One of the most asked questions by car buyers is, What is my Trade In Worth? It is a little subjective, but there are guides to take the guess work out of it. Black Book, Kelly Blue Book, Bank Value, Wholesale Value, Edmund's, NADA, and tons of other resources, but which do you use when trading in your car?
There are many resources for Trade In Value, but Car Dealers have really one guide they use. The primary guide used by dealers for trades is the Black Book, but they also rely on Wholesalers to help determine the value. But, guess what? Wholesalers use the Black Book as well. The Black Book is a book that many banks and financial institutions use to determine how much they will loan on a car. The book will give Retail, Clean Trade, Average Trade, Rough Trade. Much of this is determined by the condition and miles on your Trade In. There is a guide in the back of the book that tells how many miles a specific year should have and how much should be deducted for extra miles or how much added for under miles. Miles are pretty much objective, but condition can be a little subjective.
I suggest detailing your car before trading it in. A clean trade can give the impression that the car is in better condition than it actually is. If the car has been wrecked, there is not much you can do to cover that up. A trained Used Car Manager will spot any damage that has been repainted even if it was paint over scratches and not from an accident. Any paint work will diminish the value of the car, period. Even paint work from a great body shop can be detected by a trained eye.
Many customers will say, the Blue Book is higher than what you are giving me for a Trade In! The blue book is always a little higher on Trade In's, just like it is higher on Retail Values of the car you are buying. If you use the Blue Book value on the trade, use the blue book value for the car you are buying.
Trade In Values have always been the prevailing argument between the salesperson and the customer. Always try to look at the bottom line though. If you are getting a good deal on the car you are buying, maybe Trade In can be a little less. I am just saying, don't let the Trade In Value solely determine if you are going to buy a car or not. Look at the bottom line or Trade Difference between Trade In and Price you are paying for your New Car.
Always remember this as well, Your Trade In will be worth pretty much the same wherever you go. The Trade In Value will be within $500 at any dealership in your area. Most dealers use the same wholesalers and will call them when they have a trade. So, a wholesaler may be called from different dealers on the same car. Now, the dealer may allow you more on your trade at different dealers. This is a topic for another discussion, but any time a dealer allows you more on your trade, they are taking this money from the price of the car you are buying to do so. This means you will pay more for the car you are buying, but get more for your trade. This is why I say look at the bottom line or Trade Difference. If you have any questions or I can be of assistance in any way, feel free to email me. My email is at the top of the page. I will be glad to help. Good luck and happy Trading!Source URL: http://ashesgarrett.blogspot.com/2009/10/trade-in-value-what-is-my-trade-worth.html
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There are many resources for Trade In Value, but Car Dealers have really one guide they use. The primary guide used by dealers for trades is the Black Book, but they also rely on Wholesalers to help determine the value. But, guess what? Wholesalers use the Black Book as well. The Black Book is a book that many banks and financial institutions use to determine how much they will loan on a car. The book will give Retail, Clean Trade, Average Trade, Rough Trade. Much of this is determined by the condition and miles on your Trade In. There is a guide in the back of the book that tells how many miles a specific year should have and how much should be deducted for extra miles or how much added for under miles. Miles are pretty much objective, but condition can be a little subjective.
I suggest detailing your car before trading it in. A clean trade can give the impression that the car is in better condition than it actually is. If the car has been wrecked, there is not much you can do to cover that up. A trained Used Car Manager will spot any damage that has been repainted even if it was paint over scratches and not from an accident. Any paint work will diminish the value of the car, period. Even paint work from a great body shop can be detected by a trained eye.
Many customers will say, the Blue Book is higher than what you are giving me for a Trade In! The blue book is always a little higher on Trade In's, just like it is higher on Retail Values of the car you are buying. If you use the Blue Book value on the trade, use the blue book value for the car you are buying.
Trade In Values have always been the prevailing argument between the salesperson and the customer. Always try to look at the bottom line though. If you are getting a good deal on the car you are buying, maybe Trade In can be a little less. I am just saying, don't let the Trade In Value solely determine if you are going to buy a car or not. Look at the bottom line or Trade Difference between Trade In and Price you are paying for your New Car.
Always remember this as well, Your Trade In will be worth pretty much the same wherever you go. The Trade In Value will be within $500 at any dealership in your area. Most dealers use the same wholesalers and will call them when they have a trade. So, a wholesaler may be called from different dealers on the same car. Now, the dealer may allow you more on your trade at different dealers. This is a topic for another discussion, but any time a dealer allows you more on your trade, they are taking this money from the price of the car you are buying to do so. This means you will pay more for the car you are buying, but get more for your trade. This is why I say look at the bottom line or Trade Difference. If you have any questions or I can be of assistance in any way, feel free to email me. My email is at the top of the page. I will be glad to help. Good luck and happy Trading!Source URL: http://ashesgarrett.blogspot.com/2009/10/trade-in-value-what-is-my-trade-worth.html
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