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Car Trade-in Value: Understanding What Your Car’s Worth

Car Trade In Value

Understanding the car trade-in value process will help you when getting ready to upgrade your ride. But what are you going to do with your old vehicle? Should I trade it in or sell it myself? What would my car’s trade-in value be?

Let’s take a look at:

  • How to Find the Value of my Trade-in?

  • Sell the Car Myself or Trade-In at a Dealer?

  • How Trading-in Benefits You When Getting a New Car


New Kia Sportage

What’s the Value of my Trade-in?

How do dealerships calculate my car trade-in value? Receiving a good car trade-in value doesn’t have to do with tricks but has everything to do with the place you go. An honest and reputable place will explain how they get to the trade-in value they are offering.

Some dealerships, including Matt Blatt Dealerships, use a 3rd party site to help evaluate the value of the vehicle. Your car trade-in value is a mix of what a similar vehicle is sold for at auction, the resale value, and condition of your car. All pre-owned cars are going to be different and may need different care.

Understanding your car’s condition will help you understand what it’s trade-in value is. This is what needs to be taken into account:

  • Are there are dings or paint chips?

  • Will it require maintenance?

  • Do parts need replacing?

  • How many miles does it have?

  • What year is the car?

The dealership is most likely going to detail the inside, replace parts, and do maintenance before selling it. Those costs are factored into the number they offer you for it.

Be realistic about the condition of your vehicle. We know everyone wants to get the best deal they can. Most places care about their customers and providing fair and honest deals.

Selling Car

Sell the Car Myself or Trade-In at a Dealer?

This question is tacked to a second question: Time or money?

Selling a car yourself takes an abundance of time and energy. It comes with a whole checklist of tasks to get a good price for it.

First, spiffing up the car, researching about the market, finding where to sell it, and choosing a competitive pricing tag. Then, the selling process. Selling can take months and involves showing the car, negotiating, and handling other issues. If you’re up for the task you may make more money than at a dealer.

On the other hand, car trade-ins at dealerships are fast and straight forward. If you are skeptical, try to get some legitimate quotes from two or three places. Even if you’re not looking to buy a car, many places still will buy the used car. But if you are looking to get a new car...

 

 

Calculating the Car Trade in Value

How Trading-in Benefits You When Getting a New Car

Now that you understand your car’s trade-in value, getting a new car can be easier. Leveraging your trade-in can be very beneficial to you. It can be used as a down payment and/or lower your monthly payment.

Even if you haven’t fully paid off your car, there is usually something that can be done to get you that new car, and possibly consolidate or erase some of the debt. Contact one of our specialists to review options!

You also receive tax credits when trading in for a new car. For example, let’s say your trade-in is worth $10,000 and you are buying a new Optima worth $25,000. You have already paid taxes on the $10,000 and will only pay taxes on the difference: $15,000. In NJ, you’ll save about $660 in taxes.

Car Trade-in Value 

Taking all this into account helps you understand the car’s trade-in value. Upgrading your ride can now be a little less stressful! If you have any questions, please give us a call or submit a contact request!

Were you ready to get started? We have a free Trade-in Evaluator on our website and our team would be happy to assist you.


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