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Understanding Trade-in Value: What's Your Used Car Worth

Car Trade In Value

Understanding your car's trade-in value helps when it's time to upgrade your ride. Trying to keep the same car forever will cost you way more than it's worth. Make it a bit easier to get the most value from your used car by understanding a few common trade-in questions.

Let’s take a look at:

  • Understanding How the Car Trade-in Value is Calculated

  • To Sell It Myself or Trade-In

  • Benefits of Trading-in Your Used Car for a New Car

New Kia Sportage

Understanding How the Car Trade-in Value is Calculated

How do dealerships calculate my car trade-in value? Receiving a fair car trade-in value doesn’t have to do with tricks and lies but has everything to do with the dealerships you choose to go to. An honest and reputable place will explain how they get to the trade-in value they are offering and why.

Some dealerships, including Matt Blatt Dealerships, use a 3rd party to help evaluate the value of your used car. Getting a second professional opinion is ideal.

Your car trade-in value is a mix of the price a similar vehicle is sold for at auction, the resale value, and the condition of your used car. All pre-owned cars are going to be different and may need different care before use.

Understanding your car’s condition will help you calculate what it’s trade-in value is. This is what needs to be taken into account:

  • Does it have any chips or dings?

  • What maintenance does it need?

  • What parts need replacing?

  • How many miles does it have?

  • What year, model, and make is the car?

The dealership is most likely going to detail the inside, replace parts, and do maintenance before putting it up for sale. Those costs are factored into the trade-in value.

Being realistic about the condition of your vehicle will make the process easier and to the point. We know everyone wants to get the best deal they can. Most places care about their customers and providing fair and honest deals.

Selling Car

To Sell It Myself or Trade-In

Simply: Time or money?

Selling your used car takes a lot of time and energy. It comes with a checklist of tasks in order to get a good selling price.

First, fixing up your car, researching the market for similar cars for sale, finding where to sell it, and choosing a competitive pricing tag. Then, the selling process, which can take months and involves showing the car, negotiating, and handling other issues. If you’re up for the task you may end up with a bit more than you would at a dealership.

Alternatively, car trade-ins at dealerships are done every day, and they're fast and straight forward. If you are skeptical, try to get a few actual quotes from other places. Even if you’re not looking to buy a new car, many places still will take the trade-in used car. But if you are looking to get a new car, trading in at a dealership comes with some extra perks.

Benefits of Trading-in Your Used Car For a New Car

Leveraging your trade-in can be very beneficial to you. Your used trade-in can be a down payment and/or help to lower your monthly payment.

You also receive tax credits when trading in for a new car. For example, let’s say your trade-in is worth $10,000 and you are buying a new Optima worth $25,000. You have already paid taxes on the $10,000 and will only pay taxes on the difference: $15,000. In NJ, you’ll save about $660 in taxes.

Even if you haven’t fully paid off your car, there is usually something that can be done to get you that new car, and possibly consolidate or erase some of the debt. Contact one of our specialists to review options!

Trade-in Value: What's Your Used Car Worth

Taking all this into account helps you understand the car’s trade-in value. Upgrading your ride can now be a little less stressful! If you have any questions, please give us a call or submit a contact request!

Were you ready to get started? We have a free Trade-in Evaluator on our website and our team would be happy to assist you.

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