Why Should I Research the Trade-In Value of My Used Car?
No one wants to purchase a car equipped with an engine full of problems. Though you want to get the
best price for your trade-in, your dealer can't sell a lemon to discriminating buyers for top price.
Is there any better way to get the best trade-in price than to know your car? No! If you know your
car, you will know what it is worth. That way, not only will your dealer know what problems or
plusses it might present, but you will too.
Starting out with Used Car Prices
You can start out simply by taking the car to your mechanic and determining all you can about it.
Check out
used car prices at your local dealerships. Read your
auto
classified newspapers. Do all you can to be well-informed.
Used Car Prices on the Internet
At
Autobytel.com,
Autoweb.com,
CarSmart.com or
Autos.yahoo.com, browse through to find out what others are asking for
used cars just like yours.
On
Autobytel.com,
Autoweb.com,
CarSmart.com or
Autos.yahoo.com, you can click on "Find Info on Specific Models," a link that provides
pricing on your choice of car and you'll stumble upon a link to
Edmunds.com, a site with the
option of finding and putting a value on your used car. The popular
NADAGuides.com
supplies both
used car values and listings for
used cars.
Where do I get a Vehicle History Report?
The
Vehicle History Report will give you an idea of what your car is worth based
on its past. You will need your VIN, or Vehicle Identification Number, for this one
(
CARFAX.com will tell you where to find it). Similar to
CARFAX.com is
AutoCheck.com, home of both the
Vehicle History Report and of the free
Autocheck Vehicle Record Summary.
Sample Vehicle History Report with NADAGuides.com
What are the results of a comparison between a vehicle report for a 1999 Mercury Cougar with
190,000 miles on it from
NADAGuides.com and a trade-in offer of the same vehicle from a
dealership?
NADAGuides.com came back with an analysis and an average trade-in total price of
$3,295 for the Cougar. The dealership looked over the car and came back with a trade-in price of
$2,000.
What Should I Remember about Trading My Used Car?
Points to keep in mind:
- Know your car as it is -- check with your mechanic.
- Know the history of your car —- check out CARFAX.com or AutoCheck.com
for starters. You can present what you know to your dealer -— to your benefit, of course!
- Know your market -— check out used car prices at
Autobytel.com, Autoweb.com, CarSmart.com,
Autos.yahoo.com or
Edmunds.com and NADAGuides.com.
- Know the difference between used car values and used car
prices -- a dealer may give you a price for your car but if you do your research you'll
know its value. NADAGuides.com values a 1999 Mercury Cougar at $3,295 while a dealership
prices it at $2,000, a difference of $1,295.
- Present what you know to your dealer and get a good offer on your trade-in!
