Used Car Values
What is My Car Worth?
If you are thinking about trading in your car then read on for some tips on how to get the maximum value for your used car trade-in.
Before you head off
to your local car
with your used car trade in, the most
important thing that you need to take with you is a realistic asking price for your motor.
Remember that car dealerships are in business for only one reason and that
is to make a profit from its customers. If you have got no idea what your used
car trade in value really is, then in all likelihood you will be offered
at least 10% less than your car's true trade in value.
Old classic cars
may appreciate in value, but this will strongly depend upon demand and the overall
condition of the vehicle.
So How Much Is My Used Car Trade in Worth?
It is important to spend some time looking through used car trade pricing guides
and then to adjust the value of your car for
. However, at the end of the day your used
car trade in is only worth as much as a car dealership is prepared to
pay for it. It is therefore up to you to try to get the best used
car tradein value as possible.
Get More Than One Valuation For Your Used Car Trade in
Don't take the word of just one used car dealership. You might be surprised to see
how the value of your used car can vary between different
dealerships. The time at which you
your used car may also have a significant impact
on the trade in value that is offered. Whatever the trade in price
offered by a car dealer you should aim to get at least 10% more.
What Factors Affect Used Car Values?
Generally for a used car that is less than eight years old the most important
factors that affect trade-in value are: i) service history, ii) mileage
and, iii) condition of the bodywork. For cars that are older than this, then a
good overall condition will help to obtain a better trade-in price.
Prestigious used cars might have widely varying trade-in values depending
on the options that the car has been fitted with. For example a Jaguar XJ with
a manual gearbox might not be so easy to trade-in for a fair price as used
Jaguar buyers generally demand an auto gearbox. Also, the colour of the car can
have a significant impact on the trade-in value. White prestigious cars may often
be associated with weddings and may have a lower used trade in value.
What Can I Do To Get More Money For My Used Car Trade In?
The most cost effective way of getting a better used car trade-in value is
to present your car well. Simply giving both the exterior and interior a good
clean helps to give the impression that the car has been well looked after. If
you travel with pets in your car then be sure to remove any scents from the
vehicle. Cars that have odours may be devalued by much more than 10%. If you
are trading in an expensive/prestigious vehicle then the condition of the tires
and or alloy wheels can have an impact on the trade-in value. Kerbed alloy
wheels and/or unevenly worn tires can be an indication that wheel alignment has
been knocked out, or worse, that damage to the steering system has been caused.
It might prove cost effective to refurbish any kerbed alloy wheels and to
replace any unevenly worn or mismatched tires.
How Do Car Dealers Try To Reduce Trade In Values On A Used Car?
Remember that the used car trader's objective is to obtain your used car trade-in at a
minimum cost and maximum profit to the dealership. One way of closing you down
is to offer you a trade-in valuation from a so-called independent
source. The dealer's routine might go along the lines of: "I will telephone three
used car traders and get a valuation for your trade-in". When the dealer
gets back he will give you a minimum trade-in value (e.g. 6200) and a maximum
trade-in value (e.g. 6600). In all likelihood the dealer hasn't telephoned
anyone and has just looked up what your car is really worth using a used car trade-in
pricing book and then knocked 10% off the value. When this happens you should
try to add at least 10% onto the maximum value quoted by the car trader.
Selling On To The Used Car Trade
If the car you are trading in is more than five years old the dealer may try to
undervalue your car by indicating that it will have to be sold on to another used
trader, the implication being that it is not of sufficient quality to sell on
their own forecourt. This may be true, but the fact remains that the dealer can
still make as much money (if not more) from your used car trade-in as he can
make from selling you a new car. Don't accept an offer for your used car
trade-in that is below book value.
How To Negotiate Buying A Car
Handling Used Car Trade Negative Pricing Points
A car dealer may start off by making good minor comments about the
condition of your used car. "I can see that you have looked
after your car, it's got a good clean body". However, you can be sure that the
next comment may well go something like this: "Unfortunately the vehicle does'nt have a very good
and as such would not be so easy to sell on".
When this happens you need to point out any desirable features about the car
such as air conditioning, alloy wheels, or it's having a full service history.
This should help to put the pressure back onto the dealer and shows that you
are not going to accept below book value for your used car trade in.