ensure there are no issues affecting your car’s resale value:
- Touch up any paint damage
- Repair any small dents
- Fix defective glass, including the windshield
- Clean up the engine compartment, so it looks well-maintained
- Repair/replace any damaged components
- Thoroughly clean up the exterior
Find Your Vehicle’s Trade-in Value with Hawthorne Auto Square
At Hawthorne Auto Square, we can help valuate your car using the Edmunds True Market Value Report®. It factors in the type of car you have, its mileage, and original/current market pricing. Geographic region and seasonality are taken into account as well. In addition, we are a buy here, pay here dealership offering in-house financing so you can get the car you want regardless of your income or credit. We can also allow you six months to build a down payment on any one of our low-mileage, multi-point inspected pre-owned vehicles.
For more information, visit our Hawthorne, CA, dealership near Los Angeles or call us at 866-707-7664 today.
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