How Do Dealerships Value My Trade?

How Do Dealerships Value My Trade?

It’s a well-known fact that trading your car to a dealership is a smart financial decision. It’s why Faulkner Toyota Harrisburg helps thousands of Harrisburg, Mechanicsburg, and Carlisle, PA, drivers trade in their used cars each year.

So, exactly how do dealerships determine the value of your trade? To discover the answer, continue reading our brief guide. Afterward, use our Value Your Trade tool to receive an initial estimate on your car, truck, or SUV.

How Do Dealerships Value My Trade?

How Do Dealerships Value My Trade?With more used cars for sale than ever before, it’s important for you to nab the most accurate value for your trade. Our appraisers are highly trained professionals who carefully study local markets to nail down your vehicle’s fair market value.

The fair market value or “FMV” is the price most likely to generate a sale between a buyer and the seller. Overvaluing your trade can end up hurting the dealership, while undervaluing means receiving less money to put toward your next ride.

Local supply/demand, popularity, and the overall quality of your used car all play an important role in nailing down a fair-trade price. Things our appraisers also take into consideration include:

  • Service/accident history
  • Trim level/package
  • Mileage
  • Exterior/interior condition
  • Open recall notifications

How Can I Maximize My Trade-in Value?

Whether your used car, truck, or SUV is like-new or teeters on being considered a classic, there’s still plenty of things you can do to increase the likelihood of acquiring an attractive trade-in price like:

Stay Up to Date on Routine Maintenance

Not only does a well-running vehicle provide long-lasting comfort and safety, but it can also help your score a higher trade-in offer. This means regularly changing your engine oil and inspecting your breaks every 5,000-7,500 miles.

Prior to your appraisal, we suggest taking your vehicle in for one final inspection. A trained technician can easily identify any potential issues and provide light repairs where it’s needed most.

Time It Out

A vehicle’s popularity can ebb and flow over the course of a year. SUVs and 4×4 vehicles tend to be more attractive during the snowy winter months, while efficient hatchbacks and sedans are preferred for summer road trips and back-to-school time.

Make it Shiny

Buff out any small dings or scratches before taking a trip to the local car wash. You also should deliver a bit of TLC to the interior and remove any personal items from the cargo area.

Get a Second Opinion

A bit of homework can supply some leverage when negotiating fair trade-in price. Third party sites like Kelley Blue Book™ and offer you the chance to analyze your vehicle’s value in real time. You also can receive a full Vehicle History Report™ by using sites like CarFax®.

Let’s Make a Trade!

Now that you have a better understanding of how Harrisburg, Mechanicsburg, and Carlisle, Pennsylvania, dealerships value your trade, we invite you to take the next step!

Visit our online finance center or stop by Faulkner Toyota Harrisburg to speak with one of our friendly consultants today.