Are You Getting a Fair Deal On Your Trade-In?

October 23rd, 2014 by

US_TA12_118_A_TAC12_7188_4T3When you’re ready to trade your existing vehicle in for a new one, you want to make sure you’re getting a fair deal. It can be a shock when the dealership offers you a couple thousand dollars or less for your vehicle when you’re expecting much more. It may even make you think twice about trading it in. You can avoid surprises and know that you’re getting a fair deal when you know what your vehicle is worth before you head out to the dealership.

Many things determine the value of your used vehicle and that makes it difficult to guess at its value. It could be worth a lot more or less than what you think, which is why you need to use the same method for determining its value as the dealership and financial institutes use.

Knowing the Kelly Blue Book Value Will Help You Get a Fair Deal on Your Trade-In

Anytime you plan to trade in your vehicle for a new or used one or when you plan to sale it to an individual, you need to know what the Kelly Blue Book value is. The Kelly Blue Book is a pricing guide for vehicles that’s known and used nationwide by dealerships, insurance companies, financial institutions and consumers.

The prices in the Kelly Blue Book are calculated based on the make, model, year, mileage and condition of the vehicle along with the current prices, economic conditions and several other factors. The representatives analyze the collected data and use it to determine the value of each vehicle listed based on the results. When you know the value of your vehicle, you’ll have a better idea of what to expect for your trade-in.

Don’t Expect Full Price

You will never get the same amount out of a vehicle that you paid for it new due to depreciation so don’t expect to come close to this figure, even if your auto is still in great shape. It’s also important to remember that the value of your vehicle listed in the Kelly Blue Book is just a guide. It doesn’t mean that you will get that much for it especially when used as a trade-in.

Many factors will determine what the dealer can offer you for the vehicle. For example, most trade-ins are placed on the lot for resell after being inspected and serviced. The dealer will need to price the trade-ins high enough to make a profit, while offering the new buyers a fair deal and he can’t do that if he gives you full price for it.

Please give us a call here at South Dade Toyota or stop by if you have any questions about your trade-in or to learn more about the Toyotas we have available. You can also appraise your trade online by simply filling out some basic information and this will give you a better idea of what the trade-in value is for you vehicle.

When you know the value of your auto and consider everything, it will help you determine if the price you’re offered for your trade-in is fair or not. If you don’t feel like you’re getting a fair amount for your vehicle, you can always keep it as a backup to drive around town to keep some of the miles off the new one you’re planning to buy.

Posted in Car Buying, Toyota