What Determines a Car’s Trade-In Value?
If you’re all set to shop for a new car, make sure to determine the trade-in value of your existing car before you get to a dealership. Trade-in, your old car for the new one, is an intelligent option you must opt for to cover the costs of multiple expenses included in car buying. Moreover, trading in your vehicle is easy and also helps you save some dollars on financing the new car. But how can you know the trade-in value of your old car? Don’t worry because the Southbank Dodge dealership has got you covered with all the information you want to learn about determining your car’s value. Read below to find out.
Some Factors to Look For While Evaluating a Car’s Trade-In Value
1. Model and Mileage
Cars that depreciate slowly and remain in demand have a greater trade-in value than those with a high depreciation rate. Like car models, mileage matters too. The mileage and trade-in value share an inverse relationship, meaning if the odometer goes up, the car’s trade-in value eventually goes down. If the car mileage exceeds 100,000, you may not get a desirable trade-in value from the dealership.
2. Market Trends
Irrespective of your car’s excellent condition, low mileage and superior engine performance, the trade-in value may or may not meet your expectations because of the fluctuating market trends. Moreover, the supply and demand chain also pays a significant factor, which means if the supply is low, you will be getting a great trade-in value for your old car to meet the market demand and vis-a-vis.
3. Interior and Exterior Condition
A well-maintained car will have a higher trade-in value than one with dents, scratches, stained or burned floor mats, and dings. In fact, the exterior look of a car is graded as Excellent, Good, Fair and Poor to evaluate its exterior condition. Please note that if your car needs some maintenance services or repairs, do it before evaluating its trade-in value to have a greater value.
Trade-in Your Car with the Southbank Dodge
Southbank Dodge uses an AutoVerify tool to determine the trade-in value of your existing vehicle. It embraces a simple and easy three-step process that allows you to trade in your car smoothly. We provide same-day payments to all our clients, so you don’t have to wait longer to get your prices. Get a free estimate of your vehicle by putting in details about your car’s model, year, make etc., on our trade-in portal today.