What Is the Trade-in Value of My Car?
The trade-in value is the price a dealership is willing to offer you toward the purchase of a new vehicle in exchange for your current one.
From its overall condition and age to local market demand, there are several factors that go into determining the trade-in value of your car. At Faulkner Volkswagen, we help thousands of Mechanicsburg, Camp Hill, and Harrisburg drivers secure a fair quote which they can roll into their next VW!
So, if you’ve recently asked, “What is the trade-in value of my car?” continue reading our brief guide before contacting us later today!
How Do You Determine the Trade-in Value?
One unavoidable fact about car ownership is the longer you hold onto a vehicle, the more it depreciates in value. This even applies to brand-new vehicles you purchase. Despite this reality, there’s a good chance your beloved car, truck, or SUV holds real financial value.
In the automotive world, this number is often referred to as the vehicle’s fair market value, or FMV. In a nutshell, the FMV is the amount a dealer is willing to pay for the vehicle at the time of sale.
A popular brand or model that’s in relatively good condition has a nice shot at snagging a favorable FMV. This is true even if the vehicle is five to seven years old or has a high odometer reading.
To figure out a vehicle’s trade-in value, a professional appraiser will take several things into consideration, including:
- Wear and tear
- Damage or major repairs
- Open recalls
Don’t Forget the Local Market
A dealership wants vehicles they can sell, whether to a new driver or at auction. That’s why the appraisal team will also take into consideration the popularity of the vehicle within the current local market.
Do you live in a sunny region of the country? If so, a convertible has a higher likelihood of securing a nice trade-in value. Do you live near the mountains? An SUV with 4-wheel drive might score higher than a compact sedan with front-wheel drive.
How Do I Determine the Trade-in Value of My Car?
The key to a successful car-buying journey starts with doing your homework. If you plan to trade in your current vehicle, our finance team is here to lend a hand.
Using our Value Your Trade tool can provide an initial estimate within minutes. Simply enter the year, make, and model plus your contact info to receive your own market report. Not only does this report include the estimated value, but you’ll also be able to see how your vehicle stacks up against comparable vehicles for sale in your area.
Of course, the best way to determine the trade-in value of your car is to schedule an appointment with our friendly team of appraisers. You’re also welcome to stop by our dealership during normal business hours.
Trade on Your Car!
Here at Faulkner Volkswagen, we’re committed to making the process of trading your used car easy. To take the next step, visit our showroom near Mechanicsburg, Camp Hill, and Harrisburg.
We look forward to serving you!