If you have owned your current vehicle for a while, the sentimental value is most likely going to be more than the actual car trade-in value. That’s why it’s important to understand your used vehicle’s true market value when it comes time to trading it in. Before you hit the used car dealership lot to look at new-to-you quality pre-owned vehicles, take a look at these basic tips on how to find out the trade-in value of a car and understanding it when you want to use the trade-in value toward a new vehicle purchase.
How Much is My Car Worth?
There are a few websites that can help you get an idea of what your car’s trade-in value may be worth. Two of the most reliable are Kelly Blue Book and Edmunds. These websites are only approximate guides as to how much you can expect at trade-in. It’s a good idea to visit both sites to help access your car’s value.
Make sure you fill out everything accurately, take stock of all the vehicle’s options, and be honest about the condition it is in. When you are not sure about the condition level, it’s better to underestimate the quality of the condition to be on the safe side.
What Will a Dealership Pay for My Trade-In?
When you are ready to start car shopping, it is important to get an in-person appraisal from a local used dealership to get an accurate picture of what used car dealers are willing to pay. At the end of the day unfortunately, your car is only worth what someone is willing to pay for it. Dealers get an up close look at the vehicles condition and engine performance to accurately determine the car’s true value and what you will realistically get for it at trade-in. Keep in mind that the trade-in price you are offered at a dealership can vary depending on a number of circumstances, including the cost to repair any existing conditions or defects with the vehicle, needed routine maintenance, title transfer costs, and how likely the car will sell. If you are local to the Miami, Florida area and need a quote for your car’s trade-in value, Prado Auto Sales will appraise your car for you while you conveniently shop our inventory of quality pre-owned cars in excellent condition with the best used car prices in Miami you will find. You can also submit your information about your vehicle to us online by visiting the Value Your Trade page.
Using Your Trade-In Value Toward a New Car Purchase
Once you have an appraisal, you are one step closer to buying a new car. If you obtained more than one appraisal from different dealerships and they had similar offers, you may want to go with the dealership that has the car you plan on buying. This is because you can basically exchange your current vehicle for the one you desire to purchase, using the value of your present car toward the price of the new one. However, if you have a vehicle that is not paid off and are “upside down” on a car loan, meaning you owe more on the car than it is worth, the loan balance will then have to be folded into the new car’s financing.
Remember, when it comes to your car’s trade-in value, appraisals from websites are only averages, so you may be offered less and in some cases more. The key to understanding your true trade-in value is to keep sentiment out of the value, get your car appraisals at used car dealerships, and be realistic about the offers you get.
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