Used Car Trade in Value

If you are considering trading in your old car in order to reduce the price of purchasing a new vehicle, it is important to find out the accurate used car trade in value of your vehicle. Besides helping you decide whether or not you actually want to trade it in, an accurate trade in value will also ensure that you get a fair price from the dealer when it comes time to trade it in. If you're wondering how much your used vehicle is worth, follow these five helpful steps:

1. When you are considering trading in your used car, you should know the difference between the trade in value and the loan value or retail value. The trade in value is what a dealer will give you for your car on a trade for another car. The loan value is what a bank will loan you on a car, and the retail value is what a dealer could expect to sell a car for.


2. Write down the year, make, mileage, and model of your car. Include trim level if you know it. For example: 2002 Chevrolet Impala LTZ with 86,000 miles. Also, include as much standard equipment and options as possible, such as heated leather seats, sunroof, power windows, etc. This will be helpful to determine the best price of your car.


3. Go online to a website that will allow you to calculate the price. There are several of these sites available to you, such as Kelly Blue Book or right here on CarsDirect where you can get a free trade-in valuation
   . Enter as much information as you know about your car.


4. When you get the results, you will notice that there are three "condition" quotes. Be realistic in your assessment of your car. No car is "excellent" condition unless a dealer could put the car on the show floor. Therefore, your car would be "good" condition or "poor" condition. Each of the criteria is explained for you. Write down the information that you get so that you can present it to the dealer at the time of the trade in. While the dealer may have a different assessment of the actual worth and value of your vehicle, this information will at least give you a ballpark estimate of how much you should receive in trade in value.


5. When you know the approximate used car trade in value, you can then determine if you want to trade in your car, keep it and try to sell it yourself, or give it to another family member. Dealers will often compete with each other over the trade in value of your car. The more dealers you visit, the more you will learn about the value of your used car.

Trading in your used car can often be a great way to get compensated for your old vehicle without having to go through the time-consuming process of actually selling it yourself. But before you trade it in, make sure that you have an accurate idea of exactly how much your car is worth.