Considering Trading In Your Vehicle At The Dealership? 4 Things That Can Affect Its Value
Posted on: 14 April 2016
From the endless hours you spent singing along to the radio during a traffic jam to the more momentous events in your life, your car has always been there for you. However, whether you've outgrown your current vehicle or are simply ready to upgrade to a better model, you've decided to trade-in your car at a local dealership. Knowing the estimated trade-in value of your car is vital because it can help determine how much money you will have to put down on a new or used vehicle. Here are four factors that can impact the value of your trade-in:
The Vehicle's Interior and Exterior Condition
The condition of your car, both inside and out, has one of the most dramatic impacts on its resale value. When it comes to the interior, the dealership will often overlook a few minor stains or a little dirt because they employ technicians that can remedy these problems.
However, if your car's interior is damaged or very dirty, consider having it professionally cleaned or any cosmetic issues fixed. If the damage is extensive and not worth repairing on your own, keep this fact in mind when you bring the car to the dealership. You might not get as much money as you expected.
When it comes to the exterior, anything from a minor ding to a major dent can dramatically impact its resale value. Once again, you might consider having any paint scratches, discolorations or minor dings fixed before bringing it to the dealership. This will help ensure you are given top dollar for your trade in.
The Vehicle's Brand
Whether your car is immaculate or looks a little more lived in, there is unfortunately one factor that impacts your trade-in value that you can no longer control: its brand. Some high-performance, foreign and domestic brands and models are notorious for being of lesser quality, and this can greatly impact their value.
If you happen to own this brand of car, the best thing you can do to increase your chances of getting a fair price is to make sure it is in top shape when you visit the dealership.
However, if you don't get the amount of money you will need to afford your new car, you might want to consider selling it privately.
The Vehicle's Drivetrain and Your Location
The type of drivetrain that is found in your vehicle in combination with your geography and the season can have a huge impact on its desirability, and in turn, its trade-in value.
For example, if you live in an area that receives large amounts of snow, drivers are typically going to want a vehicle that features four-wheel drive. Conversely, there are other locations, such as heavily-populated metropolitan areas, where drivers typically want a vehicle with front or rear-wheel drive, instead.
Additionally, if you want to get the most money for your trade-in, you also need to keep the season and any special features in mind. For example, consider waiting until it's warmer to trade in your convertible, and put off trading in your massive four-wheel drive truck until the snow begins to fall.
The Vehicle's Exterior Color
Finally, the vehicle's exterior color can have an often unexpected impact on its resale value. According to Kelley Blue Book, silver, white and black are overall the three most desirable vehicle colors.
There are other factors, however, that also influence a buyer when it comes to color. For example, traditionally bold colors, such as fire engine red, are more popular for convertibles, and aren't always sought after on luxury sedans.
From the vehicle's model to the condition of the interior and the exterior's color, there are many factors that can impact the amount of money you will get for your trade-in. For more information, contact a company like Woody Sander Ford.
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